Crypto winter has not yet returned to sunny weather. Almost the entire altcoin market, including Bitcoin, is trading at a 60% discount from ATH levels. So which altcoins are ideal to buy, sell or hold for the rest of the year? Analyst Joel Baglole shared his perspective on this.
Top 4 altcoins to buy, sell or hold
Ethereum (ETH)
Ethereum has been in a big rush lately. Despite the recent slump in altcoin prices, ETH has been on the rise since mid-June. Ethereum recorded as high as $880.93 on June 19. It has since increased nearly 80% to $1,575.00. Thus, Ethereum became one of the best performing altcoins in the last two months. It drew circles around Bitcoin, which gained 20% in the same time period.
Ethereum’s superior performance is due to a highly anticipated upgrade to the Ethereum Blockchain mechanics. The upgrade, known as “Merge,” is scheduled to take place on September 15. With Merge, the Ethereum network will adopt the PoS model from the PoW Blockchain. The Ethereum update is expected to attract more developers and investors to the network.
Technically speaking, many analysts predict that ETH will exceed $2,000 in the coming weeks. They expect the ETH rally to accelerate ahead of the September merge event. If the merge is successful, other cryptos, including Bitcoin, are expected to move to the PoS model. Called a historic event by many crypto bulls, the merge is proving to be a powerful catalyst for Ethereum, where blockchain is used to facilitate decentralized financial transactions and smart contracts, bringing plenty of benefits to it.
Dogecoin (DOGE)
There was a time when traders hoped to push the price of Dogecoin to $1. This expectation was the 2021 bull period, when the market moved with Elon Musk tweets. DOGE has lost over 60% of its value so far, based on the losses it has sustained over the past year. Dogecoin peaked at $0.7 while Tesla CEO Elon Musk hosted social media and Saturday Night Live. However, since Musk’s infamous SNL appearance, DOGE’s price has dropped 91% since May 2021. Now an investor is suing Musk for $258 billion, alleging that he is running a ponzi scheme with Dogecoin.
Still, Dogecoin continues to trend on social media. Regardless of its cult status among individual investors, DOGE is a highly speculative investment. It also remains one of the least valuable cryptocurrencies currently available. Maybe there’s a reason Elon Musk stopped exaggerating it.
Litecoin (LTC)
Litecoin is similar to Bitcoin but has a slightly modified code base. This allows it to be mined faster and offers lower transaction fees than BTC. Litecoin developments in 2011 made LTC an ideal option to buy in the long run. Generally, Litecoin is currently accepted by more than 3,000 investors worldwide, according to data from Cryptwerk.com. Nearly 100 payment gateways, including fintech giant PayPal, allow people to transact with Litecoin.
Given its similarities to Bitcoin, the price of LTC tends to move with BTC. Since hitting ATH at $386.45 in May 2021, Litecoin has dropped nearly 85%. However, it has rebounded since hitting bottom like other cryptocurrencies. Thus, it has increased by 30% in the last two months.
Cardano (ADA)
Cardano is among the altcoin projects that have not received as much attention as it deserves. Cryptocurrency is backed by engineers and mathematicians. Cardano is by Charles Hoskinson, one of the first developers of Ethereum. Hoskinson, who did not approve of the direction Ethereum was going, helped create and launch ADA. Hoskinson and his team developed Cardano’s Blockchain through multiple experiments and peer-reviewed research, writing 120 papers on Blockchain technology. This in-depth exploration gives Cardano an air of authenticity that most cryptos lack.
While Cardano is currently still in its early stages, it is seen as a competitor to Ethereum today. Meanwhile, some people in the crypto community are calling Cardano the “Ethereum killer,” claiming it can handle more transactions than Ethereum.
Cardano’s developers say they want ADA to become the world’s leading financial operating system by providing solutions for the establishment of DeFi products and blockchain interoperability and legal contract tracking. As of July of this year, Cardano had the eighth largest market capitalization of $15 billion. ADA is currently trading down 70% from $1.59 in January of this year. As you follow on Kriptokoin.com, popular analyst Capo predicted that ADA will collapse in a few weeks.
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