- Hong Kong to allow retail traders to buy and sell Bitcoin and altcoins from June 1st, 2023.
- Conflux, Filecoin, Polkadot, Huobi Token, and OKB identified as altcoins to watch.
- Analyst highlights potential of Conflux, Filecoin, and Huobi Token in the Chinese market.
In a recent YouTube video, esteemed crypto trader and analyst Luke Martin divulged his top altcoin selections. This insightful discussion coincides with the release of a regulatory whitepaper compiled by the Chinese Government, which highlights a pivotal point: Hong Kong will soon permit retail traders to engage in the buying and selling of Bitcoin (BTC) and other altcoins, commencing in June 1st, 2023.
Furthermore, it has been reported that Shanghai has been actively advocating for Web3 and encouraging long-term investments in cryptocurrency projects over the past few months. As Chinese retail trading is expected to surge on June 1st, 2023, an analyst has identified Conflux (CFX), Filecoin (FIL), Polkadot (DOT), Huobi Token (HT), and OKB as alternative coins to keep a close eye on in the upcoming weeks.
Conflux (CFX)
Conflux, commonly known as the “Chinese Ethereum,” has piqued the interest of investors and traders alike, thanks to its potential as a layer 1 blockchain for decentralized applications (dApps). Martin’s video highlights the project’s remarkable growth, with its market cap skyrocketing tenfold since the start of the year.
With China’s renewed interest in blockchain technology, Conflux stands to gain from heightened adoption and government backing, positioning it as a compelling investment option for retail traders. Its strategic partnerships with major players such as McDonald’s China and OREO further bolstered the project’s optimistic prospects. These developments lend credibility to the bullish outlook for Conflux, making it a noteworthy contender in the blockchain space.
According to the latest update from CoinMarketCap, the current value of CFX is recorded at $0.3122, reflecting a 24-hour decline of 4.36%. In addition, the altcoin has also experienced a dip against the top two cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), with a drop of 3.57% and 4.17%, respectively. These figures indicate a challenging period for CFX in the crypto market.
Filecoin (FIL)
Filecoin, a decentralized storage cryptocurrency, has become a prominent player in its specialized field. Recent speculation in February regarding China’s renewed interest in the crypto market led to an influx of yuan investments from retail traders, with FIL outpacing the likes of ETH and BTC.
The Chinese Government’s acknowledgment of the significance of decentralized storage in securing sensitive national data is a key factor fueling the analyst’s optimism towards FIL. Additionally, many enterprises have recently made significant financial commitments to Filecoin, bolstering the project’s credibility and potential worth, per Martin’s insights.
Over the last 24 hours, FIL has experienced a slight dip of 0.93% in its price, currently trading at $4.63. Compared to BTC and ETH, FIL has been outperformed by 0.17% and 0.87%, respectively. These fluctuations in the altcoin market are common and should be monitored closely by investors.
Polkadot (DOT)
Polkadot, a Layer-1 blockchain protocol, has been making waves in the industry as a promising project with robust ties to China. Gavin Wood, the founder of Polkadot and a pivotal figure in the development of Ethereum (ETH), was reportedly cited in Beijing’s whitepaper, further cementing the project’s importance, as per Martin.
According to the trader, while DOT may have lower upside potential than CFX and FIL, its technical prowess and association with notable figures make it a compelling altcoin worth considering.
In line with the prevailing market conditions, DOT experienced a slight dip of 0.52% in the last 24 hours, resulting in its current price of $5.47. However, despite this setback, DOT outperformed BTC by 0.25%. Unfortunately, it could not replicate this success against ETH, as it recorded a 0.45% loss against the top altcoin.
Huobi Token (HT)
Huobi Token (HT) occupies a distinctive role as the indigenous token of Huobi, China’s most extensive digital currency exchange. Given the exchange’s origins in China, Huobi is strategically positioned to navigate regulatory shifts adeptly.
Moreover, Huobi’s licensing regime is set to encompass the most highly traded cryptocurrencies, such as BTC and ETH, providing a promising avenue for the platform to flourish within the existing framework. Martin is confident that as the altcoin market becomes more accessible to retail traders, HT will reap the rewards of heightened trading volume and market demand.
HT’s value was recorded at $3.21 at the time of publication, reflecting a 3.52% decline in the last 24 hours. This downturn also resulted in a 2.89% and 3.46% depreciation against BTC and ETH, respectively.
OKX (OKB)
Although not based in China, OKX has garnered a substantial following of Chinese traders who actively engage with its platform. As a result, the analyst expresses a positive outlook towards OKB, the platform’s native token.
According to Martin’s analysis, OKB may not experience a significant surge in its price compared to other altcoins featured on this list, owing to its already impressive performance in the market this year. However, OKX continues to be a crucial exchange for Chinese traders, and this could potentially translate into a boost in retail trading volume for OKB.
At the time of reporting, OKB was experiencing a minor dip, with a decrease of 0.02% and a current value of just above $47. Despite this, the altcoin has surpassed both market leaders in the last 24 hours, boasting a 0.79% increase against BTC and a 0.11% increase against ETH.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
