After the speech by Federal Reserve chairman Jerome Powell, the crypto market smiled a little. In light of this development, an analyst nicknamed AltcoinSherpa predicts that Litecoin, Apecoin and Sushiswap will make huge profits in the coming days. Also, the analyst recommends long trading for these altcoin projects. However, in his analysis, he states that the profit potential will depend on BTC’s performance.
Altcoin projects on the analyst’s radar: LTC, APE and SUSHI
The analyst, nicknamed AltcoinSherpa, is focusing on a few altcoins to look out for in the cryptocurrency market, including Litecoin (LTC), Apecoin (APE), and SushiSwap (SUSHI). The analyst says that the three tokens look like the best altcoin project to hold in the long run. He also explains the reasons for his stance for each altcoin.
cryptocoin.comAs you follow, Apecoin is preparing to add a new APE staking feature to its ecosystem. Therefore, the analyst states that APE is a good possibility to go long. He also adds, “You probably wait until staking starts and then you sort.” For SUSHI, the analyst says that despite the volatile trading conditions in the crypto market, the token has been making good moves lately. Similarly, he notes that LTC is trading in quite impressive territories.
However, he acknowledges that the profitable long trading potential of the tokens largely depends on how Bitcoin (BTC) performs in the coming days. The reference coin saw a rapid drop from around $21,000 in November when the FTX crash began. The analyst reviewing BTC says it will likely gain ground in early December. In this context, he makes the following statement:
I don’t expect BTC to bounce back to $20,000. However, maybe it goes like $18,000 or something like that. And then potentially new bottoms. I don’t know where the new bottoms will go.
BTC is already leading a crypto market recovery
The crypto market has started to rise, led by Bitcoin, after Fed chairman Jerome Powell’s statements that interest rate hikes will slow down soon. BTC surpassed $17,000 for the first time in two weeks. The leading crypto is currently trading at around $17,033, up 0.86% in the last 24 hours. With the BTC recovery, the total crypto market cap has seen over $900 billion. However, at press time, it stands at $858 billion.
Regardless, not all altcoin projects have caught the bullish momentum of Bitcoin yet. According to the latest price data, LTC, APE and SUSHI are trading in the red on the day. However, this does not eliminate their potential to gain momentum if BTC continues to rise in price.
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