Allgemein

Altcoins to Watch: Crypto Analysts Pick Top Performers with Huge Potential

2. February 2023 /

Overview

• The world’s largest cryptocurrency, Bitcoin, experienced a significant drop of over 76% from its record-high of $69,044.77 in November 2021 to $16,400 in November 2022 due to a number of factors.
• Despite these challenges, many analysts remain optimistic about the future of cryptocurrencies and their potential for growth.
• A recent survey conducted by the deVere Group found that 82% of millionaires sought advice on cryptocurrencies in the past 12 months and institutional investment is also increasing.

Survey Findings

A survey conducted by the deVere Group found that 82% of millionaires with assets ranging from £1 million to £5 million (USD $1.23 million to USD $6.16 million) sought advice on cryptocurrencies in the past 12 months. According to Nigel Green, CEO and founder of the deVere Group, this indicates there may be a growing interest in cryptocurrencies among wealthy investors. He believes that current rally in Bitcoin could very well continue driven by hopes that inflation has peaked and monetary policies are becoming more favorable.

Institutional Investment

The crypto market’s optimism so far this year may also be due to the recent entry of institutional investment into crypto-related services by traditionally conservative finance companies such as JPMorgan and Fidelity, indicating a growing acceptance among mainstream finance. An analysis conducted by PwC in June 2022 further supports this trend as nearly one-third (89 out of 300) hedge funds surveyed had already invested in digital currencies such as Bitcoin or Ethereum.

Potential Altcoins

Given all these developments, which altcoins have huge potential? Analysts are bullish on several altcoins such as Cardano (ADA), Polkadot (DOT), Chainlink (LINK), Binance Coin (BNB), Elastic (XEL) and Ripple (XRP). All these coins offer strong fundamentals with an attractive use case and provide investors with great opportunities for long-term growth potential.

Conclusion

Cryptocurrencies appear to have strong momentum despite some headwinds from regulations and bankruptcies within the industry; therefore, it might be wise for investors looking for long-term growth potentials to consider investing in certain altcoins mentioned above which have been identified by analysts as having huge potentials.