A widely followed crypto analyst talked about three altcoin projects he thinks investors should watch. He referred to these projects as “the most promising altcoins to pile up before the next bull cycle.” Here are the details…
Competitors to the leading altcoin ETH are in the focus of analysts
In a new video with analysts Benjamin Cowen and Rob from Digital Asset News, the host of InvestAnswers talked about the assets he’s following. He says that in the current bear market, there are three crypto assets worth looking into, apart from Bitcoin (BTC) and Ethereum (ETH). They mentioned Ethereum competitors Solana (SOL) and Phantom (FTM). Apart from that, they identified their scaling solution Polygon (MATIC) as altcoins on their radar.
The analyst has stated that for a while, the only things he buys apart from selling things are Bitcoin (BTC) and Solana. He stated that he changed his position on Ethereum because his goal was to keep SOL and ETH equal. “Because I wanted Solana and Ethereum to be the same size… I wouldn’t even consider Ethereum an altcoin because it’s so big,” he added.
Phantom and MATIC are preferred
Talking about Ethereum, he states that its price is high “in terms of a relative market cap assessment”. “I think it’s too expensive for what they’re actually doing today. That can of course change with adoption,” he says. “But based on what I’m looking at, the token economy and daily active users, I love MATIC. It would be my #3 coin,” he adds. Finally, the expert talks about choosing Phantom (FTM).
According to the analyst, Fantom has the same number of daily active users as Cardano (ADA). However, in terms of market value, it is equivalent to 1 in 26. “Pretty nice, fast, technological,” he says of Phantom. He talks about the fact that Andre Cronje’s positive qualities predominate, although he suffered many blows with his departure from the project. Andre Cronje, known for founding Yearn Finance (YFI) and bringing yield farming to the market, announced that he was withdrawing from the Phantom project, as we reported on Kriptokoin.com. After that, the value of the coin had plummeted.
What about the prices of these altcoins?
Meanwhile, at the time of writing, Solana (SOL) is changing hands at $29.95, up 0.1 percent. The cryptocurrency ranks ninth with a market cap of $10.7 billion. SOL lost 8.1 percent on a weekly basis. On the other hand, MATIC is changing hands at $0.80, up 0.2 percent.
The cryptocurrency ranks fourteenth with a market cap of $5.9 billion. Polygon has lost 1.5 percent in the past week. Finally, Phantom (FTM) is changing hands at $0.2055 with an increase of 0.5 percent. The cryptocurrency ranks 76th with a market cap of $522.2 million. FTM seems to have dropped 7.2 percent in the last 7 days.
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