A trader who skilfully rode the crypto rally earlier this year says he’s keeping an eye on two large-cap altcoins amid the latest sell-off in the digital asset market.
In a new strategy session, pseudonymous analyst DonAlt tells his 51,200 YouTube subscribers that altcoins in general look weak as many popular coins are now trading close to their yearly lows despite the fact that Bitcoin is still way up from its 2022 price floor.
“The altcoins in general have been taking a massive beating, and it’s been not fun.
If you look at LINK/USD, that’s back at the lows. That’s back as if Bitcoin went back to $15,000, and that’s one of the crowd favorites. You look at ATOM, also one of the crowd favorites, also back at the lows.
You can go through the list, through almost everything, ADA – they’re all approaching their 2022 or 2023 lows, while Bitcoin is not really down that much from $30,000.”
While the broader altcoin markets are taking a beating, DonAlt says that crypto bulls should focus on accumulating coins that can potentially outperform due to an underlying narrative.
“If you want to buy something, buy something with a narrative. That’s why I’ve been trading Litecoin; that’s why I’ve been trading XRP because I knew Litecoin – the halving narrative – you can make use of that.
XRP – the SEC case, you can trade that way. But those are the only ones that you can touch.”
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