In a recent episode of ‘The Sniper Trading Show,’ crypto analyst Crypto Banter made significant evaluations of the current market environment, focusing on the performance of altcoin investments and long-term investments. He emphasized the importance of comparing the performance of various altcoins with the dominant players in the crypto market, Bitcoin (BTC) and Ethereum (ETH).
Altcoin Performance and Bitcoin & Ethereum
Crypto Banter suggested making various adjustments to evaluate the performance of altcoins against Bitcoin or Ethereum. This method allows investors to determine which altcoins perform better than Bitcoin. Although many altcoins did not show significant performance last week due to temporary factors like the decline in Bitcoin’s market dominance, some showed promising performance over the past month.
With Bitcoin and Ethereum moving in an upward trend and gaining significant interest, the focus has now shifted to identifying altcoins that can outperform these giants. Altcoins like Injective, Render, Blockstack, AVAX, Ethereum, and Sushi have shown signs of awakening and superior performance against Bitcoin.
Shared Altcoins That May Show Strength
Crypto Banter highlighted that apart from a decentralized exchange like dYdX and a few others, not many altcoins have recently outperformed Ethereum. He emphasized that Ethereum continues to perform better than most altcoins for now, but he expects many altcoins to follow when the altcoin king makes a significant move.
Solana was shown as an example by the analyst, explaining that comparing its performance with Ethereum’s can provide valuable insights. When the chart is green, Solana performs better than Ethereum, and when it is red, Ethereum is rising. For instance, swapping one ETH for SOL last September could have resulted in a gain of three ETH by now. Crypto Banter stated that while many investors focus on the altcoin’s price, the real importance lies in its performance against Bitcoin and Ethereum.
The analyst also noted that platforms like Optimism could help investors earn more Ethereum. He emphasized the importance of charts showing consistent patterns over time, as seen with Cosmos, and stated that investors could make moves when they notice a change in the pattern. For example, selling one Ethereum to buy Atom and then buying back Ethereum later could help grow assets.
Crypto Banter advised slowly accumulating altcoins like Injective and increasing accumulation speed when they start breaking out, noting that Theta is currently in an excellent position.
