Altcoin
Top Crypto Analyst Reshuffles Altcoin Portfolio Before Ethereum ETF: Here’s What It Turned Into
June 6, 2024 1:44 pm | 2 minute read
Prominent cryptocurrency analyst Michael van de Poppe shared insights into recent adjustments to his altcoin portfolio in a new podcast episode.
What happened: Van de Poppe remains optimistic about altcoins, focusing on higher ROI prospects, influenced by the upcoming approval of the Ethereum (CRYPTO: ET) ETFs. He detailed that about four weeks ago he went all-in on altcoins, but has since changed their specific holdings.
“Altcoins will do very well,” he said, attributing the recent underperformance to the impacts of the Bitcoin ETF. He noted his propensity for high risk, quoting: “That’s how I made a lot of money and that’s how I lost a lot of money.”
He adds that the reason markets are moving sideways is because the Ether ETF has not been fully approved, with only 19B-4 filings cleared but no S-1 filings. He predicted: “Once this takes effect, interest will start to come to the markets and the ETF.”
Altcoin Rotation Strategy
He emphasized targeting altcoins with higher potential returns, especially those affected by Binance’s recent focus on low-buoyancy FDV coins. I like coins Celestia (CRYPTO: TIA) has seen significant increases since listing on Binance, demonstrating the exchange’s market-moving power.
Focusing on market movers like Binance and BlackRock is key as the BTC price rise has been driven by the involvement of BlackRock’s ETF. He highlighted the importance of moving away from older altcoins such as Atom (CRYPTO: ATOM) AND Curve (CRYPTO: CRV) that have underperformed, to newer projects with better upside potential. Some examples include:
- Renzo (CRYPTO: RENZO): This is down about 70% since then and is showing an opportunity.
- Portal (CRYPTO:PORTAL): A gaming coin with a relatively higher floating supply. It’s seen a 70 to 80% drop and it’s starting to grind.
- Wormhole (CRYPTO: W): Added to portfolio due to higher expected returns based on recent performance.
Read also: How Ethereum ETF Inflows Will Affect Bitcoin and Cryptocurrency Prices
Because matter: Van de Poppe also pointed to the recent inflow of $900 million into the Bitcoin ETF, the highest in two months, as a sign of growing interest in ETFs, which he said will soon extend to Ethereum.
The trader’s insights reflect a strategic shift towards altcoins poised for near-term growth, leveraging market catalysts such as the Ethereum ETF.
What’s next: The influence of Ethereum as an institutional asset class it is expected to be explored in depth at Benzinga’s next event The future of digital assets event on November 19th.
This content was partially produced with the help of artificial intelligence tools and was reviewed and published by Benzinga editors.
Image: Shutterstock
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