Bitcoin
Altcoin Choices From Analyst Amid Bitcoin Crash
AltcoinDaily, a popular analyst with a huge following on X and YouTube, eyes select tokens for the remainder of 2024. He believes these altcoins provide the best investment opportunity as Bitcoin and crypto markets crash.
Portfolio rebalancing and risk diversification are among the most effective strategies for wave market volatility.
Top Altcoin Picks as Bitcoin Leads Crypto Market Dip
AltcoinDaily bases his altcoin choices on the Federal Reserve’s (Fed) possible pivot in September. In his opinion, this could kickstart an altcoin season, with Ethereum (ETH) and Solana (SOL) among the sure bets. Beyond the two, the analyst foresees “six new crypto coins set to explode before 2025.”
Aethir (ATH)
Spotting Aethir as an emerging leader in the DePIN space, AltcoinDaily sees its potential to build scalable decentralized cloud infrastructure for gaming and AI as an important fundamental. As a GPU marketplace, Aethir is positioned to benefit from the AI sector’s GPU demand, which drives DePIN projects offering cost-effective decentralized infrastructure.
Sustained by the pressure of GPU computing from tech companies, production limits, and growing demand due to AI provide tailwinds. In this regard, other altcoins in the sector that may be of interest include Filecoin (FIL), Render (RNDR), Akash Network (AKT), and io.net (IO).
Read more: What Is DePIN (Decentralized Physical Infrastructure Networks)?
Ondo Finance (ONDO)
ONDO is presented as “institutional grade finance on-chain for everyone.” AltcoinDaily says this token is primed for gains before 2025. He bases his optimism on BlackRock CEO Larry Fink’s statement that tokenization of financial assets is the future.
This selection comes as Real World Assets (RWA) has been a key narrative in 2024, featuring among the industry’s leading trends. Notably, the Ondo Finance ecosystem enjoys backing from TradFi titans such as Founders Fund, Pantera Capital, and Coinbase.
“Projects like RWA and DePIN, which integrate productive assets from the physical world such as CPUs, GPUs, WiFi routers, dash cameras, and personal weather stations under leading DePIN initiatives, are likely to follow a different trajectory. As these projects scale in terms of users and adoption, their protocols should mature into valuations that traditional investors find more understandable,” Fluence Co-Founder Tom Trowbridge recently told BeInCrypto.
ONDO peers in the RWA sector that may also be of interest include Propy (PRO), TrueFi (TRU), and OriginTrail (TRAC).
Lukso (LYX)
The altcoin represents a “blockchain built for social, cultural, and creative” dynamics, the key to unifying digital lives. It is an Ethereum-twin blockchain with a new set of standards and protocols, drawing the analyst to call it “a better Ethereum”.
“Applications such as FriendTech and the rise of SocialFi made a big presence in 2024. As the social aspect of blockchain continues, Lukso is a protocol to watch,” AltcoinDaily indicates.
Capital inflows into LXY could spill over to peer SocialFi tokens such as LimeWire (LMWR) and Roundtable Token (RTB), formerly BBS, the reward token for the Roundtable forum.
Read more: What is Friend.Tech? A Deep Dive Into The Web3 Social Media App
AIT Protocol (AIT)
The AIT Protocol uses train-to-earn models to enhance artificial intelligence (AI) development. It entails training AI models using blockchain to create a decentralized labor market for AI data annotation. Animoca Brands is among the protocol’s investors.
Amid growing demand and, therefore, adoption among Asian markets, BitPanda and BingX exchanges listed AIT only recently. The protocol has its version of ChatGPT, achieved through the Albert.AITProtocol.ai product, which solves complex math and logical questions.
“AIT Protocol is a hidden gem in the AI space,” the analyst added.
Foxy (FOXY)
The altcoin passes as the main meme coin in the Linea ecosystem, an Ethereum Layer 2, making transactions faster and cheaper. It is a peer for the Base and Arbitrum chains, with the analyst highlighting FOXY as an undervalued altcoin.
According to AltcoinDaily, Foxy is best positioned for gains over Base and Arbitrum for the remainder of 2024 because of Linea’s Consensys backing. Coinbase, which backs Base, does the same for Brett, which runs under the Base ecosystem. Therefore, with eyes peeled on meme coins, traders may consider Brett, Snek (SNEK), and Shiba Inu (SHIB).
AltcoinDaily also lists Off The Grid, a project by Gunzilla Games, although not launched yet. With sentiment around the game growing, particularly among gamers, investors may also consider projects like ImmutableX (IMX), Stargaze (STARS), Exverse (EXVG), Superverse (SUPER), and Illuvium (ILV).
Altcoin Season Thoughts
As BeInCrypto reported, Ki Young Ju, founder of the on-chain analysis platform CryptoQuant, predicted an altcoin season soon. He based the prediction on increasing activities by crypto whales that seem to be preparing for an altcoin rally.
“The limit buy order volume for altcoins, excluding Bitcoin and Ethereum, is increasing, indicating that strong buy walls are being set up,” Ju said.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season
Amidst the ongoing market crash, investors may see an opportunity to acquire tokens at a discount. Nevertheless, others, like Brian Quinlivan, lead analyst at Santiment, observe a lack of enthusiasm for the altcoin season due to recent price dips.
“As for mentions of altcoin season, we aren’t seeing any significant trader enthusiasm for it. Traders have at least been a bit more vocal since we started seeing prices dip over the past 3 days,” Quinlivan told BeInCrypto.
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