Bitcoin (BTC) has broken above $6700 again, and looks set to open the week higher for the third week in a row. This could be an indicator that bitcoin is gaining bullish momentum after a 6 month drop. This is a good thing for other cryptocurrencies because bitcoin always leads the way for the rest of the market. If indeed bitcoin (BTC) is now bullish, then there are a number of other cryptos that stand to reap big. Some of them are as below.
Ethereum Classic (ETC)
If bitcoin (BTC) were to rise, Ethereum Classic looks set to make some serious gain as well. That’s because it is already supported by news of an upcoming Coinbase listing. In essence, if investors regain confidence that the market momentum is back, Ethereum Classic will be one of the few cryptos that stand to gain the most. This will be out of the expectation that Coinbase listing will push up volumes, and the perception that at current prices, ETC is undervalued. It’s a psychological issue, where the fear of missing out (FOMO) will give ETC an exponential reap in price, relative to the rest of the market.
Ripple (XRP) is one crypto that has had good news all through the bear market. News of banks partnering with Ripple (XRP) have dominated the crypto market for months. That’s why there is a huge expectation in the crypto community that XRP will explode in value at some point in the near future. With bitcoin positive momentum back, investors are likely to flock into ripple (XRP) with the expectation that this momentum will give ripple (XRP) the push it needs, in order for its price to correlate with its fundamentals. This expectation will pull in more volumes into XRP and drive up the price.
Like ripple (XRP), stellar lumens (XLM) has been involved with different banks through their IBM partnership. However, its price has not rose that much, due to the crypto bear run. If there is market expectation that the bitcoin price is about to rise, Stellar will see a volumes surge as investors expect the price to catch up with the fundamentals. This could see the value of this crypto outperform the rest of the market by a huge margin.
Icon (ICX) is another highly undervalued crypto that stands to reap big from a bitcoin (BTC) bull run. That’s because its price is quite low, yet it has a huge potential to dominate the ICO market in South Korea. The country is already in the process of legalizing ICOs, which gives ICON (ICX) a huge potential to moon. It also has a relatively low supply that will have an impact on its value, in case of a volumes surge.
In case of a bitcoin (BTC) bull run, NEO (NEO) stands to gain a big deal. That’s because it has a strong community, and a fast growing ecosystem. However, its value has dropped significantly during the bear run, hitting a low of $28. This huge drop has created the impression that NEO (NEO) is underpriced, and if market wide momentum returns, investors will pour into NEO (NEO) in a bid to take advantage of its low prices.