The crypto world seems to be breathing a sigh of relief now that Bitcoin has gained 14% since the beginning of February after falling 42% from its peak on November 10, 2021 to January 31, 2022. Analyst Mike Ermolaev says that he predicts that the process will reverse and the recovery will begin when BTC briefly touches $32,981. The analyst also says that 5 altcoin projects that are unknown to everyone and that he believes have potential are also worth watching. As Kriptokoin.com, we would like to underline that the probability of the analyst’s views is not certain and that each investor should do their own research.
Crypto markets overview
At the time of writing this article, Bitcoin was trading at $44,200, up 4.3% since the beginning of the week. Considering that the last correction was similar to the one in May-July, it is reasonable to expect a similar bounce to all-time highs. According to the analyst, the current price recovery is expected to propel BTC above $73,000 in late May or early June. While techniques are important, it’s also crucial not to ignore the basics. The analyst is of the opinion that it is very important to consider the stock market performance. The massive rebound in equities driven by strong earnings from some tech giants may be the result of Wall Street’s overreaction to the Fed’s hawk – as reflected in Bank of America’s seven rate hike calls. However, if the Fed accelerates rate hikes, high-tech stocks and cryptos will suffer.
Bitcoin will always be volatile, but that won’t stop more people from adopting it as a digital asset in 2022. Due to institutional involvement, crypto will continue to mature as an asset class. A report by Genesis, a digital brokerage house serving institutional investors with assets exceeding $10 million, shows that spot trading volume rose to $116.5 billion in 2021, a 463% increase from 2020. It predicts that the trend will continue in 2022. Therefore, larger players will seek clearer crypto regulations that will help them build trust in the industry. Therefore, the analyst is touting crypto regulation developments as the next important thing to watch. The example of El Salvador could inspire other countries to adopt Bitcoin as a legal currency to improve the efficiency of their financial and economic infrastructures.
“Watch-worthy” altcoin projects
First altcoin FOAM. FOAM is a “proof of location” protocol on Ethereum. This project aims to create a consensus-based world map that will power a fully decentralized web3 economy with verifiable location data. FOAM is building an independent network of radio beacons that can provide permissionless and privacy-preserving, secure location verification services, independent of external, centralized sources. FOAM token holders can edit Geographic Points of Interest, verify new candidates, and validate the map by visiting real-world locations. At the time of writing, the FOAM token is trading at $0.06709, up 58% over the past seven days, posting 148% year-on-year gains.
Infinitecoin (IFC). Infinitecoin is a Litecoin-based cryptocurrency, so it uses the scrypt proof-of-work algorithm. It is a decentralized and open source global payment network. Compared to other major cryptocurrencies, Infinitecoin has faster confirmation times and better storage efficiency. At the last check, IFC was trading at $0.0014122, up 45.5% week on week and 307% year on year.
ChangeNOW Token (NOW). NOW is a native digital asset of ChangeNOW.io, the instant exchange and processing platform, and is used as an internal currency for the platform’s asset listing fees. Users can also receive cashback on NOWs and earn rewards by staking NOW tokens. NOW Token is at the center of ChangeNOW’s expanding ecosystem and is ready to grow with it. At the time of writing this article, NOW was up 23.6% for the past seven days at $0.071541.
Next altcoin XPR. Proton (XPR). Proton (XPR), a public blockchain and smart contract platform, is designed for both consumer purposes and peer-to-peer online payments. A secure identity and financial settlement layer allows users to connect real identities and fiat accounts, withdraw funds and buy crypto, allowing them to use them seamlessly in applications. It was valued at $0.01496020 at the time of writing, up 55% from last week and reporting an annual gain of 149%.
Dero (DERO). DERO is the first crypto project to combine a DAG block structure with a proof-of-work blockchain using Homomorphic Encryption technology. The concept marks a revolutionary improvement over existing privacy coins like Monero (XMR) or Z-Cash (ZEC). Dero plans to achieve this by combining the best elements of both consensus mechanisms. At the time of writing, DERO was trading at $12.14, up 68% weekly. In a year, he made a huge profit of 1,280 percent.
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