Category Archives: Altcoin
Trader Says Ethereum-Based Blue Chip Altcoin Could Explode Over 100%, Updates Outlook on Bitcoin and Chainlink – The Daily Hodl
Crypto trader and analyst Ali Martinez is expressing a bullish outlook on a top-20 Ethereum (ETH) altcoin.
Martinez tells his 39,200 followers on the X social media platform that the Ethereum layer-2 network Polygon (MATIC) could appreciate by up to 115% from the current level.
According to Martinez, Polygon is forming a symmetrical triangle pattern on the three-day chart and is on the cusp of breaking out of the patterns upper trend line.
A symmetrical triangle pattern can be bullish or bearish bullish if the price breaks out above the upper trend line and bearish if the price breaks below the lower trend line.
Be patient! Let the pattern fully develop, as the initial target for MATIC is set at $1.25, followed by a potential move towards $1.82!
Polygon is trading at $0.847 at time of writing.
Next up is Bitcoin (BTC). Citing data from analytics platform Glassnode, Martinez says that the flagship crypto assets market value to realized value (MVRV) metric shows that the next key price targets for BTC are $52,680 and $70,250!.
MVRV is the ratio of the current market cap of Bitcoin relative to the crypto assets realized capitalization (BTCs market cap when the coins were last moved or acquired).
Turning to Chainlink (LINK), Martinez says while the blockchain oracle could potentially appreciate to $34, a drop below the $14.20 price, which it has, invalidates the bullish outlook on the four-hour chart.
Chainlink is trading at $13.85 at time of writing.
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Trader Says Ethereum-Based Blue Chip Altcoin Could Explode Over 100%, Updates Outlook on Bitcoin and Chainlink - The Daily Hodl
Ethereum, Chainlink and Arbitrum Are Among Top 5 Altcoin Plays for This Year, According to Michal van de Poppe – The Daily Hodl
Closely followed crypto strategist and trader Michal van de Poppe is naming the top five altcoins he is bullish on in 2024.
In a new strategy video, Van de Poppe tells his 162,000 YouTube subscribers that his first top altcoin choice this year is the smart contract platform Ethereum (ETH).
The trader believes that money will soon flow from Bitcoin to ETH after BTCs significant rally to close out 2023.
Looking at his chart, the trader suggests that ETH will rally to cross $3,400 later this year.
He also suggests that ETH against BTC (ETH/BTC) appears to have carved out a market bottom at around 0.0491 BTC ($2,221).
The ETH/BTC pair is trading for 0.05322 BTC ($2,377) at time of writing.
He also believes that if a spot market exchange-traded fund (ETF) is approved for Bitcoin, an Ethereum spot market ETF will soon get the nod and that would serve as a catalyst for an ETH rally.
Lastly, he suggests that ETHs deflationary nature, brought about by its switch to a proof-of-stake consensus mechanism, is not yet priced in by the market.
Next up, the trader believes that ETH layer-2 scaling solution Arbitrum (ARB) is printing a bullish pattern against Bitcoin (ARB/BTC), putting in higher highs and higher lows.
ARB/BTC is trading for 0.0000393 BTC ($1.78) at time of writing. Looking at his chart, the trader suggests that Arbitrum will soar to 0.0000647 BTC ($2.93).
His next pick is another layer-2 scaling solution, Optimism (OP). He predicts that OP will correct down to the $2.78 range after its big rally and then bounce beyond the $4.50 level in the coming months.
Optimism is trading for $4.01 at time of writing, up 4.3% in the last 24 hours.
The fourth altcoin on the traders list is the decentralized oracle network Chainlink (LINK).
He says LINK is starting to show strength against Bitcoin (LINK/BTC), printing a bullish pattern of higher lows and higher highs. He is closely watching to see if LINK/BTC breaks through a key resistance level at 0.000450 BTC ($20.36), which he says would indicate a massive breakout is underway.
