Miles Deutscher, a well-known cryptocurrency analyst and influencer, recently shared on Twitter the altcoin selections he's been tracking for this week.
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:
Just recorded a video with my full explanation/plan.
— Miles Deutscher (@milesdeutscher) May 15, 2023
Litecoin (LTC): Deutscher is trending bullish on 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 in 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 staking derivatives" tokens. He identified them as Lido (LDO), Rocket Pool (RPL) and Frax Share (FXS). 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.