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HomeCrypto NewsMarketThis Top Crypto Trader Is Buying These Three Altcoins Despite Slow Market

This Top Crypto Trader Is Buying These Three Altcoins Despite Slow Market

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Anyone who follows the crypto market knows that the last few months have not been the most encouraging. The devaluation of bitcoin, which fell by 21.5% in January, made most cryptocurrencies suffer. The Crypto market has taken a considerable drop since the beginning of the year.


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But, while many investors watched the market with distrust, others preferred to see it as an opportunity to invest in promising projects with a view to the long term.

Cryptocurrency expert, MoneyZG in a recent video published on his YouTube channel, shared with his 395K followers which cryptocurrencies he intends to continue buying despite the market downturn.

“In the crypto world, nothing is guaranteed, but I’m talking about projects where I don’t care much about short-term variations, because I believe they have the potential to grow a lot in the medium and long term,” he said.

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See below which projects were mentioned by the specialist during the video.

1. Solana (SOL)

Solana is a blockchain smart contract platform built to facilitate the creation of decentralized applications (dApps) for Defi projects, NFTs, and others. Its primary purpose is to solve common problems of crypto-asset systems, such as speed, scalability, and high cost.

Ranking seventh in the list of largest cryptocurrencies in the world, the project is a solid competitor to Ethereum, which today occupies the first position in the ranking. “But while Ethereum was launched in 2014, Solana only entered the market in March 2020. So, as much as it has suffered, still, it is growing much faster than Ethereum and can move much quicker and solve scalability concerns much faster too”, he says.

Another reason the specialist believes in Solana, regardless of a bearish market, is its ecosystem. The project seeks to actively contribute to the heated demand for NFTs, crypto games, and decentralized finance. To give you an idea, the Degenerate Ape Academy, which was the first trustless NFT launch on Solana (one of the first extensive collections of NFT released on the Solana blockchain), sold out in 8 minutes and transacted over $69 million.

“Solana’s main foundation is the speed, with low rates. And its ecosystem has been growing very strong. It is still a child compared to Ethereum, which is the ‘mother’ of all smart contract platforms. But SOL has a lot of investments from top-rated investors, a strong team, and a committed community which means that SOL has all the muscle to beat Ethereum in the long run”, points out the specialist.

According to Crunchbase data, Solana has more than 30 investors, including Alameda Research, Collab+Currency, Multicoin Capital, and Polychain. In its last fundraising led by Andreessen Horowitz, Solana raised $314 million. “That means Solana has a lot of cash on hand to keep investing and improving its ecosystem. So, for me, Solana still has a lot to grow and is one of my main bets, even when the coin is going down,” he says.

2. Fantom (FTM)

“Fantom also competes with Etherium, Solana, Cardano, and others, but the difference is that it is very cheap compared to what it has been delivering. And, unlike Solana and Etherium, it does not use blockchain, but another technology, called DAG, which allows faster and cheaper transfers”, he explains.

Another feature of Fantom highlighted by youtube during the video is its market cap, which at the time of writing is just over $5 billion, a value pointed out by the specialist as extremely low compared to what the coin has been delivering. “Currently, FTM has more money locked up in its ecosystem ($9.35 billion) than it has market value,” he points out.

With $40 million in cash, according to Crunchbase, Fantom has 12 investors. Among them is the renowned is Arrington XRP Capital. “Like the rest of the market, it has suffered a little in the last few months, but it is a project that I consider absurdly good, and surely, this coin has been a part of my portfolio for a long time.”

3. Secret (SCRT)

As its name suggests, Secret is a highly privacy-oriented project, a factor that many consider being one of the central trouble in the crypto world. “Today, if you have access to my wallet on the Ethereum or Bitcoin network, you can see everything I’m doing — whether I’m buying, selling, transacting… And this exposure is not positive. [On the other hand] Secret aims to have a completely private blockchain. So once you throw money into the ecosystem, no one else can track it,” he explains.

It is worth noting that, although privacy is one of the great points of the project, it can also represent hardships when it comes to relationships with governments – since malicious people may want to take advantage of this privacy feature. “Secret has to solve this problem of how to communicate with governments so that privacy is something that doesn’t facilitate criminal operations. But it is still an excellent bet.”

Recently, Secret announced receiving $400 million in funds for the ecosystem’s growth. Investors include significant investment funds and brokerages such as Alameda Research, DeFinance Capital, and CoinFund. “When we look at the market cap, Secret has only $1 billion, but huge potential. So even if it drops, I’ll keep buying it. The coin will continue to have money to develop the technology and, in a bull market, I would have a nice sum of coins at a reasonable price”, he concludes.

Note: The article is for informational purposes only, Do your own research before investing in any financial instrument like crypto, for more details read the full disclaimer.

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.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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