A crypto analyst closely followed by the crypto community says that only a select group of altcoins will survive the bear market and recover in the coming years.
The analyst, known in the market by the nickname Altcoin Sherpa, explained to his 178,000 Twitter followers that he expects only about 5 percent of altcoin projects to survive the current crypto winter.
Analyst, smart contract platform Left (LEFT)blockchain scaling solution Polygon (MATIC) and blockchain-based video game Axie Infinity (AXS) projects that can withstand time and market challenges.
“Using altcoins as portfolio diversification in a bear market is almost always a bad idea. Everything; good projects, bad projects, etc. it will crash as well. I predict that only 5 percent of projects will survive this period and recover well for years after BTC dips. SOL, MATIC, AXS.”
At the time of writing, SOL is changing hands at $32.18, up over 9 percent in the last 24 hours.
MATIC, on the other hand, is currently worth $ 0.36 and has experienced an increase of more than 10 percent compared to the previous day.
AXS, another cryptocurrency on the analyst’s list, is trading at $13.16, up over 4% in the last 24 hours.
Analyst only trusts two biggest cryptocurrencies for now
As we have stated as Koinfinans.com, Altcoin Sherpa believes that many projects will disappear forever and for now it is just Bitcoin (BTC) and Ethereum (ETH) He says he is confident in his trading.
“Bad projects will continue to be trashed, dead and dead forever. The good ones will generally survive in the long run. I don’t see many altcoins around that I really like and prefer to play instead of BTC and ETH for now. If you want to buy something to hold for a long time, I focus on projects that will stay around…”
The analyst, who also closely scrutinizes Bitcoin, also warns investors that a breach of the $18,000 support could spark a new round of selling for BTC.
“BTC: If this area fails, we could go up to $12,000. There is still a long way to go.”
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.