finbold.com
After going all-in on altcoins three months ago, professional crypto trader Michaël van de Poppe has shaken up his altcoin portfolio, adding cryptocurrencies he considers will offer solid returns on investment (ROI) following the recent crash.
Indeed, van de Poppe explained that the correction, which affected different markets across the board, including crashing Bitcoin (BTC) by 30%, happened because of the Japanese Yen carry trade that caused the Nikkei to dip the most since Black Monday in 1987, as per his YouTube video on August 11.
Specifically, the expert explained that the crypto market crash in particular, not seen since FTX, happened “primarily due to the fact that [crypto trading firm] Jump Trading has been continuing its selling, Jump Trading has been doing the Japanese Yen carry trade by investing into crypto.”
“And by doing that, and by mostly doing it in [Ethereum (ETH)], they needed to revert that trade as they otherwise would be getting margin called or whatever. But they have been continuously selling their ETH positions since July 26 or 24, the second day of the [exchange-traded fund (ETF) listing that went live, and from there, a constant sell pressure has been taking place, which accelerated during the weekend.”
#1 Bittensor (TAO)
In terms of crypto assets that any investor should buy, van de Poppe primarily singled out Bittensor (TAO), referring to it as “a super strong asset that is within the [artificial intelligence (AI)] sector and has been showing a 70% bounce from the lows,” and predicting it could gain “another five to 10x from here.”
Currently, TAO is changing hands at the price of $293.62, recording a 4.23% drop on the day but advancing a whopping 59.91% across the week, and accumulating a gain of 22.71% in the past month, according to the most recent chart data retrieved on August 12.
#2 Aave (AAVE)
Next, according to the crypto analyst, is Aave (AAVE), “which is having a pretty standard and beautiful accumulation against Bitcoin, it’s making new highs against [Tether (USDT)], it’s just consolidating before a big breakout, and that is a great signal, and (…) has not been seeing a crash at all.”
For the time being, AAVE is trading at $96.65, which indicates a 2.91% growth in the last 24 hours, adding up to the increase of 19.80% across the previous seven days, as it reduces its monthly chart declines to a very minor 0.10%, the latest data suggests.
#3 Aevo (AEVO)
Finally, van de Poppe recommended investing in Aevo (AEVO), a decentralized exchange that is “fully diluted, and it’s very likely that from a technical perspective, it is making a bullish divergence, a falling wedge, and is likely to reverse from here,” as he stressed.
At press time, the price of AEVO stood at $0.3731, suggesting a 3.89% daily increase, adding up to the 35.79% advance on its weekly chart and reducing its monthly losses to 14.04%, as per the latest data obtained from crypto monitoring platform CoinMarketCap.
Conclusion
All things considered, van de Poppe is confident that the above altcoins will continue to grow in price and reap profits for their investors. However, he is also a seasoned trader fully aware of all the risks associated with investing in crypto, so doing one’s own research alongside his recommendations is critical.
Watch the entire video below:
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.