Altcoins
Prominent trader reveals his top 10 altcoins, warns: “Colors are normal, maintaining a defensive position”
April 30, 2024 12:07 p.m. | 2 minutes of reading |
Prominent cryptocurrency trader Miles Deutscher shared his top 10 most convinced altcoins for the current cryptocurrency race.
What happened: Deutscher took advantage of his YouTube channel to share a mix of established projects and new competitors in various sectors, such as DeFi, gaming and AI. Its list includes:
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- Ethereum (CRYPTO: ETH)
- Solana (CRYPTO: GROUND)
- Open Telegram Network (CRYPTO: TONNE)
- Chain link (CRYPTO: LINK)
- Ondo Finance (CRYPTO: ONDO)
- THOR channel (CRYPTO: RUNE)
- immutable (CRYPTO: IMX)
- Circle of Merit (CRYPTO: MC)
- Arweave (CRYPTO: AR)
- Open artificial intelligence network (CRYPTO: AION)
Ethereum is considered the leader among altcoins due to its first-mover advantage, wealth effect, and the largest amount of liquidity and investments in the DeFi world being on Ethereum and its layer 2s.
There is also potential for an institutional offering behind Ethereum, with the recent launch of a Hong Kong Ether ETF and the ongoing lobbying for an Ethereum ETF in the United States
He discusses Growth of the Toncoin blockchain and its integration with USDT stablecoin, enabling peer-to-peer payments and monetization sharing from Telegram groups. He points to TON’s relatively new ecosystem and believes it is undervalued relative to its fully diluted valuation.
For all altcoins, it highlights factors such as strong communities, institutional interest, unique use cases, and the potential for significant growth in their respective sectors.
Deutscher also mentioned several honorable mentions that didn’t really make the cut but nonetheless deserve special attention. These include Sui (CRYPTO: SUI), Prime (CRYPTO: PRIME), Ator (CRYPTO: ATOR), Puff (CRYPTO: PUFF) and TruFlation (CRYPTO: TRUE).
Read also: Crypto Trader Describes His Technique to “Spot Altcoins Before a 100x Surge”
Why is this important: Deutscher’s altcoins form the core of its portfolio and are, it believes, those with the greatest potential for growth and success.
Deutscher emphasized the importance of diversification and risk management when building a crypto portfolio. Although he holds a larger portfolio of 30 to 40 plays, he believes that most investors would be better off focusing on 10 to 15 high-quality projects.
In another tweet, Deutscher said market hot flashes were normal, maintaining a defensive stance for now.
It’s starting to get ugly now.
Not much else to add to my latest update, other than a reminder that:
These hot flashes are normal (as difficult as they are to bear).
Don’t make rash decisions (walk away if necessary).
We are still maintaining a defensive position for now. https://t.co/Y8kFpkyY1D
– Miles Deutscher (@milesdeutscher) April 30, 2024
And after: The influence of Ethereum And Bitcoin as an institutional asset class are topics that should be explored in depth at the next Benzinga conference The future of digital assets event on November 19.
Read next: Ethereum Bottoms Against Bitcoin “Still Probably a Few Months Away,” Crypto Analyst Predicts
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