Top Altcoins Poised to Outperform When Bitcoin Reaches $100,000
Anjali Belgaumkar17 Jul 20242 min read
Despite the recent bounce in the market, there is enough opportunity as many altcoins remain majorly undervalued. Analyst Miles Deutscher said some altcoins could perform exceptionally well if the market gains momentum. Specifically, there is a strong belief that altcoins could reach a total market cap of one trillion dollars this cycle, a 57% increase from the current levels. This could potentially lead to some altcoins experiencing 10x or even 20x returns,
When Ethereum reaches $4,000, the analyst anticipates that certain altcoins will outperform. Many altcoins that performed well in March are expected to continue doing well if the market catches a significant bid.
Shorter-term data supports this, with AI and meme coins showing strong performance during recent market bounces. Pepe, in particular, is noted for its strong bounce off key levels and potential for significant gains if Bitcoin reaches $100,000.
The analyst said that Solana was a standout performer throughout the cycle, maintaining its position as a bona fide Layer 1 (L1) player. Any major pullbacks on Solana present an opportunity for accumulation. Here is a list of other altcoins:
Maker: As a premier Real World Asset (RWA) asset with significant utility, MKR is an older coin with most of its dilution already in the market, reducing sell pressure and enhancing its potential for strong performance.
Pendle: This coin has bounced nicely from the $3.30 zone and remains relatively undervalued, presenting a good buying opportunity.
Ondo: Similar to Pendle, Ondo is down from its highs but is showing positive signs of recovery, making it an attractive option.
Rune: This coin has shown a strong bounce from its support level, making it a promising candidate for accumulation.
Foxy: Another coin that has reacted positively off its support, moving from 0.01 to 0.014, consistently bouncing off high time frame support levels.
