The cryptocurrency market is coming to the end of a typically volatile year. Despite mounting bearish pressure, bulls succeeded in relieving selling pressure but failed to rise above the bearish wells. So, flashes of residential volatility and a sideways trend are likely in the coming days. Now might be a good time to accumulate, so popular analyst Michael van de Poppe lists potential altcoins for 2024.
Ethereum (ETH)
As the market enters new annual trading, there appears to be some upward momentum in anticipation of the approval of the Spot Bitcoin ETF. As Bitcoin is showing signs of strength, Ethereum is also showing signs of strength. Analysts expect fundamental adoption to increase following the switch from PoW to PoS. For this reason, the price of ETH continues to be undervalued as it is a deflationary asset. Moreover, since Ethereum against Bitcoin has also bottomed, analysts believe that Ethereum could perform well in the first quarter of this year.
Arbitrage (ARB)
The analyst goes on to say that investing in not just Ethereum but the entire ecosystem could be profitable. Arbitrum is one of the platforms that compensates for the shortcomings of Ethereum, and scalability is key. The price of ARB with USDT did not show much movement, but began to surge against Bitcoin. Therefore, the analyst believes that the pair is capable of hitting sufficiently higher highs in 2024 and yielding higher returns.
Optimism (OP)
The price of optimism has already witnessed a huge rise, which suggests that there is some risk involved in purchasing the asset. Therefore, the operating profit price appears to have fallen slightly and is ready to enter the liquidity zone. However, analysis suggests that this region can continue its notable upward trend and become an area where more operating profits can be accumulated.
Chainlink (LINK)
Chainlink has been one of the tokens that has been in the market for quite some time and has seen a huge rise in 2021. The analyst believes that the DeFi space is expected to flourish in 2024 as LINK to BTC could become stronger in the coming years. . LINK price, which is already making higher highs and higher lows, is approaching a critical resistance line. If the token breaks above the resistance level of 0.00044 BTC, a fresh upward move may be initiated.
SUI (SUI)
The SUI price is starting to show a significant upward trend, but it may not be able to sustain this strongly for now. Since it is a new product, analysts believe it will be similar to 2021, when other competitors such as Phantom, Avalanche, and Polygon thrived to reach new highs in the market.
Overall, 2024 could be a profitable year for the cryptocurrency industry. So, if you are thinking of accumulating these five altcoins, the analyst suggests followers to keep 40% ETH, 20% LINK, 15% ARB, 15% OP, and 10% SUI.