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Crypto: Altcoins, the best investment of 2024?

Tue 21 May 2024 ▪ 4 min of reading ▪ by Luc Jose A.
Getting informed Trading

Altcoins, these cryptocurrencies alternative to bitcoin, are garnering increasing interest among analysts and investors. In a prolonged bearish market context, some experts believe 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 to come. This article explores the reasons behind this recommendation and the potential implications for investors.

Crypto :

Why are altcoins currently the best investment?

After his bleak predictions about 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 experience significant gains despite their 70% drop compared to 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 bearish market. He also notes that ether’s current difficulties have contributed to this slowdown.

The analyst explains that the typical crypto market cycle, where the enthusiasm shifts from bitcoin to ether, and then to large, medium, and small-cap tokens, seems to be delayed by uncertainties regarding the approval of a spot ETF for ether.

Opportunities and investment strategies

Michaël van de Poppe predicts that once ether embarks on a bullish trajectory, other altcoins will follow, potentially recording considerable gains. He anticipates increases of up to 1000% for some tokens, similar to those observed between October 2023 and February 2024. However, the approval of the spot ETF for ether remains uncertain. The SEC has not yet made a definitive decision, and the response deadlines for ETF applications are set for May 23 and 24, with analysts expecting further delays. This uncertainty, though 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 compares this opportunity to investing in bitcoin at $3,700 in early 2020, a decision that proved extremely lucrative for those who had the courage to seize the moment. He emphasizes the importance of staying informed and responsive to crypto market developments. By staying attentive to regulatory developments and market trends, investors can maximize potential profits during the next altcoin surge. Altcoins, though volatile, offer promising prospects for those who dare to invest now.

It is important to remember that despite Michaël van de Poppe’s expertise and optimistic forecasts, the crypto market remains extremely volatile and uncertain. Investments in altcoins, while they may offer promising prospects, also carry significant risks. Van de Poppe, like any other analyst, can be wrong in his predictions.

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Luc Jose A. avatar
Luc Jose A.

Graduated from Sciences Po Toulouse and holder of a blockchain consultant certification issued by Alyra, I joined the Cointribune adventure in 2019. Convinced of the potential of blockchain to transform many sectors of the economy, I committed to raising awareness and informing the general public about this ever-evolving ecosystem. My goal is to enable everyone to better understand blockchain and seize the opportunities it offers. Every day, I strive to provide an objective analysis of the news, decipher market trends, relay the latest technological innovations, and put the economic and societal issues of this ongoing revolution into perspective.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.