Top 5 Best Bet Altcoins Amid Market Crash

The market’s taken a wild turn, with altcoins plummeting and even seasoned strategies facing headwinds. Analyst Michaël van de Poppe is here to break it down: what’s causing the crash, and why his altcoin plan isn’t delivering as anticipated?

Dive deeper and discover Van de Poppe’s insights.

The Downturn: What’s Happening?

Van de Poppe begins by highlighting the significant downturn in the crypto market. Altcoins like Arbitrum and Optimism are hitting unprecedented lows, while Bitcoin has plummeted to around $54,000, a level not seen since October last year. Despite macroeconomic factors such as a weakening US dollar and declining government bond yields, both Bitcoin and altcoins continue to struggle.

Key Factors Behind the Decline

He attributes this downturn to several factors:

• Germany’s Bitcoin Sales: Germany’s decision to reduce their Bitcoin holdings from $3.2 billion to $2.3 billion has impacted the market.
• Mt. Gox Repayments: The repayment of 30-40% of Mt. Gox’s Bitcoin, starting on July 5th after a decade of insolvency, has caused significant market anxiety.

Van de Poppe’s Strategy

Despite the current market conditions, Van de Poppe remains committed to his altcoin strategy. He plans to continue holding altcoins to accumulate more Bitcoin, focusing on their Bitcoin valuations rather than USD values.

He believes the market is in a capitulation phase, similar to past downturns, and expects a recovery driven by events like the Ethereum ETF. He advises watching Bitcoin dominance and sees the current period as a buying opportunity. According to Van de Poppe, downturns often signal prime entry points for altcoin investment.

Top Altcoin Picks

Arbitrum (ARB)

Arbitrum is a layer-2 scaling solution for Ethereum, designed to improve the speed and reduce the cost of transactions on the network. Van de Poppe notes that Arbitrum is hitting cycle lows amid the broader market downturn.

Optimism (OP)

Like Arbitrum, Optimism is another layer-2 scaling solution for Ethereum. It aims to enhance Ethereum’s throughput and efficiency. Van de Poppe includes Optimism as an example of altcoins reaching unprecedented low prices during the crash.

Ethereum (ETH)

The second-largest cryptocurrency by market capitalization, Ethereum is a significant part of his portfolio. Despite a severe drop in USD valuation, he points out that its value in Bitcoin terms (BTC pair) is relatively stable, reflecting a slight gain.

Chainlink (LINK)

Chainlink is a decentralized oracle network that provides reliable, tamper-proof data for smart contracts on any blockchain. Van de Poppe discusses Chainlink being at its cycle low again, with a 15% drop against Bitcoin in his holdings.

Wormhole (WORM)

Wormhole is a cross-chain communication protocol that allows different blockchains to interact. It’s one of the newer coins in Van de Poppe’s portfolio. He mentions that this coin is down 50% from his purchase price, indicating its high volatility but also potential for high returns.

Van de Poppe believes that this is the best time to invest, as historical trends indicate that altcoins typically perform well in the Q3 and Q4 of the year.

Read Also: Bitcoin, Ethereum, And XRP Price Prediction: Has The Bull Rally Resumed?