Week Ahead: Ditch Bitcoin for these altcoins this week likely to be more profitable
This week was relatively stable for Bitcoin price despite multiple macroeconomic events. While BTC moved sideways, some altcoins saw a massive uptick in buying pressure.
Here’s what to look for this week.
- November 6
- WLD Open AI conference
- SEI Token’s demo day
- November 7
- NEAR conference
- HFT ~16% Total Supply unlock ($42.7 million)
- GRT announcement
- November 8
- XRP Swell conference
- Binance Blockchain week
- Federal Reserve Chairman Jerome Powell Speech at 14:15 GMT
- November 9
- XRP lawsuit briefing date
- November 12
- APT 2.48% TS unlock ($171 million)
Getting macro out of the way
Both the jobs report and FOMC meetings suggested that Powell might not go for a rate hike at the Fed’s last meeting this year. The CME Group FedWatch Tool depicts this with a 90.3% probability leaning toward the policy rates being 5.25% to 5.50%. Only a 9.7% probability is given to the possibility of a rate hike of 25 basis points.
CME Group FedWatch Tool
More Macroeconomic coverage
US Fed interest rate preview: Two scenarios for Bitcoin and Ethereum prices
Bitcoin is still the light-bringer, but altcoins likely to steal the show
The ongoing crypto bull is, in a way, because of the spot ETF approval hype. Investors should consider taking a closer look at altcoins for higher returns.
Altcoin picks for the week
- Dogecoin (DOGE): Weekly downtrend breakout forecasts handsome returns for patient holders.
- WorldCoin (WLD), Near Protocol (NEAR) and other AI-related coins like Singularity.net (AGIXX), Render (RNDR), Fetch.ai (FET) and more due to the WLD’s Open AI conference on November 6.
- Ripple (XRP) and Stellar (XLM) due to the upcoming Swell Conference and the SEC vs Ripple lawsuit’s hearing on November 8 and 9, respectively.
- HashFlow (HFT) and Aptos (APT) could also rally due in anticipation of the token unlocks on November 7 and 12, respectively.
Read more:
Dogecoin Price Forecast: Why this week is important for DOGE holders
WLD price poised for recovery as OpenAI gears up for first AI developer conference
XRP price could extend gains with Ripple’s likely win through $20 million settlement with SEC
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