LINK/BTC is trading for 0.0003472 BTC ($15.71) at time of writing.
Lastly, the trader picks the newer ETH rival Sui (SUI). He says SUI has the potential to perform as strongly as Fantom (FTM), Avalanche (AVAX) and Polygon (MATIC) did in 2021.
At time of writing, SUI is worth $0.865.
I
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Solana-Based Altcoin Skyrockets 85% in 24 Hours As Coinbase Adds the Crypto Asset to Listing Roadmap – The Daily Hodl
A Solana-based (SOL) altcoin is surging as the top US crypto exchange platform adds it to its listing roadmap.
In a new announcement, Coinbase says it will be adding the decentralized global mapping network Hivemapper (HONEY) to its listing roadmap, meaning it could soon add support for it.
The move caused the digital asset to skyrocket by 85%, going from $0.129 to $0.232 in just 24 hours.
Coinbase created the roadmap in 2022 as a means of increasing transparency and reducing the possibility of investors front-running new trading support announcements.
Hivemapper, which touts itself as a revolutionary geo-mapping tool, works by having contributors collect mapping data with dashcams. The contributors would then earn rewards for their footage, which in turn leads to creating a decentralized map.
Hivemapper is building a decentralized global mapping network that rewards its contributors for collecting high volume 4K street-level imagery with dashcams.
Who are our contributors? Rideshare drivers, delivery drivers, fleet owners, GIS (geographic information system) enthusiasts, mapping hobbyists, and truck drivers. Contributors can map anywhere but can earn cash for mapping via dashcam only in certain cities
Imagine a network of map contributors and map consumers intricately connected on the Hivemapper blockchain, participating in a democratized and equitable exchange of valuable map data.
By deploying a simple dashcam on a car or truck, a contributor can receive rewards for their contributions and share the value created by a decentralized global map, while powering the worlds critical geospatial infrastructure.
HONEY has since retraced and is moving for $0.229 at time of writing.
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Solana-Based Altcoin Skyrockets 85% in 24 Hours As Coinbase Adds the Crypto Asset to Listing Roadmap - The Daily Hodl
Altcoin season on the horizon – CryptoDaily
Table of Contents
The crypto market has reached a critical point. If bitcoin continues to hold steady, another $100 billion could enter into the altcoins, sparking a massive altcoin season.
Crypto has arrived at a very important juncture. Bitcoin has recently taken out last years high and looks to have its sights set on the all-important $48,000 level. Currently still holding firm above $45,000, $BTC could jump to $48,000 very quickly, especially if the announcement of a Spot Bitcoin ETF is made within the next few days.
If the expected announcement is indeed made, and bitcoin does get up towards $48,000 to $50,000, a price hiatus for the king of the cryptocurrencies might take place.
It could be at this point, with bitcoin having made its leap up, that investors start looking to take value out of bitcoin and put it into the altcoins, given that they would need to start playing catch up.
Source: Trading View
A chart to keep an eye on for this eventuality is BTC Dominance. Currently very high at more than 52% of the crypto market capitalisation, dominance is soon to make either a break to the upside or the downside.
Given that 52% dominance for $BTC hasnt been seen since June of last year, and before that in April 2021, the turning point may be here. In addition, dominance has come up against strong resistance at this level.
Source: Trading View
Another key chart to watch is Total3. This is the market cap of all the altcoins excluding $BTC and $ETH. It can be seen that Total3 is at resistance at $520 billion. A breakthrough of this level can lead to more than $100 billion pouring into the altcoins.
A possible rise to $640 billion could be on the cards, with $607 billion also a strong resistance.
Finally, just one more very strong note of optimism. Jim Cramer, of CNBCs Mad Money has changed his mind and stated that Bitcoin is here to stay, but that he predicts another weak year for crypto.
Given the ongoing joke that Cramer always gets it wrong, this could mean that crypto will have a very strong year.
