5 promising cryptocurrencies for 2024: Michaël van de Poppe highlights top picks

In the dynamic world of cryptocurrencies, Michaël van de Poppe, renowned analyst and founder of Eight Global, recently revealed 5 promising cryptocurrencies for 2024 in a YouTube video. Van de Poppe is known for his balanced and strategic approach, distancing himself from speculative bets on lesser-known altcoins. He states, “I don’t believe in getting into very small altcoins to maximize risk. Compounding your returns with a proper strategy benefits you in the long run.”

van de Poppe’s first recommendation is Ethereum (ETH), justifying his choice by the growing attention that Bitcoin has received, which suggests a change of focus towards altcoins. He explains, “Bitcoin has already seen a lot of appreciation [impulsionada pela euforia do ETF spot]… It’s getting a little overcrowded and I think the upside potential is relatively limited.” Furthermore, he notes that Ethereum is recovering relative to Bitcoin and highlights the deflationary system involved as a key factor.

#Ethereum shows signals of a potential bottom. As I suspect Bitcoin to be close to finalizing this upward run, I think Ethereum will start to take over.

Based on historical price actions, multiple signals of a potential reversal + Q1 is a reasonable period for Ethereum. pic.twitter.com/we6VzK3r90

— Michaël van de Poppe (@CryptoMichNL) December 30, 2023

Delving deeper into the Ethereum ecosystem, van de Poppe highlights the importance of scalability solutions, with emphasis on cryptocurrencies Arbitrage (ARB) e Optimism (OP). He sees Arbitrum as an attractive investment given its current stage and growth potential. “Arbitrum hasn’t seen much price action yet, which is tricky, but could offer a very interesting investment thesis,” he comments.

Optimism emerges as your second choice in scaling solutions, albeit with a cautionary note about its recent substantial appreciation. Van de Poppe suggests a dollar-cost averaging strategy for Optimism, noting, “the hype is already substantial here… buy a share of every 10 cents that drops to ensure an attractive average entry.”

Chainlink (LINK) is van de Poppe’s fourth choice. He sees Chainlink’s prolonged bear market and early spike against Bitcoin in 2020 as indicators of significant potential, especially in conjunction with DeFi, RWA and NFTs. He comments, “Chainlink… is in the longest bear market it has ever been… cycles will happen, which is why the opportunity costs are large.”

The last selected altcoin is SUI, compared by van de Poppe to successful platforms such as Phantom, Avalanche and Matic. He advises investing in Ethereum competitors, stating, “The last one I will explain here is SUI, which is also starting to show an upward trend. I’m not sure what will happen, but outside of the Ethereum ecosystem and the DeFi corner, it is an option.”

As for the distribution of the cryptoasset portfolio, van de Poppe suggests a balanced allocation: 40% in Ethereum, 20% in Chainlink, and smaller parts in Arbitrum and Optimism (15% each) as well as SUI (10%). He also emphasizes the need for a dynamic approach to trading and profit-taking, saying, “Trading is a lot about being flexible and having a flexible mindset.”

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.