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Bullish in Bearish: Analysis Shows Surging Altcoins Amid BTC Dip

Published 06/01/2022, 01:40 PM
Updated 06/01/2022, 02:00 PM
© Reuters.  Bullish in Bearish: Analysis Shows Surging Altcoins Amid BTC Dip
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  • An analyst says five altcoins have the potential to surge amid the BTC bear market.
  • These include Optimism, Chainlink, Avalanche, Cardano, and Litecoin.
  • The report shows all these coins have initiated new projects and developments.

Most cryptos like Bitcoin are still slowly recovering despite the crypto market signaling green. As of June 1, BTC is slightly surging and currently trades at $31,593.5.

More into the crypto market, Austin Arnold, co-host of the YouTube channel Altcoin Daily, forecasts that five altcoins have the potential to perform well in the bitcoin bear market.

Before listing out the coins, Arnold went on to say that there are five attributes to search for good crypto assets. These include — cryptos with good funds, equipped with capable teams, strategic partners, devoted to solving real problems that necessitate blockchains, and finally, cryptos working in verticals that might grow as the overall space grows.

The five altcoins are as follows:

First on the list, Arnold said that Optimism (OP), which is a new crypto project, is bursting with potential since it has an ecosystem of many integrated blockchain projects. Also, Optimism is airdropping its token to network users, strategic partners, and average users.

Next, Chainlink performed well in the recent bitcoin bear market. The coin is celebrating its third mainnet anniversary. Chainlink, with over 5.8 million fulfilled all-time requests and its VRF, is being adopted to build the next wave of NFTs and Web3 games. Also, the project is successful on the BNB Chain and Polygon.

The next coin on the list is Avalanche (AVAX). Arnold depicted AVAX as ‘one of the best [layer-1s] in the space’ and ‘one of the best Ethereum competitors.’ Furthermore, AVAX is well-funded and has unrolled 478 projects in 20 months. The analyst expects further uptrends for the coin. Also, the coin is reported to be the fastest and most decentralized PoS.

Following that, Cardano (ADA) also has growth potential. Arnold pointed out that the project got smart contract capabilities and then started blooming. Moreover, the native assets issued on Cardano are over 5 million.

Afterward, Litecoin (LTC ) is another potential coin. He predicted that the crypto project might have a major surge with the recent successful launch of Mimblewimble (MWEB); the largest upgrade on the crypto project.

In other news, Decentraland is going to be featured in the ongoing film project “The Infinite Machine”. It tells the story of Vitalik Buterin, the controversial founder of Ethereum. The movie is produced by Versus Entertainment alongside Ridley Scott’s production company Scott Free. This could give way to a rise in MANA’s price.

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