A closely followed crypto analyst says that only a certain group of altcoins will survive the bear market. According to the analyst, these 3 altcoins will lead the recovery in the coming years.
Altcoin Sherpa says these 3 altcoin projects will survive the bear market
The crypto analyst nicknamed Altcoin Sherpa says that around 5% of all altcoins will survive the current crypto winter. The analyst names smart contract platform Solana (SOL), Blockchain scaling solution Polygon (MATIC), and Blockchain-based video game Axie Infinity (AXS) as projects that can stand the test of time. Sharing the technical charts below, the analyst tells his followers:
Altcoins as portfolio diversification are almost always a bad idea in a bear market. I think 5% of the projects will come out of the bear alive. I predict it will recover over the years after BTC dips. These altcoins are SOL, MATIC, AXS.
At the time of writing, Solana is trading at $34.92, up over 8% in the last 24 hours. In the macroeconomic and sales resulting from the Terra crash, it fell as low as $26.06. Meanwhile, with Bitcoin trading at $20,000 again, Solana is the most valuable altcoin among the top 10.
MATIC is currently trading at $0.4012. It gained more than 10% today. Despite this, the depreciation since last week is above 8 percent.
AXS is trading at $14.44, up over 9% in the last 24 hours. The ATH level is down 91.27% at $165.37.
Altcoin Sherpa says it only trusts Bitcoin and Ethereum
Altcoin Sherpa says many projects will disappear forever. However, he adds that for now, only Bitcoin (BTC) and Ethereum (ETH) are confident:
Bad projects will continue to be trashed and dead/dead forever. The good ones will generally stick around. I don’t see much that I really like and for now I prefer to play BTC and ETH. If you want to buy something for long-term hold, I focus on projects that will stay around…
The analyst, looking at Bitcoin, warns that a breach of the $18,000 support could spark a new round of selling:
If this area fails, then we see $12,000. But it’s still a little far from there.
“Crypto probably has a future, but Bitcoin will not be a part of it”
After Sherpa, popular crypto anti-Peter Schiff is once again making headlines following his latest prediction. The CEO of Euro Pacific Capital recently claimed that he expects the future of cryptos to be quite different from what it is. He also added that he does not expect Bitcoin to be part of the future of cryptocurrency.
His remarks were part of a tweet where he talked about the state of the crypto market following the recent crash. As quoted by Kriptokoin.com, Schiff said that Bitcoin was a bubble during last year’s rally. He also predicted that it would eventually explode, triggering a price drop.
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