The cryptocurrency market is in a tailspin right now. Its total value has declined from roughly $2.4 trillion to $2 trillion within 24 hours, a 16% drop. Major coins such as bitcoin (BTC), ethereum (ETH) and cardano (ADA) have fallen by similar percentages, while smaller altcoins have tanked by as much as 25%. However, while this correction has put an abrupt stop to the bullishness of the past couple of weeks, it sets the stage for a strong recovery. As such, we’ve compiled a list of the 5 next cryptocurrency to explode. This covers coins most likely to rebound impressively from yesterday’s plunge.
5 Next Cryptocurrency To Explode
1. Bitcoin (BTC)
Yesterday, bitcoin (BTC) reached a seven-day (and four-month) high of $52,774. It then fell as low as $46,962 later that day, before proceeding to slump to $44,906, as of writing. This represents a 24-hour drop of 12.9%, as well as a 5.4% fall over seven days. That said, BTC is up by a modest 2% compared to a month ago.
As with the rest of the market, things don’t look great for BTC. However, the market almost never rebounds without bitcoin rebounding first. Because of this, it’s always a (comparatively) safe bet to on bitcoin if you think the market will recover soon. It leads falls and it leads rises, so it will likely lead the next market recovery.
Indeed, various technical models and forecasts hold that BTC will end the year higher. Most notably, the stock-to-flow model predicts a year-end price of around $100,000.
#Bitcoin currently at $50,400
Baseline S2F forecast of $100K by Christmas still stands (or more precise: $100K average for this halving period 2020-2024)
On-chain (non-S2F) indicator shows no sign of a top yet (no red dots). This is in line with S2F forecast pic.twitter.com/1lGguuhyST
— PlanB (@100trillionUSD) September 5, 2021
And back in July, a panel of 42 cryptocurrency executives and researchers arrived at an average end-of-year price prediction of $66,284. This was based on the argument that bitcoin was (and once again is) undervalued. Some experts on the panel suggested an even higher price.
“Adoption by corporations and institutional investors paired with a loose monetary policy and high asset inflation will propel Bitcoin to 6 figures before the end of this year,” said Morpher CEO Martin Fröhler.
So given bitcoin’s status as the markets bellwether, and given forecasts, it goes on our list of the 5 next cryptocurrency to explode.
2. Ethereum (ETH)
The market selloff has also hit ethereum (ETH). At $3,361, it’s down by 10.5% in 24 hours, and by 2% over the past week. On the other hand, its strong recent performance means it remains up by 6% in the past fortnight and by 12% in the past month.
Despite the pronounced dip, there’s every reason to be confident in ETH. Most significantly, Ethereum has been burning a portion of its transaction fees ever since its successful London hard fork of August 5. Since that date it has burned over 100,000 ETH.
100,000 ETH has now been burned
EIP-1559 has only been live for 20 days.
— Anthony Sassano (@sassal0x) August 26, 2021
Because of this burning, ETH’s daily issuance has dropped below bitcoin’s. And with increased DeFi and NFT volumes in the weeks and days leading up to yesterday’s crash, Ethereum became deflationary, with more ETH being burned than issued.
Update: First full day of $ETH being deflationary
More ETH was burned in the past 24 hours than issued pic.twitter.com/mhY7NA69kd
— Lucas Outumuro (@LucasOutumuro) September 4, 2021
This supply squeeze is why ETH is one of our 5 next cryptocurrency to explode. And with Ethereum 2.0 on the horizon, some supporters are even predicting it will flip BTC.
If you own no $ETH it’s gonna be a tough decade for you.
Bitcoin incurs a huge loss forever vs. ethereum will make a huge profit ~forever
Flippening no later than one year after ethereum launches proof of stake. pic.twitter.com/c86EvIZ37L
— odin free (@odin_free) August 30, 2021
3. Cardano (ADA)
ADA has had a tougher time than many other top-50 coins, if only because it was falling before yesterday’s drop. It’s down by 10% in 24 hours, at $2.36, and by 15% in a week. On the other hand, it remains 65% up compared to a month ago. It had hit a new all-time high of $3.09 on September 2.
ADA is another strong contender to rebound vigorously because of what Cardano has in its pipeline. On September 12 (this Sunday), it’s due to roll out the Alonzo upgrade, which will introduce smart contracts to the platform for the first time. With smart contracts, it will be able to host decentralised apps and build its own DeFi/NFT ecosystem to rival Ethereum’s.
