Since the beginning of 2024, the cryptocurrency market has witnessed a significant bullish trend. Following the approval of US spot NFTs, Bitcoin (BTC) exceeded the $40K milestone, instilling expectations for similar surges in other cryptocurrencies.
Unfortunately, this has not been the case, as not all altcoins experienced substantial growth during this time, including the prominent ones Polygon (MATIC) and ChainLink (LINK). Consequently, investors have turned their attention to some recent projects that are more promising and reliable.
Polygon (MATIC) Struggles to Reach the $1 Milestone
Polygon (MATIC) has upheld an exceptional reputation within the crypto market as one of the most promising layer 2 solutions for Ethereum scaling. Nevertheless, MATIC has not shown anticipated growth since the beginning of the year. The price of MATIC is declining at an unprecedented rate.
Analysts speculate that the current decline in the MATIC value could be primarily attributed to the launch of the new POL token by the platform. Investors are now drawn to POL because it has more utilities in the network, leading to diminished enthusiasm for MATIC.
Polygon (MATIC) has encountered a significant decline of 29.73% since the previous year and is struggling to surpass the $1 milestone. This inability to break out of its current range has dampened investor confidence, causing them to seek out other better-performing altcoins.
LINK Whale Investors Offloading a Significant Amount of Tokens
Chainlink (LINK) has been experiencing a bearish trend since the start of February 2024. Price fluctuations of LINK have been associated with recent unfortunate incidents. Firstly, the theft of roughly $900,000 LINKS earlier this year resulted in significant financial losses and raised concerns about investor confidence in the Chainlink (LINK) ecosystem’s security protocols.
Secondly, an unusual selling spree of LINK was observed in the market, where whale investors sold off about 6.9 million tokens on the third of February, bringing the total amount of LINK down from 712.7 to 705.8 million. Such massive sell-offs by crypto whales flood the market with supply, contributing to bearish sentiment and price drops.
Chainlink (LINK) is currently trading at $17.96, having declined by 3.98% in the last 24 hours. Should this pattern hold, it will drop even more in the upcoming days, reaching a low of $15.411.
Algotech ALGT Is Now the Top Investment Choice Among Investors
As uncertainties surround Polygon and Chainlink, investors are now seeking new investment opportunities. Their attention is focused on Algotech ALGT, an upstart project that holds the potential to become the most popular cryptocurrency to buy in 2024.
Algotech has gained the trust of investors as a pioneering decentralized algorithmic cryptocurrency trading platform that revolutionizes financing and trading through its cutting-edge technology and automation. The DeFi platform offers its users many unique automated tools like momentum trading, mean reversion, and high-volume arbitrage to optimize their trading strategies.
With over 55 million ALGT tokens sold during the first stage of its private seed sale, the platform has managed to raise $1.1 million in just 48 hours. The token is currently valued at $0.04 and is expected to reach $0.15 by the end of the presale. Analysts estimate 10x returns for investors who are successful in making early investments.
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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.