Be this as it may, a correction is very likely coming for crypto, and it does look as though it will be this year. However, for the immediate future, things do look rosy, and that altcoin season may just finally arrive.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Altcoin season on the horizon - CryptoDaily
Crypto traders remain bullish on Celestia (TIA) even after 480% rally Here’s why – Cointelegraph
Modular blockchain Celestia has posted amazing growth since its launch on Oct. 31, 2023, when TIA tokens were airdropped to 580,000 users and the mainnet went live. Since launching,TIA has risen more than 460% from its debut price of $2.10 to the current value of $13.
The altcoin had a slow start in terms of on-chain activity, initially facilitating only 510,000 transactions in the first two days, according to data from MintScan.
However, as traders' appetite grew, TIA price followed and ultimately, on-chain activity grew as well. MintScan data shows that the network has so far facilitated 6,649,287 transactions since its debut on Oct. 31, 2023.
By comparison, rival blockchain Cosmos has averaged between 2.3 million transactions over the past 30 days against Celestias 5.9 million, MintScan data shows.
Celestias activity grew 85% within just two weeks, according to data from Santiment. Despite the decrease in social volume and development activity over the last few weeks, these metrics have started picking up in 2024 according to data from Santiment, an on-chain analytics firm.
TIAs price grew in tandem with the on-chain activity. As the users interacted with the blockchain, demand for TIA grew resulting in price growth. The demand for TIA also grew from the need to earn big staking incentives in the Cosmos Ecosystem and Osmosis. In addition, staking TIA comes with the hope that projects integrated with Celestia will issue token airdrops, similar to how Solana's Jito and Marinade DeFi protocols rewarded users with tokens in December 2023.
TIA price was $13 on Jan. 3, after a 42% gain made in 30 days and an impressive 481% increase in value over the previous 90-day period.
Its market cap skyrocketed in just 15 days, from a near non-existent to a remarkable $885 million on Nov.15, 2023. TIAs market capitalization currently stands at $1.9 billion, according to data from CoinMarketCap.
The growth of TIAs value is believed to coincide with the launch of Celestias mainnet beta on Oct. 31, 2023, marking the beginning of the modular blockchain era.
Celestia differentiates itself from its competitors as a modular data availability network designed to enhance blockchain scalability and improve the developer experience. Its design allows it to provide a scalable data availability layer for other blockchains, also known as rollups.
By separating the application and consensus layers, Celestia allows these rollups to execute transactions independently while ensuring that the data of these transactions is available and can be validated by anyone.
This feature ensures easy creation of specialized, improved flexibility, and efficient blockchains, promoting a more dynamic decentralized ecosystem.
This concept is somewhat similar to how Zero-Knowledge proofs function in Ethereum, where users are required to download just 1-2% of the entire chain to validate it. Celestia executes this through light nodes that download a minimal portion of the chain.
One metric that is used to assess the scalability of blockchains is transactions per second (TPS). Celestia is currently totaling 14 TPS. Meanwhile, Arbitrum has a daily average of 13.31 TPS, according to L2Beat.
This is a notable performance given that Celestia only rolled out less than 4-months ago and the networks adoption is yet to match that of Arbitrum, which has been operational since May 2021.
Arbitrum faces stiff competition from industry giants like NEAR, which has joined Celestia in the race to provide data availability services to Ethereum rollups.
While Celestias data availability scaling layer is likely to find a niche of users, it remains to be seen how the price will react as the ecosystem grows.
Related: Celestia to integrate with Polygon CDK for data availability in 2024
TIA dropped alongside the top-ranking cryptocurrencies as the market participants await for the United States Securities and Exchange Commissions (SEC) decision on spot Bitcoin ETF applications.
Apart from the bearish sentiment witnessed across the board on Jan.3, the sell-off in the price of TIA could be due to profit-taking on the latest run up to $14. The token has recorded a series of lower highs and lower lows over the last three days, leading to the appearance of a descending parallel channel on the four-hour chart (see below).
