The post These Altcoins Could Pump as Bitcoin Dominance Falls: $LINK, $SOL, $TIA, $MATIC, $GFOX appeared first on Coinpedia Fintech News
Bitcoin Dominance is a popular metric that measures how Bitcoin’s market capitalization compares to the combined market cap of all digital currencies. Investors and traders often use it as a tool for more informed investment choices. To calculate it, you divide Bitcoin’s market cap by the total market cap of the top 125 coins and multiply the result by 100.
Recently, the Bitcoin Dominance rate dipped below 50%, raising speculation that it could be the altcoins’ turn to shine. Our market research points to $GFOX, $LINK, $SOL, $TIA, and $MATIC as the altcoins to watch. Let’s take a closer look at how they’re performing.
Galaxy Fox’s Phenomenal Rally
Galaxy Fox is a new ERC20 coin that quickly became a notable name in the web3 world. Its use extends far beyond just its internal ecosystem, offering a play-to-earn game that’s not just fun but also rewarding for its users. Another key feature is the option to stake $GFOX tokens, which allows users to earn rewards right within the ecosystem.
Galaxy Fox also features an in-house NFT marketplace that will soon host 3,000 unique, fox-themed NFTs that will be linked to its Web3 game. Inside the game, these NFTs will serve as performance boosters, while outside the ecosystem, they will be tradable on OpenSea and other large NFT marketplaces.
The ongoing presale of Galaxy Fox, labelled as the best ICO crypto $GFOX, is a step into a forward-thinking ecosystem with promising profit potential. Given the expected growth in the meme and GameFi sector and Galaxy Fox’s unique offerings, this new ICO crypto is certainly one of the best altcoins to watch.
Currently, Galaxy Fox is in the seventh stage of its presale, with more than 90% already snapped up. The price now stands at $0.00198, up significantly from the initial stage one price of $0.00066. With three more stages to go, investors are eagerly grabbing $GFOX, looking to secure returns from the anticipated price increases.
Chainlink Performance Analysis
Chainlink stands out in the blockchain world for its use of decentralized “oracles” to bring external, real-world data to various blockchains. These oracles act as third-party services that bridge the gap between the on-chain and off-chain realms, allowing smart contracts on the blockchain to interact with real-world data.
Recently, the LINK token has been on a roll, showing an impressive yearly growth of over 130% and climbing its way to being the 13th largest crypto by market cap. This surge in performance can be attributed to several key developments.
One of the most notable is Chainlink Lab’s partnerships with entities like SingularityDAO, a decentralized autonomous organization, and Swift. These collaborations have been fundamental in boosting Chainlink’s role in the real-world asset (RWA) sector, contributing significantly to its recent bullish trend.
Additionally, the recent integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) by Redacted for transferring Pirex ETH (pxETH) highlights Chainlink’s expanding influence in the Web3 space. This integration aims to facilitate the accessibility of pxETH across multiple blockchains, increasing cross-chain interoperability.
Solana Overview
Solana has been capturing a lot of attention in the crypto world lately, currently ranking as the 5th largest crypto by market cap. The platform’s daily active users hit a new high for the year on January 17, with 429,162 addresses. This level of network activity hasn’t been seen since December 25, when the price of $SOL briefly surged past $126.
A surge in daily active users on a layer-1 network like Solana is often seen as a very positive indicator. Firstly, it suggests that the recent growth in $SOL’s value is rooted in genuine demand for the products and services on the Solana network rather than just speculative trading.
More crucially, a sustained increase in the number of people using the network usually leads to a rise in the token’s price. This happens as new users need the native $SOL token to carry out transactions.
If this trend continues, traders and investors in $SOL might expect a significant price movement, potentially reaching the $120 mark in the near future.
Celestia Price Analysis
The Celestia blockchain’s primary utility and governance token, $TIA, made its debut in the trading world on October 31, 2023, opening at approximately $2. Initially, it experienced a period of stable trading, but by November 19, $TIA had made a significant leap, reaching $7. Though its price experienced several dips afterwards, the token generally maintained an upward trend.
More recently, $TIA achieved a remarkable milestone, hitting an all-time high of $20.26. Although it has since experienced a slight pullback and is currently trading at around $17, the overall trajectory of $TIA has been notably impressive.
This is especially remarkable given the token’s relatively recent introduction to the market, signalling a promising future ahead.
What Does the Future Hold for Polygon?
$MATIC, the native cryptocurrency of the Polygon network, serves multiple purposes: it’s key for network development, and users use it for staking and paying transaction fees. Those who contribute computing power to Polygon also get rewarded in $MATIC.
Over the past year, $MATIC has been one of the standout performers in the crypto space. However, recent developments have seen its price decline. Spot On Chain, an on-chain analytics service, noticed that Celsius Network transferred about 26 million $MATIC tokens, valued at over $21 million, to major exchanges like Binance and Crypto.com, coinciding with the price drop.
This kind of transfer to exchanges is typically seen as a signal that selling might be on the horizon. Large-scale selling by major token holders often leads to a decrease in the token’s price.
Despite the recent dip, there’s a general anticipation of $MATIC’s gradual growth moving forward, with many viewing the current situation as a temporary setback.
Final Remarks
Bitcoin, as the biggest player in the crypto market, has a massive impact on the entire ecosystem. When Bitcoin’s value climbs, it often lifts the whole market with it, whereas a drop in Bitcoin usually triggers selling. However, with the Bitcoin Dominance rate on the decline, it seems altcoins are starting to chart a more independent course.
In this development, the Galaxy Fox presale stands out among the other altcoins to watch. Its presale price isn’t tied to the broader market’s ups and downs or Bitcoin’s varying dominance. This makes the Galaxy Fox presale a more stable option, destined for continued steady growth through the remaining stages.
Learn more about $GFOX here: