Facing the turmoil of the largest cryptocurrency exchange, Binance, and recent rocky charts that have seen most crypto assets experience a cutback on their gains, investors are now left wondering what is next on the horizon.
With the fear on the rise, most of the top 100 altcoins have retraced in the past week. Recently, many have lost a significant portion of their November gains. In light of this, investors are looking for potential opportunities amidst the fear, uncertainty, and doubt (FUD) affecting the market.
Picked for you
Considering the recent developments, Finbold has turned to artificial intelligence (AI) to provide traders with possible safe havens for the upcoming period. Specifically, ChatGPT, an AI program by OpenAI, recommended 5 crypto assets to watch in December based on market trends and analytics.
Unsurprisingly, AI has chosen the flagship cryptocurrency, Bitcoin (BTC), as the first pick among the cryptos to buy next month, as it has experienced a positive change of over 8% in the previous 30 days.
News of the potential approval of the Bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC) in the near future has been driving investors’ optimism in the previous month. Including big industry players, such as BlackRock, would represent a significant milestone in adopting digital assets in mainstream finance.
In addition to the industry recognizing the importance of this digital asset, there is an increased amount of news of state factors looking to implement BTC in some form as a financial instrument.
Given its capability to deploy decentralized applications, ChatGPT notes, “it has shown impressive growth since its inception. Its rivalry with Bitcoin and its substantial market capitalization makes it a key cryptocurrency to watch.”
Ethereum has recently surpassed a resistance range between $1,982 and $2,044. Notably, 1.67 million crypto wallets acquired 38.73 million ETH, allowing it to aim at more significant gains soon.
On November 25, during an interview with Defiant in Turkey, Ethereum co-founder Vitalik Buterin discussed the need to enhance Ethereum’s staking process for improved mining and staking pools, aiming to increase platform decentralization in response to challenges posed by data availability in off-chain systems, which highlights the developers’ commitment towards continuous improvement of this digital asset.
Binance Coin (BNB)
“Originating from the world’s largest crypto exchange, Binance, BNB has experienced remarkable growth since moving to the Binance Chain. Its growth rate and market capitalization make it a notable cryptocurrency.”
Quick response to legal troubles is highlighted in the appointment of Richard Teng, who swiftly announced the commitment to Binance’s core values of customer protection and constant improvement of its platform.
Another solid indicator is that despite the significant outflow of $1 billion from Binance, on-chain data indicates a swift recovery. Interestingly, the figures align with Binance’s typical daily patterns, alleviating concerns about its financial stability. Initially down by 25%, liquidity is now displaying positive signs of recovery, as per a post by Nansen on November 22.
Tether (USDT), the leading stablecoin by market cap, is commonly utilized by crypto traders for seamless transfers between cryptocurrencies and converting investments to or from fiat currencies. Its value is pegged to the U.S. dollar, which is a cause for it being a fourth pick to buy by ChatGPT.
On Tether, ChatGPT commented:
“Tether (USDT): As a stablecoin pegged to the USD, Tether offers a less volatile option in the crypto market. Its stability in a generally volatile market makes it an interesting option to consider.”
Recent news that Tether and its affiliated crypto exchange Bitfinex have chosen to no longer oppose a Freedom of Information Law (FOIL) request initiated by journalists indicates a positive sign after the accusations over the lack of transparency regarding the verifiability of its claimed fiat reserve.
A recent analysis by CoinEX Global, posted on November 24, highlights and explains the main reasons behind the strong SOL performance in the previous period. The surge in SOL and related asset prices attracted increased capital inflow into the Solana-based protocols ecosystem, which, coupled with the strong performance of its projects (dePIN, DeFi), paved the ground for future solid performances.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.