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Recently, the sharp declines in the cryptocurrency market were thoroughly analyzed by popular analyst Michael Van de Poppe. Van de Poppe identified the biggest reasons behind this decline as the Carry Trade in the Japanese yen and large sales by Jump Trading.
Cryptocurrency Market’s “Black Monday” and Ethereum
Last Monday, Jump Trading’s liquidation of a $500 million Ethereum (ETH) position caused a major shake-up in the market, increasing sales with the collapse of the Nikkei index, and Bitcoin dropped by 30%. Van de Poppe emphasized that Ethereum experienced this sharp correction due to its lower supply and high staking rate compared to Bitcoin, making Ethereum more volatile.
Despite the overall negative sentiment in the market, there were over $100 million inflows into the spot Ethereum ETF last week. These inflows indicate that optimism among investors continues. The analyst stated that this correction is a normal part of the market cycle and that the market is approaching bottom levels, with signs of a bull run possibly appearing soon.
Analyst Highlights 6 Altcoins
Van de Poppe advised investors to prepare for the recovery process, focusing on areas such as artificial intelligence, decentralized finance (DeFi), and memecoins. In this context, he recommended several important altcoins.
The first altcoin he recommended was Fetch.ai (FET). Fetch.ai, which showed a strong recovery in the artificial intelligence sector, rebounded by 70% from recent declines. Van de Poppe believes the altcoin has the potential to gain 5-10 times its current value.
The second altcoin highlighted by the analyst was Aave (AAVE). In the DeFi ecosystem, Aave stands out as a significantly undervalued altcoin when comparing its total locked value (TVL) to its market value. Van de Poppe noted that Aave has significant upward potential.
The third altcoin pointed out by Van de Poppe was Ren (REN). Although a riskier investment, REN is also undervalued compared to its TVL and has growth potential if the market recovers.
The fourth altcoin mentioned by the analyst was GMX (GMX). GMX, which stands out with its decentralized exchange platform, is another altcoin to watch, especially with the increase in DeFi activity.
The fifth and sixth altcoins on Van de Poppe’s list were SingularityNET (AGIX) and Solana (SOL). SingularityNET, another AI-focused project, has the potential to benefit from AI integration like FET. Van de Poppe believes this altcoin offers a buying opportunity before the market recovers. Solana‘s strong performance in the DeFi space and its quick recovery after recent corrections show that it has growth potential in the future. Van de Poppe believes Solana could be a significant player in the future.
