From October 30 to November 7, Russia has been declared non-working days due to the worsening epidemiological situation. This year, the lockdown coincided with the most profitable period on the crypto market, noted Viktor Pershikov, lead analyst at 8848 Invest. According to him, for several years in a row the last quarter turned out to be the most positive for bulls in the digital asset market, therefore, significant growth can be expected from cryptocurrencies in November and December, writes RBC Crypto.
What’s going on in the market
In recent months, more and more institutions and private investors have been entering crypto assets, says Artem Deev, head of the analytical department at AMarkets. According to him, this is due to the fact that digital assets are becoming a kind of “refuge” for those who do not want to be under the scrutiny of the state. Also, among large investors, there is a growing understanding that cryptocurrencies are the future of the entire financial system of the world, the analyst noted.
More and more marketplaces are beginning to accept cryptocurrencies for payment, and one of the largest American retailers Walmart has installed 200 crypto ATMs in its stores to buy bitcoin, Deev recalled. The expert also drew attention to one of the most significant events of the fall – the launch of the first Bitcoin ETF in the United States, which began trading on the New York Stock Exchange (NYSE) on October 19.
On October 27, the bitcoin rate fell to a two-week low of $ 58 thousand. The analyst called this decline expected after the renewal of the all-time high above $ 67 thousand on October 20.
“Now is a good time to enter the market. This is a correction after a strong growth. In the medium term, growth may start again, and in altcoins the expected season of increasing capitalization begins, “Deev explained.
Which strategy to choose
Based on the fact that there is a free week for cryptocurrency trading, you can make a short-term portfolio of assets that have been actively traded for the last month, but did not have time to show high returns, Pershikov suggested. According to him, such signs may indicate the accumulation of volumes with the prospect of rapid growth.
The main aspect of the selection of assets in a portfolio is the industry demand for these solutions, the analyst said. He cited a decentralized exchange token as an example. Uniswap and explained that this cryptocurrency is worth paying attention to, since recently there has been an active growth in users of the trading platform.
Pershikov marked the token Aave, which, in his opinion, has a prospect for growth due to the increase in lending volumes of the DeFi protocol of the same name. The analyst also advised paying attention to Dogecoinas the developers of the altcoin have planned a major technological upgrade of the coin.
“Current assets within a short-term portfolio can give an income of about 10% per week, which is ahead of the growth potential of bitcoin over this period,” concluded Pershikov.
What altcoins might be interesting
The most promising digital coins at the moment are Uniswap, Chainlink, Polkadot, Filecoin, Litecoin, Cardano, Chiliz, 1inch, and Solana, says Mikhail Karkhalev, financial analyst at Currency.com cryptoexchange. In his opinion, these assets are the most significant for the market. The analyst also recalled that on October 27, the token 1inch renewed its all-time high above $ 8.6, and on October 25 set a new high of value Solana ($219).
High growth potential Solana also noted the head of the analytical department of AMarkets. In his opinion, the token is now accumulating momentum for further rapid growth. The token is in a similar situation Tron, added Deev.
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