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Analyst Says Altcoins Could Go to Zero; Lists Hot Coins for Gains
Analyst Lark Davis expressed frustration with the current market downturn, indicating a desire to offload altcoin holdings and start fresh in the next bull market. However, he stressed that market downturns are part of the natural cycle of cryptocurrencies, and while not all coins will recover, the major ones are likely to rebound.
According to Davis, the altcoin market is seeing mixed activity and sentiment, with specific coins like ICP, Kaspa, Oasis, Monero, and Jupiter taking center stage for their unique features and strategic moves. While some coins like XRP are facing challenges in maintaining their use cases against newer networks like Solana, others like Jupiter are making significant moves to increase their value.
As for the broader market, the expert noted the ongoing panic over specific Bitcoin assets and suggested that this fear has become a narrative. He advised buying Bitcoin during market downturns, as it often presents opportunities.
Strong Altcoins:
Solana: From Solana ability to handle high transaction volumes at low costs positions it as a strong competitor to other networks such as XRP. Its inclusion shows the growing importance of efficient and scalable blockchain networks.
Avalanche: Avalanche It is known for its high performance, scalability, and interoperability with other blockchains.
JupiterJupiter’s decision to cut 30% of its supply is seen as a bullish move, which could potentially increase its value by reducing the available tokens, which can lead to increased demand and price appreciation.
Oasis: THE Oasis Network focuses on privacy-preserving blockchain technology and aims to create a scalable and versatile platform for DeFi applications.
However, he cautioned against reinvesting in projects that are unlikely to recover after the current market crash, labeling many as “destined for the dustbins of history.” He said altcoins like Fantom could recover with the broader market. “I have Fantom and I see potential, but a lot of altcoins look risky right now. Some might recover, but some might go to zero,” he said.
Read also: Cryptocurrency Market Analysis: Bitcoin, Ethereum, Altcoins on the Rise!