Against the background of bitcoin fixing above $ 47 thousand, many altcoins show high returns. Experts explained why alternative coins can continue to grow and listed promising tokens at the moment.
On September 14, the bitcoin rate exceeded $ 47.6 thousand. Over the past week, the first cryptocurrency rose by more than $ 3 thousand (7%) and updated the weekly maximum value. Against the backdrop of rising bitcoin prices, altcoin quotes have grown.
Of the 100 largest cryptocurrencies in terms of capitalization, the largest growth for the week was shown by Hedera Hashgraph (102%), Elrond (71%) and Osmosis (67%), explained why now is a good time to buy altcoins.
Matching Bitcoin
Yesterday, bitcoin managed to gain a foothold above the $ 46.5 thousand mark and continue to grow, noted the head of the analytical department at AMarkets Artem Deev.
In Deev opinion, this means that the main cryptocurrency will continue to further recover in the near future, which will provoke the growth of altcoins.
Mikhail Karkhalev, financial analyst at Currency.com crypto exchange, agreed with Deev’s opinion. According to him, investors now have a good opportunity to buy bitcoin and other coins.
“The whales have been accumulating bitcoin and continue to do so, the withdrawals of the first cryptocurrency from the exchanges have both grown and continue to grow.
The inflation rate in the US has been high and has remained, ”the analyst explained.
On the evening of September 7, the price of bitcoin in less than an hour fell by $ 8.5 thousand. At the moment, the rate of the first cryptocurrency fell to $ 42.8 thousand (a decrease of 16% per hour).
Due to the sharp collapse of quotations, traders’ positions for $ 3.5 billion were liquidated . Within a day after the collapse, the capitalization of the digital asset market decreased by more than $ 300 billion.
Promising tokens
In the current market phase, it is worth paying attention to old projects from past cycles that have not yet left their macro stage of accumulation, explained Dmitry Machikhin, CEO of Bitnalog, a service for legally working with digital assets.
Dmitry noted that in the crypto community such coins are called “Dinosaur coins” and there are undervalued tokens among them.
At the moment, this category of cryptocurrencies includes NEO, Dash, QKC, ICX and Nano, Machikhin claims. According to him, these tokens have grown well this year, but they have not left their global savings in tandem with Bitcoin.
This makes these altcoins a very attractive asymmetric investment, the CEO of Bitnalog added.
An asymmetric investment is an investment in which the growth potential of a position is much greater than the potential risk.
The expert named the levels at which you can buy and sell some of the tokens listed by him:
- DASH – recruitment at the 4300-3760 SAT level with targets above 11,200 SAT;
- QKC – recruitment at the 50-39 SAT level with targets above 300 SAT;
- ICX – purchases 4130-3760 SAT, sales from 10,700 SAT and above.
Chainlink, Chiliz and Uniswap are also attractive in price due to the recent collapse of quotations, according to the financial analyst of the crypto exchange Currency.com.
In his opinion, despite the depreciation, these tokens still have huge potential, since they are issued by projects that bring real benefits to the cryptocurrency industry.
“I have always considered Litecoin to be a highly undervalued coin.
Truly, like bitcoin, a decentralized, but faster and cheaper network, ”added Karkhalev.
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