The cryptocurrency market is currently experiencing a short-term uptrend, primarily driven by Bitcoin (BTC), which recently hit a new 2023 high above $30,000.
Following this Bitcoin rally, the major cryptocurrency regained 50% market dominance, prompting investors to turn their attention to other digital assets that may also join the rally.
In this regard, crypto trading expert and analyst Michaël van de Poppe pointed out in a YouTube video posted on June 23 that the altcoin market is likely to follow suit and rally in the coming days, capitalizing on the gains made. by Bitcoin.
In light of this prediction, the analyst has identified three specific coins that he believes are the best investment choices in view of the impending rise of altcoins. However, he noted that most altcoins remain in a depression zone despite the uptrend.
Chain link (LINK)
The analyst pointed out that Chainlink (LINK) should be on investors’ radar despite the asset enduring a bear market over the past two and a half years, dating back to August 2020. According to Poppe, once Chainlink reclaims the mark of 2,300 satoshis, we can expect a continuation of the positive momentum of the market.
Notably, Chainlink peaked in May 2021 before facing a subsequent decline. He noted that Chainlink’s future price action is closely tied to Bitcoin’s performance.
The analyst predicted that altcoins like Chainlink would likely gain momentum if Bitcoin consolidates and remains stable for several weeks.
On the other hand, if Bitcoin starts to rise again, altcoins could experience growth in USDT values, but to a lesser extent than Bitcoin. This behavior is typical because investors tend to focus on Bitcoin during boom times. At press time, LINK was trading at $5.99, gaining over 12% on the weekly chart.
Avalanche (AVAX)
Poppe pointed out that Avalanche (AVAX) is undergoing a remarkable retest, showing a promising recovery. The cryptocurrency managed to sweep the lows, indicating positive market expansion.
According to his analysis, these expansion periods tend to be very volatile and last only a few weeks. Historical data reveals a similar trend in December 2020, followed by a peak in February. Typically, this ramp-up phase lasts six to eight weeks, characterized by an increase in volume and momentum.
Therefore, during these critical times, it becomes crucial for investors to position themselves strategically for possible bullish momentum.
At press time, AVAX was trading at $12.91. Over the past seven days, the token has taken advantage of the general market rally to gain more than 10%.
CAD Curve (CRV)
Interestingly, Poppe noted that Curve (CRV) is an asset to watch although he acknowledged that its price was still “underwater”. However, the analyst did not share any significant trends in the price trajectory of the asset, but noted that CURVE is currently experiencing a period of uncertainty as it undergoes a retest of its support levels.
Similarly, the value of CRV also rose following the overall bullish rally in the crypto market. At press time, CRV was trading at $0.67 with more than 4% daily losses. Over the past seven days, Curve is up over 8%.
The general crypto market is looking at how Bitcoin’s valuation will unfold in the coming days amid dominating factors such as inflation and regulatory threat.
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