5 Tokens to Dominate the Altcoin Market in April: Crypto Analyst
In a recent YouTube video, one of the CryptoBusy channel’s hosts, Tom, elaborated on the five altcoins he expects to dominate the cryptocurrency market in April 2023. Tom believes April would be an exciting month for cryptocurrencies, considering that it will mark the beginning of another quarter, among other factors.
Ahead of his prediction, Tom noted some of the developments that have shaped the outcome of the crypto market in March 2023. The dispute between Binance and the CFTC over regulatory issues and the court’s decision over the proposed acquisition of Voyager by Binance topped the factors leading to how the crypto market turned out in March, as identified by Tom.
Tom also identified actions by the Federal Reserve targeted at managed liquidity and the collapse of a couple of big mainstream banks as factors that triggered a bullish sentiment in the crypto market. He believes the contagion generated by these factors would have a long-term impact on the crypto market.
Coming to altcoins, Tom’s first choice is dYdX. According to him, the token could be a beneficiary of the challenges faced by Binance. He expects an increase in the adoption of decentralized exchanges, DEXs, with dYdX at the forefront of the new wave. He also tips Polygon to perform exceptionally well in the coming months.
For Polygon, Tom believes the new updates on the platform will qualify it as a viable alternative to Ethereum. Adding to the price action in the past few months, he expects a build-up of an upside momentum that would push MATIC, Polygon’s native currency’s price higher in April.
Zilliqa makes it to Tom’s top five altcoins for the coming month. He noted the addition of the Ethereum Virtual Machine (EVM) to the Zilliqa network as a game changer that would boost the price behavior of the crypto in April.
XRP makes Tom’s list, considering Ripple’s legal battle with the Security and Exchange Commission (SEC) is nearing an end. According to Tom, the mere expectation of these subjects XRP to be a classic case of “Buy the Rumor, Sell the News.” It will also support the coin’s growth in the coming month.
Tom rounded up his prediction with Ethereum, the pioneer altcoin. Among several developments, he believes the Shanghai update would positively impact ETH and could add to the momentum which has seen the coin move closer to $2,000 with sustained bullish pressure.