Analyst Lark Davis expressed frustration with the current market downturn, indicating a desire to clear out altcoin holdings and start fresh in the next bull market. However, he stressed that market downturns are part of the natural cycle in crypto, and while not all coins will recover, major ones are likely to bounce back.
According to Davis, the altcoin market is seeing varied activity and sentiment, with specific coins like ICP, Kaspa, Oasis, Monero, and Jupiter being in the spotlight for their unique features and strategic moves. While some coins like XRP face challenges in maintaining their use cases against newer networks like Solana, others like Jupiter are making significant moves to increase their value.
Regarding the broader market, the expert noted the ongoing panic over specific Bitcoin assets and suggested that this fear has become a narrative. He advised buying Bitcoin during market downturns, as it often presents opportunities.
Strong Altcoins:
Solana: Solana’s capability to handle high transaction volumes at low costs positions it as a strong competitor to other networks like XRP. Its inclusion shows the growing importance of efficient and scalable blockchain networks.
Avalanche: Avalanche is noted for its high performance, scalability, and interoperability with other blockchains.
Jupiter: Jupiter’s decision to cut 30% of its supply is seen as a bullish move, potentially increasing its value by reducing the available tokens, which can lead to increased demand and price appreciation.
Oasis: The Oasis Network is focused on privacy-preserving blockchain technology and aims to create a scalable and versatile platform for DeFi applications.
However, he warned against reinvesting in projects that are unlikely to recover after the current market crash, labeling many as “destined for the dustbins of history.” He said that altcoins like Fantom might recover with the broader market. “I hold Fantom and see its potential, but many altcoins seem risky now. Some may recover, but others could go to zero,” he said.