This is a significantly bearish chart pattern that points to continued drop as long as the price remains within the confines of the declining channel.
The relative strength index (RSI) has dropped below the 50-point mark suggesting that the bulls have begun losing market dominance to bears. Key levels to watch on the downside are the 100-period exponential moving average (EMA) at $12.38 and the major support level at $11.18.
On the upside, the Celestia price traded in a significant demand zone between $11.18 to $12.91. Note that this support zone has provided a launching pad for TIA in the recent past as shown on the -hour chart above.
The first time was on Dec. 14, 2023, when the crypto went on to rally $25% setting a swing high at $14.76. The next time was on Dec. 20, 2023, and Dec. 23, 2023, with the price soaring 16% and 29% respectively from the same demand zone.
If the same scenario plays out, Celestia buyers from this demand zone could push the price 22% from the current levels with their eyes set on the $15 or $20 psychological levels.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Crypto traders remain bullish on Celestia (TIA) even after 480% rally Here's why - Cointelegraph
Top Altcoins To Buy January 5: MATIC, ARB, LINK – CoinGape
The crypto market is facing its first major drawdown taking place amid the expectation of thespot Bitcoin exchange-traded fund (ETF)in the US. As volatility spikes across the board, top altcoins like Polygon (MATIC), Arbitrum (ARB), and Chainlink (LINK) are shedding, retreating 17%, in a week, 2.5% in the last hour, and 15% in seven days, respectively.
Investors should be eager to dollar-cost average (DCA) into select top altcoins, especially with the bull run anticipated this year. If the Securities and Exchange Commission (SEC) nods to the spot BTC ETF, capital flow into the market will surge tremendously, and back sustainable price increases not only for Bitcoin but also for altcoins.
Navigating the current altcoin depreciation phase necessitates selecting an optimal entry point to maximize investor returns over both short-term and long-term horizons.
This report provides a comprehensive analysis of the top 3 altcoin investment contenders MATIC, ARB, and LINK to identify key value-generating opportunities based on prevailing market conditions and significant events scheduled for the first and second quarters.
Read more:XRP Price Prediction: With Dumping In Full Force, Is This the Dip to Buy Before ETF Approval?
Polygon pricetrades at $0.83 at the time of writing after stretching losses from its recent high of $1.1. The leading Ethereum layer-2 scaling protocol could offer excellent buy-the-dip opportunities especially for previously sidelined investors.
With the token trading slightly below the 0.618 Fibonacci retracement ratio, chances are high for substantial trend reversal. This rebound could also be accentuated by the Relative Strength Index (RSI) oversold condition.
The 0.786 Fibonacci retracement level, at around $0.8, presents a possible entry point. A bullish confirmation signal would be generated by a four-hour candle close above this level, fueling further upside momentum and potentially triggering a breakout targeting to exceed the stubborn $1.1 resistance zone.
Further gains would depend on the approval of the ETF, which will drive more attention to the crypto market leading to a major bull runone that could blastPolygon priceto the all-time high of $2.92.
Arbitrum price left many surprised when it suddenly gained ground significantly above support at $1.3 and went ahead to set a new record high of $2.1. The layer-2 scaling protocol boasting more than $2.3 billion in market capitalisation and $1.3 billion in trading volume, has over the last 24 hours shed 9% to trade at $1.85 on Friday during US business hours.
The ongoing retreat has sent ARB below several key levels including the $2 resistance, the accelerated ascending trendline (dotted), and the 20 Exponential Moving Average (EMA) (in blue).
These levels will weigh down on Arbitrum as long as support becomes elusive. With that in mind, traders would be looking out for rebound opportunities tentatively at the middle trendline, the 50 EMA (in red) at $1.83, and the lower trendline towards $1.6.
If the decline intensifies, Arbitrum price may have no choice but to expand the support scope to the 200 EMA (in purple).
