The post Top 3 Altcoins to Diversify Into Amid Ethereum’s Shanghai Upgrade appeared first on Coinpedia Fintech News
The much-anticipated Shanghai upgrade for the Ethereum ecosystem is here, and with it comes a shift in the economic dynamic. As of today, over $33 billion in staked Ether will be available for withdrawal.
However, the liquidation of staked Ether will not be immediate, as only a small portion representing approximately 1.1 million ETH will be available for withdrawal by validators in the next five days. The rest of the assets will take a year and a half to become liquid, assuming all validators choose to unstake their Ether.
Altcoins On The Rise
Ethereum, as a large-cap altcoin with a market capitalization of approximately $225 billion, is expected to experience lower volatility compared to medium or small-cap altcoins with greater potential for growth. However, as the Ethereum ecosystem transitions to a new economic model, crypto analysts are identifying alternative altcoins that could be on the brink of a significant upsurge.
Polygon Attracts Buying Pressure
Polygon (MATIC) is one such altcoin that has recently attracted significant buying pressure from over 52,000 addresses. Crypto analyst @ali_charts suggests that these addresses have formed a strong support zone for MATIC, which could fend off new lows for the asset. The analyst notes that MATIC must tackle the resistance level between $1.14 and $1.30 to guarantee a solid breakout.
Positive Sentiments Spike For Avalanche
Another altcoin that could register higher gains amid the Ethereum Shapella upgrade is Avalanche (AVAX). According to market intelligence platform Santiment, the social volume and positive weighted sentiment in the AVAX market have significantly spiked in the recent past.
An XRP Rally Is Coming
Finally, Ripple-backed XRP has the potential to experience a 47% upsurge if the asset secures a three-day candlestick close above $0.54, according to @ali_charts.
Overall, as the Ethereum ecosystem undergoes changes with the Shanghai upgrade, it will be interesting to see how these alternative altcoins perform in the coming weeks.
Which altcoins are you betting on this altseason?