The cryptocurrency market is still reeling from the fear caused by the collapse of the FTX. The total cryptocurrency market cap remains below $900 billion despite efforts by some large industry players, such as Binance, to ease fears and save companies that might be affected by the FTX contagion.
Crypto prices are weak today
In the last 24 hours, the cryptocurrency market has shown signs of consolidation. Bitcoin has barely moved, and it is holding support at $16,500. The majority of the top ten largest cryptocurrencies by market cap have barely moved in the last 24 hours. The largest gainers this period are XRP and Dogecoin, which have gained by around 7% and 9%, respectively.
While a slight recovery has been seen in the market in the last few days, and volatility has died down, there are still notable losses, and most tokens are yet to recover from the collapse of the FTX exchange. FTT, the native token for FTX, is also bullish today after gaining around 10%.
Crypto assets are making independent rallies, and the lack of broader market support is attracting low trading volumes. However, there are several factors at play that could see crypto prices firm up soon and possibly rally higher.
Why crypto prices could recover soon
The Binance exchange announced that it would set up an industry recovery fund to support crypto firms with solid fundamentals but has been affected by the bear market and the collapse of FTX. The fund was initially set at $1 billion, but Binance has announced an additional $1 billion.
The launch of this fund is bullish for the industry because it could save some of the companies that had exposure to the FTX exchange. The demise of another company could trigger a notable price crash.
On the other hand, the Federal Reserve is slated to make its next decision on interest next month. The recently released minutes from a meeting that happened November 1-2 show that Fed officials agree on easing interest rate hikes, which could be bullish for crypto.
Two altcoin alternatives to buy today
Some of the best altcoins that you should consider buying today include Dash 2 Trade and TARO. These altcoins have solid fundamentals that could propel price gains.
Dash 2 Trade
Dash 2 Trade is a new cryptocurrency project whose presale started recently. The Dash 2 Trade presale has already raised more than $6.99 million, and it is close to completing the third stage, after which the price will increase.
Dash 2 Trade is a crypto signals platform that will be launched in the first quarter of 2023. The platform will give novice and experienced trades access to the best trading tools that they can use to make informed investment decisions. D2T will be listed on LBank and BitMart after the presale ends.
The other presale that you should also consider investing in is for RobotEra. RobotEra is a blockchain gaming project seeking to boost traditional gamers’ adoption of Web3 gaming. LBank Labs back the project, and it is already attracting much attention.
The TARO presale started less than two weeks ago, and investors are rushing to accumulate tokens during the first stage. The presale has raised more than $223,000 so far.
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