Headlines in 2022 were filled with the Terra and FTX crashes that sent shockwaves through the crypto economy. Consulting giant Fool analysts are evaluating which cryptos will be an opportunity from the lows of recent years.
Analyst Neil Patel talks about the importance of the leading cryptocurrency in crises
Bitcoin is the oldest cryptocurrency that has proven itself in all adverse conditions in history. It has endured multiple crypto winters in the last 13 years. But later it reached new heights. This gives confidence to all market players, including institutional investors. Moreover, numerous financial instruments have been built to support the Bitcoin ecosystem.
Bitcoin is down 75% as it reached just below the ATH level of $69,000 in November 2021. Analyst Patel says that after a drop of this magnitude, it would make sense to allocate a small percentage of a diversified portfolio to Bitcoin.
RJ Fulton highlights Ethereum’s smart contract capabilities
The advent of Ethereum changed crypto just as much as Bitcoin, and possibly more. Bitcoin and Ethereum differ in one way or another. The first is smart contracts. Ethereum is programmable, allowing developers to create code that executes when certain conditions are met. These smart contracts are the backbone of decentralized applications that have the potential to revolutionize finance, insurance, real estate, gaming, commerce and even the internet itself.
Newer smart contract features like Cardano, Solana, and Avalanche have emerged as Ethereum competitors, while Ethereum has managed to maintain its lead. Ethereum’s ecosystem continues to stay ahead with new technologies. We can understand this by looking at the TVL value. Ethereum’s TVL is currently worth $24.3 billion. This represents 57% of the entire ecosystem. cryptocoin.com We have processed the current TVL data in the market in this article.
Much of Ethereum’s value depends on smart contracts used for a wide variety of use cases, which includes a new sector known as DeFi, which includes applications that support things like farming, arbitrage, lending, and staking. Therefore, the analyst says that Ethereum will be advantageous in the long run. Blockchain is still growing and innovating. Thanks to recent developments like Merge, investors continue to trust Ethereum.
New crypto projects should not be ignored
Recent analyst Michael Byrne has put the Phantom card on the table alongside Bitcoin and Ethereum. Fantom runs on a Layer-1 Blockchain that provides smart contracts just like Ethereum. Like many altcoins, it has dropped nearly 90% year-over-year despite rising 16% from its 52-week low.
Fantom also has a solid community with around 24 million unique wallet addresses behind it. Although blockchain activity has dwindled since its peak, people still use it to process more than 500,000 transactions per day. That’s why Phantom is one of the strongest players in the market in the long run. It also bears the support of legendary developer Andre Cronje. Cronje also noted that unlike other cryptos, Fantom refuses to pay for partnerships or exchange listings.
Unlike other crypto companies, the Phantom Foundation has plenty of capital to survive the crypto winter and beyond. In a recent article, Cronje wrote that Fantom has 450 million FTM, $100 million in stablecoins, $100 million in other crypto assets, and $50 million in non-crypto assets. He writes that the company’s operating expenses are about $7 million a year. This gives Fantom a 30-year path at current burn rate without touching FTM assets. As a result, Byrne says Phantom will continue to perform with all their reserves and talents.
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