At the start of the year, crypto analyst DonAlt, who skillfully capitalized on the rally to make significant gains, has revealed his close monitoring of two high-volume altcoins amidst the recent sell-off in the crypto market. Here are the altcoins that the analyst is closely watching.
“Altcoins Plummeting Despite Bitcoin, Showing Weakness”
Anonymous crypto analyst DonAlt, in a recent strategy session, pointed out that while Bitcoin (BTC) remains far above the lows it hit in 2022, many altcoins are currently trading close to yearly lows, indicating overall weakness in the altcoin market. He stated the following:
Altcoins, in general, are taking a beating, and it’s not fun at all. If you look at LINK/USD, you’ll see it’s returned to its lowest levels. It’s like Bitcoin dropped to $15,000, and one of the investor favorites is an altcoin. Look at Cosmos (ATOM), another investor favorite, and it’s also at the bottom. You can go through almost everything on the list. For example, Cardano (ADA) is approaching its lowest levels in 2022 or 2023, while BTC is not as far below at $30,000.
Altcoins on the Analyst’s Radar: LTC and XRP
DonAlt suggests that amid the overall downturn in the altcoin market, crypto bulls should focus on accumulating altcoins with compelling narratives that have the potential for better performance. He stated:
If you want to buy something, buy something with a story. That’s why I’m investing in Litecoin (LTC), that’s why I’m investing in XRP. Especially with Litecoin, I knew it was going to rise because it had a halving narrative, and we could benefit from that. And it did happen. You can also trade XRP through the Ripple-SEC case. For now, these should be the only altcoins we can touch.
According to data from CoinMarketCap, Ripple’s XRP rose 2% in the last 24 hours, trading at $0.5161, while Litecoin’s LTC saw a 1.13% decline, trading at $76.
