After the recent market correction, analysts say the next step is altcoin season, when capital rotates from BTC to lower-capitalization tokens.
Hopes for an altcoin season are high, but analysts warn that not all altcoins will reach new peaks. This prompts portfolio rebalancing to target tokens more likely to maximize gains.
Altcoins to Drop Before the Bull Market Hits
Enlightened traders tend to reevaluate their trading strategies and keep up with changing market conditions. Combining project fundamentals, current market themes, and investor sentiment helps investors make informed decisions.
Crypto Banter, a popular crypto YouTuber with over 960,000 subscribers, anticipates a bull market in around 62 days. With this, its founder, Ran Neuner, says now is the ideal time to position your portfolio for the best outcome. The selection is based on market fundamentals and historical trends, indicators that analysts use to predict price actions.
Read more: What Is Altcoin Season? A Comprehensive Guide
- LTC (Litecoin):
The trader calls out LTC for decreasing volume and its downward trend since 2021. Compared to newer Proof-of-Work (PoW) protocols, Litecoin is also much more expensive, rendering it an unlikely choice for bulls.
- ALGO (Algorand):
Crypto Bahter strikes out ALGO for its declining adoption rate, decreasing transaction volume, and stagnant active addresses ratio. A drop in active address metric means no new wallets scoop up the token amid reduced interest.
- ADA (Cardano):
Cardano’s difficulty in use as a decentralized finance (DeFi) token renders it an unpopular choice for Crypto Banter. The ecosystem relies heavily on its native token, ADA, with its user engagement and trading volumes remaining moderate at best. There are progressively low daily transactions, decreasing developer activity, and reduced social engagement, explaining why Ran Neuner would drop it.
- AXS (Axie Infinity):
While it started well, better gaming options are now available, sidestepping Axie Infinity. As the gaming sector advances, new industry placers dethroned AXS, which now records low transaction volume and abysmal non-fungible token (NFT) sales.
- SAND (The Sandbox):
The Sandbox may have been overtaken by time as it is a fairly old project with decreasing traction, according to Crypto Banter. Low social activity and reduced daily network growth make it a candidate for elimination.
Crypto Banter’s Best Altcoin Buys for 2024
On the other hand, the popular YouTube channel highlights altcoins that could deliver good returns if a bull market comes. These are:
- ALPH (Alephium):
Alephium is at the top of the list despite currently appearing undervalued compared to most other Proof-of-Work (PoW) tokens. The interest comes as Bitmain, the powerhouse behind a significant portion of Bitcoin’s hashrate, reportedly considers Alephium ASICs.
Sui (SUI):
Ran Neuner also advocates for SUI, citing a strong developer community and the fact that the market has overlooked it. This, in his opinion, positions the Sui Network token for potential future growth.
Solana boasts a high transaction volume, is fast and cheap, and has recently become a hub for meme coins. He also acknowledges significant stablecoin transactions on the Solana network. More importantly, optimism for the potential Solana ETF (exchange-traded fund) positions it for more gains amid positive market sentiment.
- Beam (BEAM):
Beam advertises as a leading infrastructure in Web3 gaming, with an ecosystem of over 250 games. If gaming tokens participate in the bull market, BEAM would be an easy front-runner, enhanced by significant investment from Pantera.
- Vulcan Forged (PYR):
According to Ran Neuner, the PYR token is also a worthy buy, citing its growing community and focus on gaming and metaverse. It runs multiple platform games and boasts a partnership with the AAA game Hidden Beyond, effectively positioning itself as a beneficiary in case gaming tokens rally.
Read more: Which Are the Best Altcoins To Invest in July 2024?
Forward-looking investors are actively prepping for a bull market, anticipating capital rotation into altcoins. Getting ahead of the prospective bull market is a safer option than succumbing to the fear of missing out (FOMO). Nevertheless, traders and investors must also conduct their own research.
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