TLDR:
- The Bitcoin price drop has worsened, with BTC dipping below $40,000 for the first time this year.
- While BTC corrects, SUI has been on an uptrend, gaining 43% year-to-date.
- NuggetRush has also been bullish, jumping by 20% in the last week as it prepares for a bigger price rally.
Since the SEC decision on Bitcoin ETF, BTC has been in a correction mode. As a result, the price of the leading crypto has dropped from $49,000 to under the $40,000 support for the first time this year. However, not all of the crypto market is correcting alongside Bitcoin.
Sui (SUI) is one of the top altcoins leading the bull charge, extending its gains to 43% this year. NuggetRush (NUGX) is also building a head of steam, jumping by 20% as the launch of its highly-anticipated game nears. Read on to learn more about what’s driving these altcoins.
Bitcoin (BTC) Fails To Halt Decline, Falls Under $40,000
Investor sentiment post BTC ETF approval appears to have dropped off significantly. The price of Bitcoin has steadily dropped since January 11. From a 2024 high, the number one cryptocurrency has slid under the $40,000 support level for the first time in seven weeks.
In the months leading up to the approval, Bitcoin had been building bullish momentum, gaining over 70% in the last quarter of 2023. Because of this, analysts like Sylvia Jablonski of Defiance ETFs have said the downtrend is more than expected.
He further explained that the drop is only a correction and that Bitcoin’s long-term uptrend is still intact. This is further solidified by the Bitcoin halving happening in less than 100 days. However, while the correction continues, many investors have hedged with the best altcoins that have been resistant.
NuggetRush Gains 20%, Set for 10x Surge Ahead of Launch
NuggetRush (NUGX) is one of the few altcoins that has shown remarkable resilience amidst the market-wide correction. The price of NUGX has surged by 20% over the past week to reach a new high of $0.018 per coin. The rising price of NUGX comes amidst a growing interest in the NuggetRush platform ahead of its launch.
Over the last few weeks, the blockchain ICO has sold over 162 million tokens as it nears its debut. The crypto community has shown interest in NuggetRush because of its unique impact gaming model. NuggetRush is a community-centered game created to make an impact on society.
NuggetRush takes players on an immersive journey through the gold rush. As players build their mining operations and gain wealth, they can convert them to cash and gold. However, to impact society, NuggetRush has dedicated a portion of its profit to be sent to artisanal miners in underdeveloped countries.
This unique gaming model has made NuggetRush one of the top DeFi coins to buy in 2024. As the project nears its launch, crypto experts have forecasted a major price rally for NUGX. They have forecasted a potential price target of $1.00 by the end of 2024.
Sui (SUI) Maintains Bullish Momentum Extends 2024 Gains
Sui (SUI) is another altcoin that has managed to evade the crypto market correction. While Bitcoin has dropped by double-digits, the price of Sui has increased by 43% since the start of 2024. As a result, Sui has now reclaimed the $1.08 level.
The price increase for Sui can be linked to increased activity around its ecosystem. The Sui Foundation and Mysten Labs recently partnered to launch the Sui Basecamp. This is the first-ever global conference for the DeFi project.
In addition, Sui has recently teamed up with Oracle Stork to give developers fast pricing data. This increased activity is part of the reasons top analyst, Michaël van de Poppe, has advised his followers to buy Sui.
Closing Thoughts
While some investors may be panicking due to the crypto market sell-off, others are taking advantage of the situation to buy altcoins that are still performing well. In spite of hardship, Sui (SUI) and NuggetRush (NUGX) are two tokens that have been able to maintain their upward trend.
