• Cryptocurrency markets have seen a significant uptrend this year, with Bitcoin and Ethereum recording 30% and 28% increases in their prices respectively.
• Jessica Doosan, a crypto market analyst, suggested 25 „lossless“ coins that investors could invest in for maximum profits.
• However, the daily chart price trends of the top three altcoins among these 25 – DOT, DOGE, and AVAX – revealed that they had started a new bearish cycle.
Crypto Market Uptrend
Cryptocurrency markets so far this year have seen a significant uptrend, which many have considered a reward for surviving the aftermath of the collapse of Terra-Luna in May 2022 and the significant losses caused by the unexpected fallout of cryptocurrency exchange FTX in November 2022. The prices of leading coins Bitcoin [BTC] and Ethereum [ETH], on a year-to-date (YTD), have increased by 30% and 28%, respectively, both trading momentarily at price levels last seen prior to FTX’s collapse. Since 1 January, the prices of alternative coins such as Fantom [FTM] have witnessed a remarkable increase of over 100%, while the comparatively recent Aptos [APT] has experienced an exponential growth of 300%. Per data from CoinGecko, in the past 42 days, global cryptocurrency market capitalization has rallied by 24%.
Recommended Coins for Investment
Crypto market analyst Jessica Doosan in a blog post published in December 2022, opined that there were 25 „lossless“ crypto coins that investors „will make extremely significant profits in the years 2024–2025.“ They include Polkadot [DOT], Ocean Protocol [OCEAN], Mate [MATE], Near [NEAR], Loopring [LRC], Decentraland [MANA], The SandBox [SAND], ZCash [ZEC], Dogecoin [DOGE], Biconomy [BICO], PancakeSwap [CAKE], Rarible[RARI], Mobox[MBOX], dYdX[DYDX], Avalon[AVA], Avalanche[AVAX] Lossless[LSS] Gala[GALA] Theta[THETA] Bloktopia[BLOK] Victoria VR[VR] Ravencoin[RVN] MultiversX[EGLD] Algorand[ALGO]. MoonRiver[[MOVR]]
Short Term Price Predictions
Let’s evaluate the performance outlook of the top three altcoins with the highest market capitalization among these 25 recommended by Doosan – DOT, DOGE and AVAX -in terms of what can be expected by those who hold them. An examination of their daily chart price trends reveals that all three are starting a new bearish cycle. As for DOT its YTD price has grown by 45%, data from CoinGecko showed. Following several weeks of rally its price eventually peaked at $7.10 on 3 February and since then it has been declining steadily towards $6.50 mark where it currently stands. Similarly DOGE’s YTD growth is 8% but its price also reached its peak on 3 February at $0.078 after which it is slowly retreating towards $0.071 where it currently trades while AVAX’s YTD gains stand at 85% but its price has dropped significantly since 4 February when it was trading around 0$0262 level after which it sharply declined to current level near 0$0213 mark further confirming bearish trend in short term prospects for these tokens .
Long Term Prospects
Although short term outlook might not seem encouraging however long term prospects remain bullish as more institutional players will start entering into crypto world with implementation various regulations which will help increase trust factor among public investors resulting into more liquidity influx into crypt spaces thus pushing up prices again . Moreover Doosan’s analysis about long term profitability potential for her recommended list still stands true thus one can always look forward to earning huge returns by investing into any one or multiple from her list as per own risk appetite .
It can be concluded from above discussion that although current bearish trend might look discouraging however if one follows proper due diligence before investing into any coin then they can still expect good returns even during this phase too provided they invest strategically keeping long term perspective intact amidst fluctuating short term scenarios .