Ben Armstrong Reveals Metric for Identifying Top Altcoins
As the crypto market prepares for the next phase of the ongoing bull season, popular analyst Ben Armstrong, also known as BitBoy, has introduced a new metric for identifying altcoins with significant potential.
XRP
According to Armstrong, one of the focal points of his predictions is XRP. The token experienced a modest peak of $0.74 before dropping to $0.38 in a short period. This rapid price reduction creates an attractive entry opportunity for investors. Armstrong highlights the strength of XRP's community and emphasizes its potential for a quick recovery once the legal battle with Ripple is resolved.
Filecoin (FIL)
Filecoin, a decentralized storage network, is another coin on Armstrong's radar. Despite experiencing a pullback from $147 to $3.63, BitBoy remains optimistic about its future. The increasing demand for decentralized data storage solutions, coupled with Filecoin's market presence and privacy features, position it as a long-term hold.
Quant (QNT)
Quant, a project focused on Blockchain interoperability, peaked at $138 before dropping to $60. Armstrong highlights Quant's Overledger technology, which facilitates seamless communication between blockchains, as a key driver for its future growth. With the current price just under $70, BitBoy sees Quant as a solid investment for those looking to capitalize on its utility in multi-chain applications.
Jupiter (JUP)
Armstrong also mentions Jupiter, a decentralized exchange (DEX) token on the Solana blockchain. After hitting an all-time high of $1.80, Jupiter fell to $0.75. BitBoy notes the token's role as a liquidity aggregator on Solana and its strong holder base as factors to watch in the coming months.
Internet Computer (ICP)
Internet Computer aims to decentralize cloud computing and the Internet. Armstrong points out that despite dropping from $19 to $6.90, ICP's vision of bypassing centralized servers offers unique opportunities in the blockchain space. The current price of just under $8 presents an attractive entry point.
Pendle (PENDLE)
Pendle is a DeFi protocol that enables users to trade future yields. Armstrong highlights its potential based on a double top pattern, reaching $7 twice before bottoming out at $2.40. Pendle's approach to yield tokenization offers opportunities for yield optimization.
Pyth (PYTH)
Finally, Armstrong sheds light on Pyth, a decentralized oracle designed for Solana. After reaching $13, Pyth dropped to $0.30. Its ability to provide fast and accurate financial data to decentralized applications sets it apart. Armstrong compares Pyth to Chainlink, a dominant player in the oracle space.
Overall, Armstrong's analysis emphasizes the importance of identifying coins that quickly bottom out after a surge in price. These altcoins could be poised for a strong rebound in the upcoming post-Bitcoin halving run.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
