Bitcoin and altcoin prices have drifted in recent weeks, leading some analysts to suggest a bear market is imminent. However, one analyst believes that this offers traders a chance to buy cryptocurrencies at a discount, pointing to altcoins experiencing the biggest drops.
Analyst points to buying opportunity for these 5 altcoins
Over the past week, there have been serious decreases in the crypto money market. In this context, Finneseth is looking closely at a few projects with a proven use case that could be good candidates for backlog. These altcoins are as follows:
Polygon (MATIC): Polygon (MATIC) is down 50.76 percent from its all-time high on December 27, 2021. With the altcoin’s ability to network all kinds of decentralized applications, which saw tremendous growth and adoption throughout 2021, the analyst thinks that MATIC and its layer-2 coins may continue to see increased engagement.
Phantom (FTM): FTM is trading as much as 37 percent below its highs. The analyst indicates that the total value (TVL) locked in the network as a bullish situation in this altcoin exceeds $12.07 billion.
Polkadot (DOT): Another token that could potentially be in good accumulation zone, he cites DOT whose purpose is to facilitate any data transfer between networks. With the establishment of the first cross-chain bridge in the Polkadot network, the interest in parachains is expected to raise the price of DOT.
Curve (CRV): The Curve DAO token has emerged as one of the most sought after by investors and protocols vying for control of governance on the platform. According to the analyst, as DeFi projects seek to build up their governance power over the Curve ecosystem, demand for the token will increase as the current weakness in the market subsides.
Frax Share (FXS): The token of the network behind the stablecoin FRAX, FXS has emerged as a DeFi fan favorite in large part thanks to its decentralized nature. The analyst thinks that the steady rise of the locked total value in this coin also indicates gains.