Altcoins and the Crypto Winter: Which One Is the Winner?

Which Altcoin Will Survive the Crypto Winter?

The market has experienced several shocks as a result of the crypto winter, including widespread company layoffs and sell-offs of digital assets that had appeared to be performing well in terms of price movement.

Profit from London’s Biggest Financial Event. In the areas of online trading, fintech, digital assets, blockchain, and payments, we have added new verticals this year. With a market value of more than $398 billion, according to CoinMarketCap’s measures, Bitcoin (BTC) has been wading the negative waters of $20,000 even though it is still in a short-term recovery phase about such a threshold.

However, the altcoin market is already attracting the attention of crypto investors from all over the world, who are pushing for a competition to become the top performance amid the persistently negative numbers seen in recent months.

Ethereum (ETH) is one of the altcoins that has been sharply declining. ETH is currently trading at around $1,195 after breaching the psychological floor of $2,000.

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Heatmap of cryptocurrencies, via TradingView

Additionally, Dogecoin (DOGE) has erased all of the gains from the record highs of $0.63 and is now trading at the same levels it did in the beginning of 2021, around $0.06. It now appears that DOGE is finding support at this point and is looking to gain momentum within the rangebound.

Another cryptocurrency that has been sharply declining during the crypto winter is Chainlink (LINK), which recently tested the $7.05 handle, a level not seen since the end of 2021. Cardano (ADA) has also been drastically underperforming, returning to levels from the 2020 year after a large sell-off from a recent leg lower set during the March 28 week.

On other fronts, XRP continues to maintain a bearish bias below the $0.40 level in the wake of a selling wave seen in March. This reinforces the bears’ dominance during the crypto winter and keeps the price near the levels tested at the start of 2021.

Which altcoin, except Bitcoin (BTC), has the best chance of triumphing after the crypto winter? But most importantly, which alternative cryptocurrency is the most fascinating to invest in given the state of the market?

Not the Best Time to Buy Altcoins?

Chief Business Development Officer at EXMO UK, Maria Stankevich

Maria Stankevich, Chief Business Development Officer of EXMO UK, indicated in an interview with Finance Magnates that she would invest in an altcoin or even BTC in the current market. “High-risk tactics can be beneficial for developing markets with effective risk management, but they are rarely justified during times of recession and volatility. The circumstances surrounding Celsius and other significant crypto platforms show the importance of sound risk management and careful project selection, she added.

Additionally, Stankevich discussed possible adverse macroeconomic factors for the crypto industry: “There is a view that the crypto sector was damaged by macroeconomic factors, and not by Celsius concerns. Many investors are attempting to sell high-risk assets in light of the Fed’s tightening of policy and even just the anticipation of a significant rate hike. Many coins have less liquidity in these circumstances, which makes their prices more susceptible to “whale” sales.

Home DAO’s CEO and founder, Andrew Bittner

According to Andrew Bittner, CEO and Founder of Home DAO, Ethereum is gaining strength and will probably end up being the undisputed champion of Layer 1s. “After this winter, I don’t think anyone is doubting ETH as anything other than the primary chain to safely create and utilise, and everyone else has greatly retreated. For its use case for speed and low transaction cost, as well as its capacity to encourage the adoption of new projects on their chain even in a market slump, Polygon comes to mind immediately, the speaker said.

Web3 and Interesting Altcoin Projects

Other cryptocurrency projects that might be interesting to keep an eye on during the crypto winter include IOTA, which Bittner described as “projects like IOTA, which will emerge from its shell because of its pure focus on utility and function and no marketing budget ever will see a large gain once their use case of free transactions and lighting quick speed hits the data and IOT markets for adoption.” Another pure use case functionality is helium. The use case for it to begin onboarding IOT devices is unsurpassed as its infrastructure around the world with their distinct peer-to-peer wireless network continues to grow and become more and more stable. Another enormous opportunity for utility exists with The Graph. This initiative is incredibly useful since it serves as the blockchain’s search engine for data, or what I like to refer to as “the Google of blockchain,” yet users are only now starting to “use” the tool.

On the one hand, Stankevich advised against purchasing altcoins from any of the projects on this list, including Avalanche, Near, and Polkadot. However, Bittner asserted that despite the numerous runs that cryptocurrencies have had, including ICOs, Altcoins, DeFi, Memecoins, and NFTs, he believes that the time has come for Web3 to actually be put to use.

