Bitcoin was able to recover particularly quickly and strongly from the dip below $20,000. It exploded in price, climbing to over $26,000 in value. The price then stabilized below the $25,000 mark.
Cryptocurrencies have had a wild ride in recent days, as the banking collapse in the US also negatively affected the crypto market in the short term. However, after a few days, the price of Bitcoin in particular was able to recover quickly and strongly. After that, the $25,000 resistance was even briefly broken above.
After it became known that several American banks had to declare bankruptcy, the prices of cryptocurrencies fell considerably. This also had to do with the fact that the stablecoin USD Coin and Dai could no longer hold their value against the US dollar, due to the bank run on Silicon Valley Bank.
On the other hand, many altcoins have not been able to compete with Bitcoin. Dogecoin and also Shiba Inu Coin could benefit less as hot coins in the last few days. This has to do with some risk aversion among investors these days.
Below are the three cryptocurrencies that may explode in the coming weeks.
Ethereum (ETH)
Ethereum could not go as high as Bitcoin. Still, we could explode in the coming weeks. It seems likely that the Ether rate will “catch up” with the Bitcoin rate, as price increases have been seen adjusting in different phases more frequently in recent months.
The Ethereum’s Shanghai upgrade is also pending, which should greatly increase Ethereum’s scalability. Some observers believe that the ETH price could fall. However, if the market remains bullish, Ethereum could be among the cryptocurrencies that could see strong gains in the coming weeks.
Polygon (MATIC)
In recent weeks, the performance of MATIC has been particularly strong. In recent days, though, it has not been able to keep up with Bitcoin either. However, that could change in the coming weeks.
The hype about Polygon seems to be intact. Confidence in the FIAT system has fallen due to the banking crisis. However, the Polygon network has many associations with large FIAT companies. If a massive financial crash is not seen, Polygon (MATIC) should continue its hype and appreciate strongly as the crypto market rises.
Dogecoin (DOGE)
Despite Dogecoin’s rather poor performance in recent days, a price explosion seems possible in the coming weeks. It is worth considering that meme coin explosions often happen when few people expect them.
Furthermore, the theory that weak cryptocurrencies in temporary market phases adapt again to the general market in other market phases could be reapplied. Dogecoin had a strong period in Q4 2022, but underperformed in Q1 2023. Therefore, the next few weeks could be very positive for DOGE.
By Audy Castaneda
