Michael Byrne, one of the analysts of the consulting giant The Motley Fool, shared his thoughts for Bitcoin and 2 altcoins. According to the analyst, those who do not take these 3 cryptocurrencies from the bottom will regret it in the future. Here are the details…
The analyst first conveyed his Bitcoin expectations
Bitcoin rallied 33% of the 52-week low of $17,664 it saw in June. But of course, Bitcoin is still a long way from its all-time high of $68,000 last November. The analyst states that Bitcoin, the original cryptocurrency and the largest digital asset with a market cap of around $450 billion, is a cryptocurrency he will buy during this pullback. During the downturn, investors can take a position in Bitcoin at a discounted price, according to the analyst.
He also states that BTC’s supply of 21 million stands in stark contrast to the inflationary nature of all other global currencies. The growing ease of using Bitcoin and its global appeal as a decentralized asset with a limited supply make it an attractive investment to allocate at least some investment, especially during the current market weakness.
Leading altcoin ETH is also on the analyst’s list
Ethereum is up over 100 percent from its June low cycle, but the second-largest cryptocurrency is still down 60 percent from its all-time high. Ethereum is also benefiting from the upcoming major catalyst with Merge, its long-awaited transition from the proof-of-work consensus to proof-of-stkae. After a successful test run on the Goerli testnet has been completed, The Merge is now expected to take place between September 15 and September 16.
As cryptokoin.com reported, the transition will make Ethereum more climate-friendly. It will also make Ethereum more decentralized. Also, Ethereum will no longer be an inflationary asset and will instead become deflationary in nature, making it more scarce over time and adding to its value as demand increases. Some observers also point out that Ethereum will become more scalable as sharding is implemented. Finally, more users will be able to earn staking rewards by joining the Ethereum network. With this string of improvements following a major catalyst, the analyst is pointing to ETH as a crypto he added to his portfolio on the decline.
Many innovations are happening in Solana
Finally, he points to Solana for those who want to diversify their portfolios. SOL is down 84% from its all-time high, but is also starting to gain some momentum, up 56% since hitting its June low. Solana presents itself as a smaller but viable competitor to Ethereum in the NFT world. Leading Solana marketplace Magic Eden has achieved “unicorn” status with a valuation of over $1 billion in a special funding round.
Seen as the pioneer of the NFT market, OpenSea opened its platform to Solana NFTs after previously only using Ethereum and Polygon NFTs. Solana is currently the second largest protocol following Ethereum for NFTs measured by secondary sales. Solana is home to a talented team of developers. Solana is even on track to launch a phone. The analyst summarizes his comments on cryptos as follows:
The crypto bear market has created an opportunity to add the entire industry, Bitcoin and Ethereum, as well as emerging competitors like Solana, to the portfolio. For risk-tolerant investors, it may be the right time to allocate a percentage of their portfolio to cryptocurrency with some smart purchases.
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