A crypto expert named Crypto Banter has shared his thoughts on whether it’s advisable to purchase alternative cryptocurrencies (altcoins) currently. Notably, the analyst cautioned against buying altcoins that bounced back swiftly after a market downturn, such as the one witnessed during the weekend. In simpler terms, the expert advised considering other options instead of rushing to buy altcoins that quickly recover from market dips.
In his recent live YouTube broadcast, Crypto Banter cautioned crypto investors against impulsively purchasing altcoins, specifically those crypto tokens that bounced back swiftly following a market downturn. He emphasized the risk of falling into a common pitfall by buying these tokens. To steer clear of this predicament, he recommended abstaining from acquiring these altcoins at present, despite their noteworthy recovery.
According to Crypto Banter’s perspective, the bearish market mood persists and there may be continued uncertainty ahead. Consequently, he recommends implementing a dollar cost averaging (DCA) approach when investing in resilient altcoins, while being cautious about those with unfavorable token economics.
Cautioning against hasty investments in swiftly recovering altcoins, he emphasized that such a bounce back doesn’t necessarily indicate “robustness” or “vigor.” Instead, to assess the comparative power of a crypto token, consider the extent of its prior decline and subsequent rebound.
How To Make Your Buy List
Crypto Banter also provided a guide that crypto investors could follow when compiling an altcoin buy list. He suggested that the key was to choose between the altcoins that have recovered the quickest and are showing relative strength and the ones that are relatively still cheap.
The speaker mentioned Ondo (ONDO) and Toncoin (TON) as two cryptocurrencies that have displayed resilience. Despite suffering setbacks of 47% for Ondo and over 30% for Toncoin, both have bounced back and are now only a few percent below their respective peaks.
Instead of emphasizing that he considered RUNE and Arweave as “really cheap” crypto tokens due to their significant price drops from their peaks, amounting to approximately 52% for RUNE and 41% for Arweave respectively, he could also say that these two tokens represent potential opportunities for investors since they are currently trading at lower prices than before.
At the same time, investors can consider purchasing crypto tokens from a third category that have remained stable during market dips as an alternative investment option.
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2024-04-17 17:11