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A crypto trader and analyst Luke Martin shared his top altcoin picks in a recent YouTube video. This video follows the release of a regulatory whitepaper compiled by the Chinese Government. The key point mentioned in the regulatory paper is that Hong Kong will allow retail traders to buy and sell Bitcoin (BTC) and other altcoins starting 1 June 2023.
In addition to this, Shanghai had reportedly been promoting Web3 and long-term investments in crypto projects in the past few months as well. With Chinese retail trading activity set to boom on 1 June 2023, the analyst named Conflux (CFX), Filecoin (FIL), Polkadot (DOT), Huobi Token (HT), and OKB as altcoins to watch in the next few weeks.
Conflux (CFX)
Conflux, often referred to as the “Chinese Ethereum,” has caught the attention of investors and traders due to its potential as a layer 1 blockchain for decentralized applications (dApps). In his video, Martin noted that the project has experienced significant growth, with its market cap increasing tenfold since the beginning of the year.
As China begins to embrace blockchain technology once again, Conflux could benefit from increased adoption and government support, making it an attractive investment choice for retail traders. Adding credence to this bullish outlook for the project is the fact that it has partnered with large brands including McDonald’s China and OREO.
At press time, CoinMarketCap indicated that the price of CFX stood at $0.3122 after it printed a 24-hour loss of 4.36%. During this time, the altcoin also weakened against the two crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 3.57% and 4.17% respectively.
Filecoin (FIL)
Filecoin, a decentralized storage coin, has emerged as a leader in its niche. The February rumors surrounding China embracing the crypto market once again resulted in retail traders investing more yuan in FIL than in the crypto market leaders ETH and BTC.
China recognizing the importance of decentralized storage for safeguarding national information is the main reason the analyst is bullish on FIL. Furthermore, numerous companies have reportedly made substantial investments in Filecoin over the past few months, adding further credibility and potential value to the project, added Martin.
FIL’s price had dropped 0.93% in the past 24 hours. As a result, the altcoin was changing hands at $4.63. The crypto was also outperformed by BTC and ETH by 0.17% and 0.87% respectively.
Polkadot (DOT)
Polkadot, a Layer-1 blockchain protocol, has garnered attention as a promising project with strong connections to China. Gavin Wood, the founder of Polkadot and a key figure in the development of Ethereum (ETH), was reportedly mentioned in Beijing’s whitepaper, reinforcing the project’s significance, according to Martin.
The trader shared that DOT has less upside potential compared to CFX and FIL. Nevertheless, the project’s association with influential figures and its technical capabilities make it an intriguing altcoin to consider.
DOT followed the same trend as the majority of cryptos in the market over the past 24 hours, and had printed a 0.52% loss during this period. This brought the altcoin’s price down to $5.47 at press time. Despite the price drop, DOT was able to gain on BTC by 0.25%, but was unable to do the same with ETH and was down 0.45% against the leading altcoin.
Huobi Token (HT)
Huobi Token (HT) holds a unique position as the native token of China’s largest cryptocurrency exchange, Huobi. With the exchange’s roots in China, Huobi is strategically positioned to navigate the regulatory changes efficiently.
Furthermore, the licensing regime, which will primarily cover the most liquid cryptocurrencies like BTC and ETH, presents an opportunity for Huobi to thrive within the established framework. As retail traders gain access to the altcoin market, HT stands to benefit from increased trading volume and market demand, believes Martin.
HT’s price stood at $3.21 at press time following a 3.52% decrease in price in the past 24 hours. This price drop also saw it weaken by 2.89% against BTC and 3.46% against ETH.
OKX (OKB)
OKX, although not headquartered in China, has a significant volume of Chinese traders utilizing its platform. This is the main reason that the analyst is bullish on the platform’s native token, OKB.
Martin forecasts that OKB may not see its price rise as much as the other altcoins covered in this list, given its existing favorable performance in the market this year. Nevertheless, OKX remains an important exchange for Chinese traders and OKB may benefit from the potential wave of Chinese retail trading volume.
OKB was slightly in the red at press time, and was down 0.02% at press time. This brought its price down to just above $47. The altcoin was able to outperform both of the market leaders in the past 24 hours, and was up 0.79% against BTC and 0.11% against ETH.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.