TLDR:
Data shows that whales stacked Bitcoins (BTC) during the latest market dip that was inspired by the recent CPI report. With the cryptocurrency market back on track, BitBoy, a top crypto analyst, has picked Ripple (XRP) as one of the top altcoins to watch. Meanwhile, NuggetRush has emerged as a gem in the crypto market.
The release of the U.S. Consumer Price Index (CPI) data caused a major dip in the crypto market. Bitcoin (BTC) dropped hard because investors anticipated a 3.4% rise in inflation, but the latest CPI report for March stated 3.5%.
Reacting to the news, the price of BTC plunged from $71,500 to as low as $67,500. Whales seized the opportunity of lower prices to add more BTC to their portfolio, as per a report from MI Algos. Many of these whales consider Bitcoin a good crypto to buy because of the upcoming halving event.
Already, Bitcoin has recovered from the decline, rising back above $71,000. With the Bitcoin halving just a week away, many analysts expect the price of the number one crypto to continue increasing. A post-halving price target of $100,000 has been set for Bitcoin.
GameFi, the intersection of gaming and finance, is an emerging trend gaining traction in the cryptocurrency space. NuggetRush (NUGX) is one of the new DeFi projects designed to fulfill the deepest wealth-building desires.
The NuggetRush virtual world features a unique stack of mining adventures to test players on their decision-making and resource-management skills. Players will manage their miners in the form of trending NFT characters, equipment, and mining operations. The bigger a player’s mining operation, the greater their chances of finding gold, rare NFTs, and other precious minerals.
NuggetRush shines in GameFi as it allows players who find these virtual gold to convert them into gold and real cash. This unique earning opportunity helped NuggetRush complete a landmark presale. Over 270 million NUGX tokens were sold in the crypto ICO, helping the project raise over $3.8 million.
Leading the GameFi revolution, NuggetRush has the potential to lead the current bull market. While NUGX will be priced at $0.020 upon listing, it has a price target of $1.00-$2.00, making it one of the best coins to invest in for the 2024 bull cycle.
While Ripple (XRP) might hold a position as a top ten cryptocurrency, it has underperformed the crypto market in this bull cycle. While BTC is up by more than 70% year-to-date, XRP is down by 1%. Although Ripple has struggled to break out of the $0.600 range, BitBoy is bullish about the altcoin in this bull cycle.
According to the famous crypto pundit, XRP is one of the coins with the highest potential. He lists the end of the SEC case, XRP ETF applications, the Ripple IPO, and growing adoption from U.S. banks as reasons for a major rally. Other analysts suggest a potential ATH for Ripple above $5.00.
With the growing bullish trend in the crypto market, Ripple and Bitcoin are the two top crypto coins worth watching. Meanwhile, NuggetRush’s leading an emerging market could give it the explosive potential to lead the 2024 bull cycle.
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