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- 1 The crypto market had undergone a downfall in January due to the buzz around BTC ETF and the correction in Bitcoin prices.
- 2 In February, the crypto market as a whole is expected to show a positive return, including popular and newly developed cryptocurrencies.
- 3 A few cryptocurrencies that are expected to grow in February include MANTA, SHIB, and FTT.
In the first week of February 2024, a newly developed meme coin is all set to attract investors’ attention, along with a few already traded coins. This article will discuss the growth potential of three popular cryptos, namely Manta Network (MANTA), Shiba Inu (SHIB), and FTX Token (FTT) for February.
MANTA Network Gaining Limelight
In the middle of January, the Manta Network launched its native token, known as MANTA. It is released with a total supply capped at 1 billion tokens and an annual inflation rate of 2%. The token release has aimed to position itself to be used for purposes such as bordering on fees, staking, and liquidity.
The MANTA is available for trading starting January 18 for $0.05. However, the value soon picked up and marked an all-time high of $3.88 in the trading tenure of 11 days. After this, it has witnessed a slight correction in prices and is currently trading in the range of $3.47 to $3.77, retaining most of its gains.
MANTA has attracted investors’ interest in a very short period and the investors’ excitement is visible with its surge of over 30% in the past week.
Shiba Inu is Targeting a Surge of Over 10%
The current decline in the price of SHIB is a reflection of a fall in the price of major cryptocurrencies, including BTC. It experienced a drastic decline in prices amid bullish expectations after ETF approval.
With the decline in the prices of the biggest component of crypto assets, other cryptocurrencies also became part of the declining trend and observed a downtrend in the market in January. The outcome of the downtrend has been observed in the decline in the market size of the crypto market below $1.6 trillion. Shiba Inu also experienced a substantial dip and it fell below $0.000009 in the last week.
Moreover, subsequent selling pressure was observed on the following day and led to a further drop in prices, reaching a level of $0.00000843, marking its second lowest for the month.
However, the asset is now trying to raise its prices at the end of the previous week and the beginning of the current week. Simultaneously aiming to break the level of $0.000009 and exceed the high of January 2, which was $0.00001090, in the coming month.
FTT Experiencing volatility and is Expected to Boost Prices
The FTX tokens have also observed volatility as a result of the FTX collapse and the current trend in the crypto market. It is expected to move upward in the coming period.
The token has experienced a decline of more than 50% from the middle of December to the end of January, from $6.06 to currently trading close to $2.73. However, since the beginning of this month and year, FTT has been trading in the approximate range of $2.465 to $3.4749.
The FTX token is currently trading to boost the recovery in the coming month. As per the analysts, it should trade above $3.2 for the next week to support the expected growth and recovery in the coming month.
Conclusion: Expectations of Growth in the Crypto Industry in February
The crypto market is currently experiencing fluctuations on account of BTC ETF approval. Bitcoin, being the major crypto asset and first-born asset in the crypto space, is affecting the crypto space significantly.
As per the analysts’ view, the crypto space was experiencing a correction in January and now it will push up prices and experience a rebound in February.
Looking at the historical prices of Bitcoin and the data released by CoinMarketCap in February from 2011 to 2023, Bitcoin has witnessed excellent profitability of 14.5% and the average value of profitability is 12.2%. The only times when Bitcoin experienced negative returns in February were in 2014 and 2020.
The excellent pattern of growth and profitability is expected to continue as well and thus bitcoin will boost the growth in the overall crypto market and give significant returns to investors.
FAQs
What are the other cryptocurrencies that are expected to experience positive growth in February?
The other crypto assets with a positive outlook include ETH, MANA, Sol, NEAR, and Gala.
What can boost the growth of crypto assets?
The factors that can support the growth of crypto assets are technological innovation and community support.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
