Searching for Altcoin Gems
With Bitcoin collapsing hard and currently -67,2% down from its ATH only 7 months ago, many of the altcoins have been pummelled and are suffering far higher lows.
The safe bet in this environment is to stack up on Bitcoin and ride the bull back up again. The degenerate gambler in me however looks for something that could provide greater gains.
Cardano
My first thought is towards Cardano. Ranked 7 in the top cryptos by market cap, Cardano is talked about as an ETH beater. Currently 83,3% down from its ATH, Cardano could provide a higher return if it rebounds than Bitcoin.
The TVL according to Defi Llama is $108.22m. This isn't too much really and in no way a challenge to ETH at the moment.
Solana
Next, I moved on to Solana. This is ranked 9 in the top cryptos by market cap. Solana is actually large enough to possibly be an ETH beater with a TVL according to Defi Llama of $2.86bn. Solana is currently 88,6% down from its ATH.
I would be more comfortable buying SOL than ADA with its larger TVL. Possibly there could be a larger run-up in either of these than if I just bought ETH, as ETH has had such a larger run-up in the last couple of years.
Polkadot
DOT is ranked currently number 10 by market cap and is 86.6% down from its ATH. It advertises itself as a decentralised web3 solution with chain interoperability. The transaction fees are low and it could be a good token for use in eCommerce.
Those are 3 picks that I may consider to give me some nice returns on a rebound. They could turn me into Diamond Hands or they could cut my hands by turning into falling knives.
Which altcoins do you like the look of right now?
Disclaimer:
Please do your own research, this is for infotainment only.
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