Altcoin
Are altcoins the best investment of 2024?
Tue 21 May 2024 ▪ 4 minute read ▪ by Luc Jose A.
Altcoins, these alternative cryptocurrencies to bitcoin, are attracting more and more interest among analysts and investors. In a prolonged bear market environment, some experts believe that now is the time to invest in these digital assets. Michaël van de Poppe, an influential crypto analyst, recently reiterated his support for altcoins, predicting a spectacular bullish performance in the months ahead. This article explores the reasons behind this recommendation and the potential implications for investors.
Why are altcoins currently the best investment?
After his gloomy predictions on bitcoin, Michaël van de Poppe, an influential crypto analyst, reiterated his support for altcoins, predicting a spectacular bullish performance in the coming months. To this end he stated that: “These tokens could see significant gains despite their 70% decline versus Bitcoin over the past three months.”
Van de Poppe attributes this poor performance to several factors, including a delay in network upgrades and a prolonged bear market. He also notes that Ether’s current difficulties have contributed to this slowdown.
The analyst explains that the typical cryptocurrency market cycle, in which enthusiasm shifts from bitcoin to ether, and then to large-, mid-, and small-cap tokens, appears to be delayed by uncertainties surrounding the approval of a spot ETF for the ether.
Investment opportunities and strategies
Michaël van de Poppe predicts that once Ether embarks on a bullish trajectory, other altcoins will follow, potentially recording sizable gains. For some tokens it expects increases of up to 1000%, similar to those seen between October 2023 and February 2024. However, spot ETF approval for ether remains uncertain. The SEC has not yet made a final decision and deadlines for responding to the ETF’s requests are set for May 23 and 24, with analysts expecting further delays. This uncertainty, while weighing on the market, could also create buying opportunities for savvy investors.
Van de Poppe encourages investors to buy altcoins during this period of “low confidence.” He likens this opportunity to investing in bitcoin at $3,700 in early 2020, a decision that has proven extremely profitable for those who dared to seize the moment. He emphasizes the importance of staying informed and responsive to developments in the cryptocurrency market. By staying alert to regulatory developments and market trends, investors can maximize potential profits during the next altcoin wave. Altcoins, while volatile, offer promising prospects for those who dare to invest now.
It is important to remember that despite Michaël van de Poppe’s experience and optimistic forecasts, the cryptocurrency market remains extremely volatile and uncertain. Investments in altcoinsWhile they may offer promising prospects, they also pose significant risks. Van de Poppe, like any other analyst, can be wrong in his predictions.
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Luc Jose A.
Graduated in Science Po Tolosa and holder of a blockchain certification consultant issued by Alyra, I returned to participate in Cointribune in 2019. Capturing the potential of blockchain to transform numerous sectors of the economy, I have made a commitment to raise awareness and inform the great public about this constantly evolving ecosystem. My goal is to allow anyone to better understand blockchain and learn about the opportunities it offers. I strive every day to provide an objective analysis of current events, to decipher market trends, to convey the latest technological innovations and to put into perspective the economic and social efforts of this revolution in brands.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.