Spotting Altcoins with Strong Potential: BitBoy's New Metric
As the crypto market gears up for the next leg of the ongoing bull season, well-known analyst Ben Armstrong, aka BitBoy, has revealed a new metric for spotting altcoins with strong potential.
Armstrong believes understanding how quickly a coin finds its bottom after a major pump can offer investors an edge. Based on this metric, he has identified seven altcoins primed for gains in the coming months.
XRP
XRP remains a focal point for Armstrong’s predictions. The token saw a modest pre-halving peak of $0.74 in March but quickly dropped to a local bottom of $0.38 by July. Armstrong notes that the rapid price drop creates an attractive entry point. He emphasizes the strength of XRP’s community and the token’s potential for rapid recovery once Ripple’s legal battle is ultimately resolved.
Filecoin (FIL)
Filecoin, a decentralized storage network, also made Armstrong’s list. After peaking at $147 in March, it retraced to $3.63 by July. Despite this dramatic pullback, Armstrong remains optimistic, citing the increasing demand for decentralized data storage solutions. Filecoin’s market presence, privacy concerns, and rising cloud storage costs position it as a long-term hold, according to BitBoy.
Quant (QNT)
Quant, focused on solving Blockchain interoperability, hit a peak of $138 in March but dropped to $60 in August. Armstrong highlights Quant’s Overledger technology, which allows blockchains to communicate seamlessly, as a major driver for its future growth. Currently trading at just under $70, BitBoy believes Quant remains a solid bet for investors looking to capitalize on its utility in multi-chain applications.
Jupiter (JUP)
Armstrong has also called attention to Jupiter, a relatively new decentralized exchange (DEX) token on the Solana blockchain. After an all-time high of $1.80 in April, Jupiter fell to $0.75 by July. BitBoy noted that the token’s role as a liquidity aggregator on Solana, combined with its strong post-halving holder base, makes it one to watch in the coming months.
Internet Computer (ICP)
Internet Computer aims to decentralize cloud computing and the Internet itself. The token reached a high of $19 in March before dropping to $6.90 by July. Armstrong points out that ICP’s vision of bypassing centralized servers offers unique opportunities in the blockchain space. H noted that its current price of just under $8 provides an appealing entry point.
Pendle (PENDLE)
Pendle is a DeFi protocol that lets users trade future yields. Armstrong points to its double top—first reaching $7 in April and then again in May—as evidence of its potential. Notably, the token bottomed out at $2.40 in August. However, Armstrong believes Pendle’s approach to yield tokenization offers a solid play for those seeking yield optimization opportunities.
Pyth (PYTH)
Finally, Armstrong shines a light on Pyth, a decentralized oracle specifically designed for Solana. The token reached $13 in March before hitting a low of $0.30 in July. Pyth’s ability to deliver fast, accurate financial data to decentralized applications is its key selling point. Armstrong likens it to Chainlink, which dominated the oracle space in the last cycle.
Overall, Armstrong’s analysis highlights the significance of spotting coins that bottom out quickly after a price surge. According to him, these altcoins could be poised for a strong rebound as the market gears up for the next 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.
