A closely followed crypto strategist is unveiling his top altcoin picks in preparation for a bear market bottom.
In a new strategy session, pseudonymous trader DonAlt warns altcoins can still go down between 50% to 70% from current prices.
The trader also says he’s already eyeing a number of crypto assets for when Bitcoin (BTC) starts flashing signs of strength.
“I think Solana is a good bet. [Crypto] exchange coins are going to be a good bet. I could see Dogecoin, honestly, go up quite a bit as well. Not from here. Like I said, I’m expecting lower on everything but eventually it finds its bottom. I just don’t think it’s going to take out the all-time high again.
Those are some of the coins that I want to look at. It’s basically just the remnants of the past. The stuff that was like super popular last cycle, as in the one that we just went through. And then once those have ran a little, you just want to get out of them because there’s a good chance they’re not going to make new all-time highs against Bitcoin.”
In the same video, fellow crypto strategist Cred explains the rationale behind DonAlt’s altcoin picks of Solana (SOL) and Dogecoin (DOGE) while giving a closer look at crypto exchange coins.
“The reason we’re still seeing bids or at least the bounces take place in previous cycle coins, I really think it’s two things: familiarity and liquidity. That’s it. There’s nothing special about them. It’s not like some sort of narrative revival. It’s not a precursor to, ‘Oh look, this is proof that they’re being reaccumulated, and they’re going to do the thing next cycle.’ I think all of those are assumptions.
At the very least, the better, more probable explanations are simply familiarity and liquidity.
And I agree as far as exchange coins go, early bull market narratives, they really like familiarity. They like liquidity. But they are also very simple stuff… You have stuff you assume is going to survive or with really simple mechanics or narratives. If you think about exchange coins, it doesn’t get any simpler than that.”
Some of the leading crypto exchange coins in the markets are BNB, the utility token of global digital asset exchange Binance, and FTX Token (FTT), the native asset of crypto derivatives exchange FTX.
I
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/lucky vectorstudio