The RSI indicates a bearish bias with downside momentum, potentially targeting the $1.3-$1.4 support zone before a meaningful recovery. DCA into these levels offers risk mitigation and potential return optimization while accumulating Arbitrum, a compelling Ethereum token with strong fundamentals and growth trajectory.
Chainlink (LINK)retreated in tandem with its peers, sliding from its recent highs at $17.66. Bulls also missed out on several opportunities to assert their control like the S/R at $16, the black ascending trendline, and all three applied moving averages, including the 20 EMA, 50 EMA, and 200 EMA.
Although support came up around $14, potentially laying the foundation for a double-bottom pattern reversal, the RSIs downtrend in the neutral area suggests that sellers still hold the reins.
Meanwhile, a trend reversal would be imminent as the RSI closes in on the oversold region. Therefore, looking out for a reversal in this indicator might reveal early signs of a rebound, thus presenting investors with an opportunity to DCA and maximize returns.
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Top Altcoins To Buy January 5: MATIC, ARB, LINK - CoinGape
Bitcoin developer Jimmy Song likens Ordinals to pump and dump altcoin scams – CryptoSlate
Bitcoin developer Jimmy Song, known for his maximalist views, expressed skepticism toward the Ordinals protocol, likening it to a run-of-the-mill altcoin scam.
Songs comments come amid growing discussions in the Bitcoin community about the Ordinals protocol, which was introduced in early 2023 and has since sparked debate over its impact on the Bitcoin network.
According to Song, Ordinals is essentially an altcoin scam that cleverly uses the Bitcoin branding to deceive people.
He argued that by building on top of the Bitcoin network and adopting the narrative around sound money and self-sovereignty typically associated with the flagship crypto, Ordinals has exploited Bitcoins name recognition to appear legitimate and credible.
According to Song:
Thats why ordinals and BRC-20 are becoming more popular. Theres little chance of escaping the shitcoin moniker by releasing a token on Ethereum or Solana now. The gulf between Bitcoin and altcoins is too wide and crossing that chasm, to scam newbies has become that much harder.
Song argued that peeling back the layers of the Ordinals movement reveals a similar pump and dump nature to that of altcoins, which focus on token peddling and speculation rather than advancing Bitcoins mission of economic freedom.
Songs stance is part of a broader debate within the Bitcoin community regarding the direction and use of the network. While he adopts a purist approach, warning users not to be deceived by Ordinals and urging the community to expose the protocol as a scam, others within the community see benefits in Ordinals.
Ordinals were launched earlier in the year at a value of roughly $25, but the token crashed in the weeks after to around $5. However, the token has more than 10x from its bottom over the past few months and is currently trading between $75 to $80.
MicroStrategy chair Michael Saylor recently praised the protocol for its potential to attract talent and creativity away from rival blockchains. Others in the industry have echoed his sentiment and are generally optimistic about the protocols future.
Additionally, proponents argue that Ordinals has been beneficial for BTC miners, as the protocol has generated substantial extra fees since it went live, thereby reinvigorating mining operations and incentivizing network security.
The controversy around Ordinals is part of a larger discussion about the future of Bitcoin and the challenges of balancing evolving demands on the network. The debate touches on key principles of Bitcoin, such as being an open and permissionless network, and the necessity of maintaining these principles while also adapting to new developments and use cases.
The discussions around Ordinals and the potential implications for the Bitcoin network have also led to speculation about a possible Bitcoin fork in 2024.
The possibility of a fork has been fueled by concerns over network congestion, block space limitations, and rising transaction fees. The debate is indicative of the growing divide within the community and highlights the challenges of reaching a consensus in a decentralized ecosystem.
