2024-5-19 17:03 |
Top analyst Prithvir (@Prithvir12) has offered a timely analysis, suggesting now could be an opportune moment to invest in altcoins. He presents a compelling argument supported by market data and expert insights, highlighting specific altcoins like Arweave ($AR), Solana ($SOL), ONDO, and PEPE as potential high-reward investments.
Analysis of the Altcoin MarketPrithvir begins by examining the broader altcoin market through the lens of TOTAL3, the market cap of the top 125 coins. While the chart suggests a healthy consolidation, a comparison with Bitcoin’s market cap reveals a stark underperformance of altcoins since November 2022. This underperformance spans one and a half years, attributed to several key factors.
Firstly, the Bitcoin rally was primarily driven by ETFs, attracting investors who typically do not venture into altcoins. Additionally, the market has flooded with an excess supply of newly launched tokens, fragmenting attention and liquidity. This fragmentation has been further exacerbated by the rise of memecoins, drawing speculative interest away from more substantial projects.
Why Now Might Be a Good Time to Buy AltsDespite the recent underperformance, Prithvir sees potential in the current market conditions. He notes that altcoins appear heavily oversold, with sentiment around Ethereum (ETH) particularly negative on Crypto Twitter (CT). The spotlight on memecoins indicates a lack of strong narratives, potentially signaling a market bottom.
Prithvir references @CryptoKoryo’s dashboard, which offers a high signal for altcoin buying. According to the dashboard, the alt buy signal is at its lowest level ever, suggesting a unique buying opportunity. Historical data supports this, as the last low signal in September 2023 preceded a significant altcoin rally.
How to Choose AltcoinsPrithvir emphasizes that not all altcoins are equal, advising investors to select coins based on specific criteria. He suggests focusing on coins that are fairly launched and either fully diluted or close to it. Sustainable emissions that contribute to the protocol’s flywheel are also crucial. Additionally, the chosen coins should align with a compelling narrative that can attract retail investors.
.rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
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Show more +Show less –Read also: Ripple Community Shows Commitment to XRP Amid Depressing Price Action and Long-Term Holder Dumps
What Smart Money is BuyingHighlighting current trends, Prithvir identifies several altcoins favored by smart money:
Arweave (AR): A fully diluted coin with a strong focus on AI and an impressive team. Recent announcements have bolstered its appeal. PEPE: Dubbed the “Doge of this cycle,” this memecoin has garnered attention due to its price trajectory. Solana (SOL): Emerging as the chosen chain of this cycle, Solana recently surpassed Ethereum in terms of economic value created. ONDO: A top Real-World Asset (RWA) play with no major unlocks until January 2025.Prithvir’s insights offer a strategic perspective on the altcoin market, suggesting that current conditions may provide a valuable entry point for discerning investors. By focusing on well-chosen altcoins, investors could potentially capitalize on market trends and sentiment shifts.
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The post Is Now a Good Time to Buy Altcoins? Why Analyst is Bullish on Alts: Arweave ($AR), Solana ($SOL), ONDO and PEPE in Focus appeared first on CaptainAltcoin.
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