While Bitcoin had a good start to 2024, it exceeded $45,000. While altcoins are gaining momentum along with BTC, investors are wondering whether the rise will continue and which altcoins will come to the fore.
At this point, analyst Michael van de Poppe, who is closely followed by investors, announced his 5 favorite altcoins for the first quarter of 2024 and explained why he preferred these altcoins.
Stating that the majority of investors started buying during the last 10% – 20% rise, the analyst attributed this situation to the FOMO effect and added that these purchases enabled smart investors who entered the market early to make larger amounts of profit.
Poppe also said that investors should be careful about fast-rising altcoins and stated that fast-rising altcoins carry a high amount of risk.
The analyst also advised investors to focus on large-cap altcoins instead of lower-capitalization altcoins.
“My advice is not to invest in small altcoins because chasing 100x is like gambling.
I recommend buying large-cap altcoins as your ultimate goal is to time the markets well and increase your returns.”
“My Five Favorite Altcoins Include Ethereum and Arbitrum!”
Announcing his five favorite altcoins in the first quarter of 2024, Poppe announced that they are Ethereum (ETH), Optimisim (OP), Arbitrum (ARB), Chainlink (LINK) and Sui (SUI).
“Ethereum: My opinion is that Ethereum will probably outperform Bitcoin in the coming period, and that is why I want to invest more in ETH. Because after the approval of the Bitcoin ETF, spot Ethereum ETFs will come to the fore.
Optimisim: Since I expect the Ethereum ecosystem to start performing better, Ethereum-based OP is also among my favorite altcoins and I am considering investing.
Arbitrum: For the same reason as OP, ARB is also among my favorite altcoins and among the altcoins I am considering investing in.
Chainlink: LINK has been in a two-year bear market against USDT but has been declining against BTC for three years.
I expect a DeFi rise in 2024 and that's why I'm adding LINK to my portfolio.
Sui: I am also interested in altocins outside the Ethereum ecosystem and at this point SUI was my choice. Apart from SUI, you can also add SEI, RUNE, ATOM and DOT to your portfolio according to your preference.”
Finally, explaining his portfolio distribution, Poppe said that he allocated 40% of his portfolio for Ethereum, 20% for LINK, 15% for ARB, 15% for OP and 10% for SUI.
*This is not investment advice.