BitMEX founder Arthur Hayes shared his selection of the top 3 altcoins in the bear market. In his latest blog post, he featured cryptocurrencies that should be collected now and could be rewarding in the future.
Famous CEO shares 3 altcoins as bear market opportunity
Arthur Hayes recently published an article on his personal blog detailing the altcoin projects that FTX will “hold” in the bear market where it has gone bankrupt and crypto companies have collapsed. According to the BitMEX founder, during these times serious investors need to hold on to projects that not only gain in value when the market turns green, but also generate returns as a token holder.
Hayes divides four of his preferred cryptocurrencies into two parts. These are “Reserves” and “Super Strengths”. Under reserve cryptos, he chooses the largest cryptocurrency Bitcoin, followed by Ethereum. It prefers LooksRare (LOOKS) and GMX (GMX) in the Super Powers class.
Arthur says that Bitcoin and Ethereum will help in earnings when the bull market comes. He emphasizes that well-established cryptos like this will provide returns that none of them currently bring.
The most lucrative DeFi projects according to Arthur Hayes
The CEO later says that many of the DeFi projects are “resilient during the 2022 crypto credit crisis.” For this reason, he states that it paves the way for entering such projects with a much cheaper valuation and price. Arthur explains his reasoning with these words:
A 20% annual return means I should only invest in projects with an P/F ratio of 5x or less. Everyone will have a different disability rate, but that’s me. I can buy Bitcoin and/or Ether, but none of these cryptos are giving me enough returns.
Hayes also argues that the forced sale of Bitcoin by crypto companies and Bitcoin miners is likely to end. According to him, those who had to sell their cryptos have already done so. Since most of the centralized crypto lenders are already underwater, they no longer issue loans or collateral to sell.
The CEO’s bullish forecast is based on the assumption that the Fed will need to return to dovish policies in 2023 to stabilize markets. I mean support for these risky markets. Hayes also noted that open interest, the combined open interest on derivatives exchanges, fell to the lowest level since early 2021. It doesn’t rule out that OP could drop further if there is a sideways bear market. However, such a lethargic market is unlikely to generate large volumes of liquidations, meaning that OI will not change at a fast pace.
cryptocoin.com As we quoted Hayes tweeted that he was going to buy Bitcoin at $10,000 on November 16. The leading crypto reached a recent year low of $15,479 on November 21 following the FTX bankruptcy. It is currently struggling to stay above $17,000.
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