Yesterday, we upgraded the #Cardano testnet, successfully deploying #Plutus #smartcontracts capability. The focus now is on final component testing & exchange integrations, ahead of the #Alonzo mainnet upgrade, still on track for deployment on 12 September #Cardano $ADA pic.twitter.com/lrdiYIiNKD
— Input Output (@InputOutputHK) September 2, 2021
According to founder Charles Hoskinson, over 100 companies have been waiting to launch on Cardano. A recent update on the Cardano ecosystem also found that it had integrated a similar number of projects in the buildup to Alonzo’s implementation.
Aug 2021 VS May 2021
In just 3 months, Cardano has integrated 100 more projects spanning from DeFi to NFT.
Next target for $ADA should be $10
— Cardians (@Cardians_) August 31, 2021
4. Solana (SOL)
Solana (SOL) had been surging prior to yesterday’s mini-crash, and there’s a good chance it could surge again. Even though it’s down by 11% over the 24 hours, at $160, this represents a 47% jump in the past week. It’s also a 124% increase over the last fortnight and a 325% rise across the past month. These gains make SOL one of the best-performing cryptocurrencies of the last 30 days.
SOL has been a major beneficiary of Wormhole, which launched on August 9. This is a cross-chain messaging protocol, enabling users to transfer tokens between Solana and other chains (Ethereum, BSC and Terra). It has facilitated a massive growth in the Solana ecosystem.
1/Today we’re incredibly excited to announce Wormhole: a generic cross-chain messaging protocol. Wormhole will launch with support for the thriving @Ethereum, @Solana, @Terra_money, @binancechain ecosystems. https://t.co/pEKdeOW821
— Wormhole (@wormholecrypto) August 9, 2021
Solana’s total value locked has risen to nearly $6 billion since Wormhole’s launch. It had stood at $1.3 billion as recently as the start of August, meaning it has risen by around 360% in a month.
Solana is also attracting more adoption in general. Its Solanart NFT platform launched two months ago, and managed to break one million SOL in total volume by the end of August.
Almost two months ago, we launched https://t.co/tPritDMeeN, first #NFT marketplace on #Solana
Today, we broke 1,000,000 SOL in volume, and as $SOL breaks $100, that’s over $100,000,000 traded on our platform
Thank you for making us number one
New features coming soon pic.twitter.com/wjA0EFtTqf
— Solanart – NFT Marketplace (@SolanartNFT) August 30, 2021
Because of Solana’s ongoing expansion, it deserves a place on this list of the 5 next cryptocurrency to explode. It is one of the likeliest coins to recover strongly.
5. Fantom (FTM)
FTM has shed a little more of its former value than other big coins. At $1.39, it’s 15% down over the past 24 hours. However, this price is still 93% higher than it was a week ago, as well as 422% higher than a month previously.
FTM hit an all-time high of $1.80 yesterday, just before the market tanked. It’s the native token for Fantom, a high-performance platform that harnesses Directed Acyclic Graph (DAG) tech to achieve instant transactions at very low cost.
It is one of the best-performing coins of the last month. Its performance has been supported by market-wide bullishness, on the one hand, and by its own growth, on the other. It recently launched an incentive program aimed at rewarding DeFi developers who build on its platform, setting aside 370 million FTM in order to fund programmers.
Announcing a 370 million FTM incentive program for builders!
If you’re a protocol team, we’ll reward you for sustaining and increasing your TVL on Fantom.
— Fantom Foundation (@FantomFDN) August 30, 2021
Impressively, Fantom processed more transactions yesterday than Ethereum. This is a testament to its strong growth, and shows why its one of our 5 next cryptocurrency to explode.
A MAJOR milestone for $FTM @FantomFDN. Yesterday Fantom $FTM 1.29M TX / day surpassed $ETH @ethereum 1.2M TX / day. Being an Ethereum helper to make Fantom and Ethereum faster together https://t.co/z1yoRnffcb @AndreCronjeTech @stelyb @theotherpomp @michaelfkong pic.twitter.com/abb0g66Ehw
— Harry Yeh (@harryyeh) September 7, 2021
75% of retail investor accounts lose money when trading CFDs with this provider