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Bitcoin developer Jimmy Song likens Ordinals to pump and dump altcoin scams - CryptoSlate
AVAX price premature rally could send the altcoin to $55 this week – FXStreet
Avalanche (AVAX) price is rising rapidly with renewed bullish momentum in 2024. This move comes after a sell-off on the last day of 2023. With sustained buying pressure, AVAX is likely to continue its ascent.
Read more:AVAXprice could rally another 20% before it overheats
AVAX price has increased 12% between January 1 and the current trading level of $43. This ascent comes in the first trading week of 2024 and likely has more legs to it due to the sell-off on December 31. This move collected the liquidity resting below the December 19 swing low of $38.
One of the common bull rally continuation identifiers seen in altcoins is a sweep of the previous low and production of a higher high. Hence, the recent rally seems to hint at more gains in the near future for Avalanche token holders.
Going forward, investors can expect AVAX price to enter a resistance zone extending from $51 to $56. This move, from the current level of $43 to $55 would constitute a 27% move.
Supporting this bullish thesis is a reset of the previously overbought Relative Strength Index (RSI) at the mean level of 50.
AVAX/USDT 1-day chart
While AVAXs technical picture shows a restart of the bull rally, investors need to be careful if the token fails to post a higher high above $49. This move would be the first sign of weakness. If this development is coupled with a lower low below $37, it will invalidate the bullish thesis.
In such a case, AVAX price could fall back into the weekly imbalance, which extends from $31 to $22. This would imply a 16% fall from current price levels.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
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AVAX price premature rally could send the altcoin to $55 this week - FXStreet
Ethereum-Based Altcoin Plummets Nearly 78% After Team Deposits Into Coinbase: On-Chain Data – The Daily Hodl
An Ethereum (ETH)-based altcoin collapsed in value after the projects team members moved thousands of tokens to the crypto exchange Coinbase, according to on-chain data.
The blockchain data tracker Lookonchain says that the decentralized oracle protocol Tellor Tributes (TRB) went on a parabolic rally before a sudden massive correction, causing the liquidation of tens of millions of dollars.
Says Lookonchain,
In the past 24 hours, TRB soared to $600 [on December 31st] and then plummeted to $137, causing $68 million of assets to be liquidated, making it the most liquidated token.
Lookonchain noticed Tellor team members moved thousands of TRB onto the top US exchange Coinbase after the price surge and right before the price collapse.
We noticed that the Tellor team deposited 4,211 TRB ($2.4 million) after the price of TRB skyrocketed.
TRB has since recovered some of its losses and is trading for $183.64 at time of writing, up about 18% in the last 24 hours.
In November, crypto analytics firm Santiment noticed that deep-pocketed TRB holders were aggressively adding to their holdings. At that time, wealthy traders who owned between 1,000 to 100,000 TRB added 15% of the total supply to their holdings over a seven-week period for a total of 46% of the assets total supply. The buying spree came as TRBs value jumped from under $15 in September to $134.
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Ethereum-Based Altcoin Plummets Nearly 78% After Team Deposits Into Coinbase: On-Chain Data - The Daily Hodl
These Industry Experts Shared Their Top Altcoins for 2024 – BeInCrypto
The cryptocurrency market constantly evolves, with altcoins often stealing the spotlight from their well-known counterpart, Bitcoin. As one ventures into 2024, experts in the field have identified several altcoins that hold significant potential.
Miles Deutscher and Michal van de Poppe, two renowned voices in the crypto industry, have shared their insights, highlighting the top contenders for the year.
Miles Deutschers top five picks encompass a variety of altcoins, each with unique strengths and potential growth catalysts. Starting with Arbitrum (ARB) and Optimism (OP), Deutscher emphasized their link to the upcoming Ethereum EIP-4844 upgrade, which promises reduced fees and enhanced competitiveness.
According to Deutscher, this network update could lead to increased adoption and a spike in their value.
