Bitcoin and altcoin markets have lost 0.3% in the last 24 hours, with the value of many cryptos appearing to be facing a slight loss of momentum. Meanwhile, an analyst shared five altcoins that he thinks will rise. He stated that he will save by taking advantage of the low price of these coins in the bear market. Here are the details…
Altcoin Daily identifies coins that will do 10x
In the last 24 hours, the cryptocurrency market has been dominated by red. Altcoin Daily, a well-known crypto influencer account on Twitter, announced the specific altcoins they will accumulate in the bear market, taking advantage of market conditions. Altcoin Daily’s first pick was Ethereum (ETH), given its strong community and recent positive activity on Blockchain. According to an Alchemy developer report, the deployment of Ethereum smart contracts increased by 293% in 2022, which means that development activity is at its peak in ETH.
Another report suggested that over $4.6 billion of ETH tokens used as gas fees were burned. ETH is trading at $1540 after losing around $150 in the last 24 hours, while Altcoin Daily believes a 10-fold rise is possible in the coming weeks, taking into account the above fundamentals. Also, the account said that they are equally bullish on the Ethereum second layer ecosystem. Arbitrum and Optimism have placed bets on their ETH layer-2 projects as they make a cumulative $7.9 million profit in 2022.
Layer-2 projects draw attention
Altcoin Daily’s next top pick in the bear market is Polygon (MATIC), which recently reclaimed the ninth place in the ranking of the coins with the largest market cap. Interestingly, almost all of the popular cryptocurrencies are in negative double-digit values in the seven-day time frame, while MATIC stands out for its rise on its own. Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development.
Polygon effectively turns Ethereum into a full-fledged multi-chain system. This multi-chain system is similar to others like Polkadot, Cosmos, Avalanche, with the advantages of Ethereum’s security, vibrant ecosystem and openness. Polygon now has a market cap of over $11 billion after surpassing Dogecoin (DOGE) with a seven-day growth of 6 percent. Finally, Polkadot (DOT), Avalanche (AVAX) and Ripple (XRP) were among the most preferred Altcoin Daily. Currently, MATIC is trading at $1.24, DOT at $6.19, AVAX at $17.77 and XRP at $0.38.
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