We’ve come a long way since the 2021 bull run as China was a constant source of black swan events.
Most notably, Chinese property developer, Evergrande was seemingly on the edge of collapse every few weeks.
From Constant Evergrande Fud To Now Announcing A $140 Billion Simmy Package, China Could Be The Hero Of This Cycle
The constant rumours throughout 2021 were that Evergrande was on the brink of collapse markets across the globe due to the significant investment from many Western companies. This never really came to pass, aside from causing cool-offs for crypto every time it came up in the news.
Fast-forward to 2024 and China has just announced a $140 billion cash injection into its financial system. On the back of this, Bitcoin has responded positively, reclaiming $64,000 as it pushes back toward the coveted $70,000 figure.
With China now a possible catalyst for the upcoming bull run, here are two cryptocurrencies worth keeping an eye on.
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Neo (NEO) – The Ethereum Of China
#NEO I think he will show himself in the future. A very large accumulation phase. I haven’t even started the growth phase yet. The first strong resistance zone is the $30 area. I expect the price to go to the $ 90-100 zone in the final phase of growth! $NEO pic.twitter.com/KMjTPpY5GK
— Crypto Dream (@_Crypto_Dream) September 23, 2024
Neo is often referred to as the “Ethereum of China” due to its many similar features with the more popular counterpart, such as the ability to create decentralised applications (dapps) for decentralised exchanges, prediction markets and social networks, among others. It has responded well to the recent influx of positive crypto news relating to China and is up 10.9% in the past week as a result.
If China continues to play a positive role in the upcoming bull run, Neo will be at the forefront of any big moves to the upside. It is the most established Chinese digital asset, launching way back in 2014 under the name ‘Ant Shares’, before rebranding to Neo in 2017.
It peaked at roughly $118 at the height of the 2021 cycle and briefly touched $200 during 2018’s bull market. It is currently trading around $10.7 and therefore offers a great risk to reward ratio to get back to its 2021 high
Filecoin (FIL) – China’s Answer To Google Cloud And Amazon Web Services
Filecoin has successfully broken out of a falling wedge pattern on the daily timeframe📈
This breakout suggests a potential 60-70% bullish wave incoming🌊
If momentum builds, we could see $FIL climb towards $4.11, $5.26, $6.75, $7.91, and $9.17🎯 pic.twitter.com/BANAOiLsrG
— Knight Cryptos🗡 (@Knight_Cryptos) September 20, 2024
Filecoin is a decentralised storage network that uses blockchain technology to allow users to store and retrieve files on the internet. It’s a peer-to-peer network that uses a public blockchain to record transactions and incentivises network participants to provide reliable storage.
FIL has an extremely large community within China. Its liquid staking core team being based there also.
Since its launch in 2020, Filecoin moved in price with any crypto-adjacent news that has come out of China. This correlation only strengthens its reputation as a Chinese coin within the crypto community.
At the peak of the 2021 bull run, it hit a high of $187 and has since fallen a considerable amount. FIL is now trading at around $4 but similar to NEO, is up 11.5% on the week since the positive news began flowing out of China. It has a market cap of $2.4 billion, making it a top 50 digital asset, per CoinGecko data.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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