The EIP-4844 upgrade is set to reduce fees on Ethereum layer 2s by order of magnitude If you were paying $2 for an LP deposit on Arbitrum, now you might only be paying 5 to 10 cents. So its definitely going to be an adoption Cctalyst for layer 2s because it makes them cheaper and more competitive to use, Deutscher emphasized.
dYdX (DYDX), another of Deutschers choices, stands out for its role in the decentralized exchange (DEX) narrative. Its impending move to its own chain on Cosmos (ATOM) and strong fee generation capacity, totaling $36 million over the past 180 days, positions it as a lucrative investment option.
I believe in the ethos of decentralization, and having a bonafide decentralized solution to trading, I think is extremely valuable in the crypto economy. Its not something weve fully seen yet, but I think out of all of the dexes dYdX is one that is most bullish, Deutscher added.
Read more: How To Make Money With Cryptocurrency: Top 4 Ways In 2024
Celestia (TIA) is the third pick, praised for its modular blockchain structure that allows various components, like layer 2 solutions and other blockchains, to stack on top. According to Deutscher, this flexibility has attracted many new applications and deployments.
Thorchain (RUNE) is Deutschers fourth choice, lauded for its unique mechanism in facilitating cross-chain liquidity. It is a decentralized solution for directly swapping assets like Ethereum and Bitcoin, a feature increasingly in demand.
RUNE, in a way, is a reflexive or a leveraged bet on a bull market. If theres a major bull market and you know that Bitcoin and Ethereum, and other assets are going to explode, you know that RUNE, in order for the application to work, it also needs to readjust higher in price so its a super reflexive mechanism, Deutscher explained.
Lastly, Frax Share (FXS) tops Deutschers list. With its multi-faceted approach, including a lending protocol, an upcoming layer 2 chain, and a strong team behind it, Frax Share is a comprehensive investment in the DeFi space.
Michal van de Poppe took a different approach. He focused on both established and emerging altcoins to avoid unnecessary risks.
I dont believe into getting into very small altcoins to maximize the risk. I think compounding your returns and having a proper strategy is going to benefit in the long run. Otherwisem I would go to a to a casino take the roulette table have luck there and then just continue moving on, Poppe said.
Ethereum (ETH) leads his list, not just for its potential to outperform Bitcoin but also due to expected developments like a spot Ethereum ETF and its deflationary Proof-of-Stake (POS) system. Poppe explained that Ethereum is undervalued, but it has the potential to provide a higher return in the coming period.
The fact that Ethereum against Bitcoin is currently bottoming out, and also, the first quarter of the year is usually a period where Ethereum is doing really well. All those arguments combined are probably going to give me an actual investment thesis to look at ethereum as the first altcoin to look at, Poppe affirmed.
Arbitrum and Optimism, also on Poppes radar, are recognized for their promising trends and potential high returns as part of the Ethereum ecosystem. He suggested a dollar-cost averaging strategy for these assets, considering their current market positions.
Chainlink (LINK) is another key player in Poppes portfolio, valued for its role in the DeFi, RWA, and NFT sectors and potential for a rebound after a prolonged bear market.
I think that DeFi is probably cornered and added with RWA and NFTs is going to do really well in the upcoming cyle So I want to capture that by being positioned into something that most likely is going to be important for the entire ecosystem. Thats why I choose for Chainlink, Poppe said.
Read more: Chainlink (LINK) Price Prediction 2024/2025/2030
Finally, Sui (SUI), an emerging project, rounds out Poppes list. Sui represents an investment in the competitive landscape against Ethereum. According to Poppe, it could mirror the successful trajectory of projects like Phantom and Avalanche in 2021.
These expert insights paint a diverse picture of the altcoin market for 2024. Subsequently highlighting projects that stand out for their technological innovations and for their strategic positioning in the crypto economy. Investors looking to diversify their portfolios may consider these altcoins recommendations. Indeed, each offer a unique blend of potential and performance in cryptocurrency market.
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.
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These Industry Experts Shared Their Top Altcoins for 2024 - BeInCrypto