The market has experienced several shocks as a result of the crypto winter, including widespread company layoffs and sell-offs of digital assets that had appeared to be performing well in terms of price movement.

With a market value of more than $398 billion, according to CoinMarketCap’s measures, Bitcoin (BTC) has been wading the negative waters of $20,000 even though it is still in a short-term recovery phase about such a threshold.

Profit from London’s Biggest Financial Event. In the areas of online trading, fintech, digital assets, blockchain, and payments, we have added new verticals this year.

However, the altcoin market is already attracting the attention of crypto investors from all over the world, who are pushing for a competition to become the top performance amid the persistently negative numbers seen in recent months.

Ethereum (ETH) is one of the altcoins that has been sharply declining. ETH is currently trading at around $1,195 after breaching the psychological floor of $2,000.

Additionally, Dogecoin (DOGE) has erased all of the gains from the record highs of $0.63 and is now trading at the same levels it did in the beginning of 2021, around $0.06. It now appears that DOGE is finding support at this point and is looking to gain momentum within the rangebound.

Another cryptocurrency that has been sharply declining during the crypto winter is Chainlink (LINK), which recently tested the $7.05 handle, a level not seen since the end of 2021. Cardano (ADA) has also been drastically underperforming, returning to levels from the 2020 year after a large sell-off from a recent leg lower set during the March 28 week.

On other fronts, XRP continues to maintain a bearish bias below the $0.40 level in the wake of a selling wave seen in March. This reinforces the bears’ dominance during the crypto winter and keeps the price near the levels tested at the start of 2021.

Which altcoin, except Bitcoin (BTC), has the best chance of triumphing after the crypto winter? But most importantly, which alternative cryptocurrency is the most fascinating to invest in given the state of the market?

Not the Best Time to Buy Altcoins?

Chief Business Development Officer at EXMO UK, Maria Stankevich

Maria Stankevich, Chief Business Development Officer of EXMO UK, indicated in an interview with Finance Magnates that she would invest in an altcoin or even BTC in the current market. “High-risk tactics can be beneficial for developing markets with effective risk management, but they are rarely justified during times of recession and volatility. The circumstances surrounding Celsius and other significant crypto platforms show the importance of sound risk management and careful project selection, she added.

Additionally, Stankevich discussed possible adverse macroeconomic factors for the crypto industry: “There is a view that the crypto sector was damaged by macroeconomic factors, and not by Celsius concerns. Many investors are attempting to sell high-risk assets in light of the Fed’s tightening of policy and even just the anticipation of a significant rate hike. Many coins have less liquidity in these circumstances, which makes their prices more susceptible to “whale” sales.

Home DAO’s CEO and founder, Andrew Bittner

According to Andrew Bittner, CEO and Founder of Home DAO, Ethereum is gaining strength and will probably end up being the undisputed champion of Layer 1s. “After this winter, I don’t think anyone is doubting ETH as anything other than the primary chain to safely create and utilise, and everyone else has greatly retreated. For its use case for speed and low transaction cost, as well as its capacity to encourage the adoption of new projects on their chain even in a market slump, Polygon comes to mind immediately, the speaker said.

Web3 and Interesting Altcoin Projects

Other cryptocurrency projects that might be interesting to keep an eye on during the crypto winter include IOTA, which Bittner described as “projects like IOTA, which will emerge from its shell because of its pure focus on utility and function and no marketing budget ever will see a large gain once their use case of free transactions and lighting quick speed hits the data and IOT markets for adoption.”

Another pure use case functionality is helium. The use case for it to begin onboarding IOT devices is unsurpassed as its infrastructure around the world with their distinct peer-to-peer wireless network continues to grow and become more and more stable.

Another enormous opportunity for utility exists with The Graph. This initiative is incredibly useful since it serves as the blockchain’s search engine for data, or what I like to refer to as “the Google of blockchain,” yet users are only now starting to “use” the tool.

On the one hand, Stankevich advised against purchasing altcoins from any of the projects on this list, including Avalanche, Near, and Polkadot. However, Bittner asserted that despite the numerous runs that cryptocurrencies have had, including ICOs, Altcoins, DeFi, Memecoins, and NFTs, he believes that the time has come for Web3 to actually be put to use.