A closely followed crypto analyst says leading layer-1 protocols, including 4 rooted altcoins, will be prominent features in the upcoming market cycle.
ETH, ADA, AVAX and DOT could be the best altcoin projects of the cycle
During a discussion on the InvestAnswers YouTube channel, Benjamin Cowen said that Ethereum is definitely his number one choice among tier-1 projects. In one part of the broadcast, the analyst details the premise of this choice:
I think Ethereum is by far the best. I don’t think the others are even coming close to that right now… I really value decentralization. It’s just a game between decentralization, scalability and security.
In addition to the leading smart contract platform, Cowen says he has also invested in three other altcoins ADA, AVAX and DOT:
As we enter this cycle, the first My three or maybe the top four because Ethereum is the easy answer. Beyond that, I would say Avalanche, Cardano, and Polkadot are the three main ones I’ve gotten into this cycle. There are others who are good. Terra (LUNA) is hard to ignore. It’s hard to ignore them when you’re buying literally billions of dollars worth of Bitcoin.
The analyst also explains why he did not invest in Solana (SOL) and Terra (LUNA)
As we have covered in our cryptokoin.com analysis, NFT hype and Following the increased demand in the DeFi community, the price of Solana (SOL) has more than tripled in the summer of 2021. The Solana protocol is similar to Ethereum, which can allow the creation of NFTs. Similar to Solana, Terra (LUNA) also became one of the top performing cryptocurrencies in 2021. The algorithmic stablecoin has gained more than 15,000% in the past year. Cowen sadly shares why these altcoin projects are not on the investment list:
Some projects like LUNA and Solana, it’s not that I don’t like them, it’s just that I’m late to the game on them, so it’s easier to focus on projects you’re actually early on. Easier. These are the main ones. There are definitely many that I don’t care much about, so I won’t list them, but I would say to loop, Cardano, Polkadot, Ethereum, and Avalanche. The next cycle will likely have larger allocations in a few others, or at least in them, next time we go out.