While Bitcoin started a new recovery in the last days of March, one wonders if this is just a short-term recovery. While many altcoins are rising with Bitcoin, analyst Ali Raza identifies altcoins that offer investment opportunities. Here are the details…
While BTC is increasing, which altcoin project to invest in?
First, smart contract platform Solana, a much faster, more scalable and cheaper-to-use version of Ethereum, has seen a significant increase in user numbers, projects and more. This means more use cases for the altcoin. According to the analyst, SOL seems worthy of consideration as it expects a spark like Bitcoin to record a big rise. The analyst’s next suggestion is Dogecoin. The growth of DOGE, which was claimed to have a very short lifespan when launched, has been so inspiring that it has led to the creation of a memecoin industry in the market. According to analyst Ali Raza, if Bitcoin truly turns this recovery into another rally, DOGE will have the conditions to skyrocket again.
According to Raza, Cardano, another development platform that aims to beat Ethereum at its own game, is pretty well known for its slow but steady development. The altcoin has just finished the second of five development phases in October 2021 and has finally launched smart contracts on its platform. According to the analyst, a new wave of bullishness could give ADA the environment it needs to start growing again. Reminding that Cardano has three more periods to complete, each of which will make it more advanced and add new features and functions, Raza thinks Cardano is one of the best long-term investments that can be made, even if the conditions do not allow it to grow. As the second largest cryptocurrency and the birthplace of leading smart contract, dApps, DeFi, NFTs, token models, Ethereum is seen as one of the most influential cryptocurrencies. Ethereum fees are pretty low compared to before and the network is working pretty well once again. Also, Ethereum is still in the process of launching upgrade ETH 2.0 which will make it more scalable in the future. For this reason, the analyst states that ETH is also a good option for long-term investment.
Analyst: Investors should consider all 3 altcoins
Binance Coin launched Binance Smart Chain (BSC), the second Blockchain dedicated to development, as DeFi started to grow. Since then, BSC has been one of Ethereum’s biggest competitors, while by far one of the most successful according to the analyst. As the price of Bitcoin rises, users may soon begin to gravitate towards altcoins and especially DeFi. According to the analyst, this will lead to increased use of BNB on both chains and cause Binance Coin to skyrocket. On the other hand, Polygon often comes first, given how much the crypto industry needs new solutions for Ethereum. Thanks to Polygon, Ethereum becomes a full-fledged multi-chain system called the Internet of Blockchains. Therefore, since it is closely tied to Ethereum, it would not be surprising if Bitcoin is bullish while it is rising alongside Ethereum.
According to analyst Ali Raza, whose analysis we closely monitor as Cryptokoin.com, lastly, Uniswap, a long-term investment option, is taking place while Bitcoin is on the rise. Based on Ethereum’s Blockchain, Uniswap is known for being the largest decentralized exchange in the crypto industry. Coincidentally, Ethereum’s Blockchain is also known as the chain with the largest concentration of DeFi protocols in the crypto industry. This means that Uniswap has the largest DeFi tokens listed on its platform. As Bitcoin’s recovery phase turns into a rally, users will turn to altcoin projects. According to the analyst, this means that many investors will turn to Uniswap to deal with Ethereum-based DeFi tokens that will increase Uniswap’s and UNI’s own use. Thus, when market conditions allow, the price of the altcoin rises.
41015
