3 Reasons Why Altcoins Are The Best Buy Right Now Comparing To Bitcoin
The post 3 Reasons Why Altcoins Are The Best Buy Right Now Comparing To Bitcoin appeared first on Coinpedia Fintech News
As the crypto market goes through a correction phase and Bitcoin’s price stays around $68,000, investors are rethinking their strategies. With Bitcoin’s slow movement, the focus is shifting to altcoins, which could lead to the beginning of the next bull run.
In the meantime, prominent crypto trader Ash Crypto highlighted three undeniable reasons why altcoins are the best buy in the current market conditions.
Key Indicators Favoring Altcoin
1. Alt/BTC Chart Indicators
Ash Crypto highlights that altcoins, excluding the top 10, are currently at their lowest level in a year compared to Bitcoin (BTC). This significant drop is viewed as a sign of investor sell-off, where investors sell off their holdings, leading to a market bottom.
Historically, such low levels have often come before major market reversals, making this a potentially good time to buy altcoins before a possible surge.
2. Upcoming ETH ETF Trading
Another critical factor driving Ash Crypto’s bullish outlook on altcoins is the upcoming launch of Ethereum (ETH) ETF trading. With trading set to begin in a few weeks, Ethereum is expected to lead the market. This move is expected to shift investor focus and funds from Bitcoin to Ethereum and other altcoins.
3. Altcoins’ Current Valuation
Despite Bitcoin recently reaching a new all-time high (ATH), 95% of large-cap altcoins are still down by 30% to 70% from their ATHs. This indicates that many altcoins are still in oversold territory, a condition historically associated with good buying opportunities.
Shifting Market Sentiment
The ongoing situation in the crypto market has many investors thinking about diversifying their portfolios. As the altcoin market shows promising signs of a possible bull run, driven by factors such as upcoming ETH ETFs and the shifting interest from Bitcoin to altcoins.
