The global cryptocurrency economy has shrunk by more than 2% in the last 24hrs as the cryptocurrencies bleed. Over the past few days, Bitcoin bulls were struggling to push the price above $40,000.
But today, it looks like the bears are stronger than bulls as the flagship currency has bottomed at the $37,000 level.
On the other hand, a well-known analyst has a bullish stance for these altcoins
Ethereum, Cardano, Avalanche
A popular crypto analyst and trader Benjamin Cowen is of the opinion that Ethereum (ETH), Cardano (ADA), Avalanche (AVX), and Polkadot (DOT) who are currently leading the layer-1 protocols as standing strong in this market.
Recently, a discussion video was published on the InvestAnswers Youtube channel where Benjamin Cowen was seen claiming that among layer-1 projects, Ethereum would be his first choice.
“I think Ethereum is by far the best one. I don’t even think the other ones come close to it at the current time… I really value decentralization. It’s just a game between decentralization, scalability, and security.”
While talking about Ethereum, the leading smart contract platform, he confessed that he has also invested in other three altcoins such as Cardano (ADA), Avalanche (AVX), and Polakdot (DOT)
“Going into this cycle, my top three, or maybe I should say, top four because Ethereum is the easy answer. Beyond that, I would say Avalanche, Cardano, and Polkadot were the main three that I had going into this cycle… It’s hard to ignore these things when they are literally buying billions of dollars worth of Bitcoin.”
Moving further he mentions why Solana (SOL) and Terra (LUNA) are not included in the list…
“Some of the projects like LUNA and Solana, it’s not that I necessarily don’t like them, it’s just that I was late to the game on them so it’s easier to focus on the projects that you actually were early on rather than the ones you were late on… Next cycle, the next time we go up, I’ll probably have allocations in a couple of the others or at least larger allocations in them.”.