Altcoins’ comeback in March 2023

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View this email in your browser Welcome to the new crypto newsletter by FXStreet! Every Monday we will bring you the most actionable stories from the crypto market to make sure you are well-prepared for the trading week ahead. By Akash Girimath Cryptocurrencies Lead Analyst FXStreet Heya folks, The crypto market seems to have shifted from exciting to boring since mid-February as Bitcoin price hit $25,250. Until this point, altcoin season was in full effect. However, after struggling to flip the key hurdle, Bitcoin price is stuck in limbo – with no direction, causing some or majority of the altcoins to take a body shot.  Light at the end of the tunnel  But there is a light at the end of this bleak tunnel. Ethereum developers announced that the Shanghai testnet upgrade will go live on February 28 at epoch 56832. This update will test the withdrawal of staked ETH on the Sepolia testnet.  From a daily timeframe perspective, Bitcoin price seems to have put an end to its downtrend as it produced a higher high at $23,800 on January 30, relative to the November 5 swing high at $21,480. Wait, so if the testnet is successful, wouldn't it cause the markets to tank from all the freely available ETH? How is this bullish? Well, technically yes, but actually no. That is unlikely to happen. While ETH withdrawal will increase the availability of tokens that could potentially be sold, yes. But the premise that will prevail is the one that already played out in the last two months – Liquid Staked Derivatives (LSD). The platforms that will benefit from this will include top staking platforms and their native tokens, if any. Some of the popular staking platforms or staking-related platforms that could see a renewed interest include: Lido DAO (LDO) Rocket Pool (RPL) Frax (FRAX) Ankr Network (ANKR) Tranches (CHESS) SSV Network (SSV) In addition to these tokens, investors should pay attention to Decentralized Finance (DeFi) tokens like: Yearn Finance (YFI)  Maker DAO (MKR) Many investors have their eyes on LDO platform for its attractive net yields and incentives. Justin Sun, the founder of TRON network, recently staked a whopping $150,000 ETH on Lido DAO platform.  Other narratives Some other narratives that could propel a different section of altcoins include: Layer 2 narrative – due to the entry of Coinbase into the race, tokens like Polygon (MATIC), Optimism (OP), ImmutableX (IMX), Loopring (LRC) and others are likely to explode. Artificial Intelligence (AI) based tokens – Ever since Google announced ChatGPT competitors, altcoins remotely related to AI have rallied. The AI race has already kicked-off leaving Google in Microsoft's rearview mirrors. So any major updates or announcements in this regard could see these altcoins shoot up. Zero-Knowledge (ZK) – while this narrative keeps popping up every year, there might be a comeback if the regulation tightens its grip around Ethereum and related projects. In such a case, ZK-based coins like MATIC, Mina Protocol (MINA), IMX, ZCash (ZEC), could rally.   RELEVANT STORIES  Top 3 reads Bitcoin retreats but not yet broken Ethereum Price Forecast: ETH smart money plans to liquidate these traders Will RippleX's cross-chain bridge act as a catalyst for native token XRP price? Important reads IMF prefers to regulate crypto than banning it outright: Report Everything you need to know about Ethereum's Shanghai hard fork and why it matters Chainlink price prediction: Here's why LINK is gearing up for a 10% rally Here's why Bitcoin miners are bullish and what it means for BTC What to expect from MATIC price with Polygon's series of partnerships and upcoming zkEVM launch Recent report reveals Huobi, KuCoin likely in violation of US and European sanctions Solana price nosedives as SOL network's transaction processing craters with 'Forking Event' Three catalysts that could drive Bitcoin price out of its recent slump Crypto assets tied to $320 million Wormhole hack retrieved by Oasis exploiting own wallet software Top altcoins of the day: AI token SingularityNET & Optimism rally despite Bitcoin price falling by 3% FTT price dips to $1.529 as Sam Bankman-Fried demands more time to figure out bail negotiations AVAX Price Prediction: Despite an almost 10% crash, Avalanche shows optimistic signals Lido Dao price to tank 25% as Fed's preferred inflation measure ticks higher Is there any meaning in regulating the cryptocurrency market? 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