The crypto strategists, who have made their close contact with altcoins have now revealed their top altcoin picks in preparation for a bear market bottom.
DonAlt, a pseudonymous trader, One of the strategists amongst them has warned about altcoins saying they could even go down between 50% to 70% from the prices they are currently holding on.
The trader had also further focused on several crypto assets, when Bitcoin (BTC) started flashing signs of strength.
According to the strategist DonAlt Solana is a good bet, and exchange coins are also considered as a good bet. And quoted as :
” I could see Dogecoin, honestly, go up quite a bit as well. Not from here. Like I said, I’m expecting lower on everything but eventually it finds its bottom. I just don’t think it’s going to take out the all-time high again.
Those are some of the coins that I want to look at. It’s basically just the remnants of the past. The stuff that was super popular last cycle, as in the one that we just went through. And then once those have run a little, you just want to get out of them because there’s a good chance they’re not going to make new all-time highs against Bitcoin.”
Another crypto strategist named Cred briefly continues in the same video and elaborates the rationale behind the DonAlt’s altcoin picks of Solana (SOL) and Dogecoin (DOGE) with his keen observations on crypto exchange coins.
The strategist made his statement as:
“The reason we’re still seeing bids or at least the bounces taking place in previous cycle coins, I really think it’s two things: familiarity and liquidity. That’s it. There’s nothing special about them. It’s not like some sort of narrative revival. It’s not a precursor to, ‘Oh look, this is proof that they’re being reaccumulated, and they’re going to do the thing next cycle.’ I think all of those are assumptions.
At the very least, the better, more probable explanations are simply familiarity and liquidity. And I agree as far as exchange coins go, early bull market narratives, they really like familiarity. They like liquidity. But they are also very simple stuff… you have stuff you assume is going to survive or with really simple mechanisms or narratives. If you think about exchanging coins, it doesn’t get any simpler than that.”
The leading crypto exchnages listed in the market are BNB, the largest crypto exchange and the utility token of global digital asset Binance, FTX Token, and FTT the native asset of crypto derivatives exchange FTX.