A dip in the cryptocurrency markets presents savvy investors and traders with a golden opportunity to stock up on promising altcoins at discounted prices.
According to Michaël van de Poppe, a renowned crypto analyst, the current market conditions offer tremendous buying opportunities, as money is typically made during these periods of consolidation, rather than when assets are pumping through the roof.
What you'll learn 👉
Altcoin Market Capitalization: A Healthy Correction
Van de Poppe’s analysis begins with an examination of the altcoin market capitalization, which has undergone a notable correction. However, we should not misconstrue this correction as a significant downturn, as the broader scope still suggests ample room for further gains.
Bitcoin Dominance and Altcoin Valuations
The analyst highlights the importance of monitoring Bitcoin dominance, which appears to be peaking. Historically, as Bitcoin dominance peaks, altcoins tend to experience a resurgence in their Bitcoin valuations, even if their US dollar valuations remain relatively stable.
Projects like Chainlink (LINK), despite a modest 3-4% decline in US dollar valuations, have been bouncing upwards in its Bitcoin pair, exemplifying this phenomenon. This trend suggests that a Bitcoin correction, rather than a broader market downturn, is primarily driving the recent altcoin dip.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The Top 10 Altcoin Picks
To capitalize on the current market conditions, Van de Poppe has curated a list of the top 10 altcoins poised for significant gains:
- Chainlink (LINK): With its valuation currently at a cycle low, having dropped 40% since its recent peak, Chainlink presents a massive opportunity for investors to step in.
- Celestia (TIA): A relatively new project, Celestia has already experienced a 61% drop from its recent peak, making it an attractive target for those seeking substantial gains in this cycle.
- Arbitrum (ARB): Despite recent sell pressure due to a massive token unlock, Arbitrum’s strong Layer 2 rollup system positions it as a potential top gainer in the current cycle.
- Polkadot (DOT): A well-established project with a valuation still at a cycle low, Polkadot offers a significant opportunity cost, especially with the recent release of Polkadot 2.0.
- Cosmos (ATOM): Exhibiting a potential bullish divergence on the weekly timeframe, Cosmos is considered one of the most undervalued projects in the market.
- DYDX: Strongly correlated with the Ethereum ecosystem and decentralized exchanges (DEXes), DYDX’s Bitcoin valuation is reaching a cycle-low level, making it an attractive target.
- WooNetwork (WOO): As a DeFi project with upcoming releases, WooNetwork’s Bitcoin valuation is still at a cycle low, positioning it for a potential surge as DeFi gains momentum.
- SEI: As a new Layer 1 protocol, SEI is expected to outperform in the upcoming cycle, making it a prime candidate for investors seeking exposure to emerging projects.
- SkaleNetwork (SKL): Consolidating nicely and making higher lows, SkaleNetwork’s Bitcoin valuation is poised for a potential 240% upside from its current levels.
- Covalent (CQT): As a competitor to Celestia, Covalent presents an attractive alternative for investors bullish on the thesis behind projects like Celestia, which has already experienced a 40% correction.
By carefully selecting altcoins with strong fundamentals and attractive Bitcoin valuations, investors and traders can potentially position themselves for substantial gains as the market rebounds and altcoins regain their momentum.
You may also be interested in:
- Why is Ethena (ENA) Token Price Surging?
- Here Are 4 Reasons Why Bitcoin Price is Down Ahead of BTC Halving
- Bonk (BONK) Nemesis BUDZ Gains BONK Investor Support For 420 Launch
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
