Well-Known Analyst Announced: My Eyes On These 5 Altcoins This Week, I’m Watching Closely!

a well-known cryptocurrency Analyst and influencer Miles Deutscher recently shared the altcoin selections he’s been tracking for this week on Twitter.

Deutscher, who has more than 300,000 followers on the social media platform, also explained the rationale behind each of his choices.

Deutscher states that it is watching the following altcoins closely:

Chinese coins: Deutscher believes that the cryptocurrency regulation to be held in Hong Kong on June 1 will increase the demand for China-based cryptocurrencies.

Hong Kong is launching a new licensing regime for virtual asset service providers on June 1, and plans to allow individual investors to buy and sell major tokens such as Bitcoin and Ethereum. This move to spur the digital asset sector is part of a broader effort to restore the city’s reputation as a cutting-edge financial hub after COVID-related restrictions and political unrest led to a brain drain.

A few alts I’m watching closely this week:

• Chinese coins (Hong Kong June 1 crypto legalization)
• $LTC (80 days until halving)
• $STX (BTC narrative)
• LSDs: $LDO, $RPL, $FXS

Just recorded a video with my full explanation/plan.

Watch now: 👉 https://t.co/n8GhrFGdkk pic.twitter.com/rzWHiAuegA

— Miles Deutscher (@milesdeutscher) May 15, 2023

Litecoin (LTC): Deutscher is showing a bullish trend in Litecoin, the eleventh cryptocurrency by market cap, as the halving event will take place in 80 days. Halving is a process that reduces the supply of new coins produced by miners, often leading to a price increase due to rarity.

Stacks (STX): Deutscher is also involved with Stacks, a project that aims to bring smart contracts and decentralized applications to Bitcoin. He argues that Stacks capitalizes on the strong perception of Bitcoin and offers a unique value proposition to the crypto space.

LSDs: Deutscher also pointed to three altcoins he sees as “liquid stake derivatives” tokens. These Lido (LDO), Rocket Pool (RPL) And Frax Share (FXS) determined as. These tokens represent assets staked in various protocols and allow users to earn rewards from staking while providing access to liquidity and other services.

*Not investment advice.