The cryptocurrency market fell hard, but did not recover at the same pace. Investors turned their backs on risky investments in 2022 amid geopolitical struggles, skyrocketing inflation, supply chain challenges in nearly every industry and more.
AmkNews.com As we reported, in recent days, only one coin has increased by more than 1% among 81 altcoins with a market cap of 500 million dollars. At the same time, 69 projects fell by 50% or more. So which cryptocurrencies will lead the bull season in this brutal market? Analyst Anders Bylund recommends these coins…
2 cryptocurrencies ready for a bull run
The first name in the game is Bitcoin (BTC). With a market cap of $433 billion, Bitcoin is still the largest blockchain-based store of value in the market. Bitcoin’s massive scale is arguably the cryptocurrency’s greatest strength. The leading crypto was created as an “all-P2P version of electronic money” with the aim of allowing people to send payments to each other without interference from financial institutions.
The “electronic cash” vision also means a long-term value preservation system. Fiat currencies, such as the US dollar or euro, provide stability with the support of the government that issued them. Every national currency has used this system since the last stop, Switzerland. In 1999, the Swiss franc disconnected from gold reserves.
However, Bitcoin is already making its way to replace traditional currencies. El Salvador has accepted Bitcoin as legal payment for all debts since September 2021. This was followed by the Central African Republic in the spring of 2022. These two economies are quite small, but larger countries will likely follow suit. As a result, the Bitcoin market is stabilizing and maturing.
Here are the first seeds of a global environment of financial change, with a potential long-term market value measured in trillions of dollars. Buying this great opportunity while prices are low will give investors a huge boost over the next few years, according to the analyst.
Ethereum, the heart of DeFi and NFTs, leading the bull
The market scale advantage of Bitcoin also applies to Ethereum. But in a different sub-sector of the crypto market. Bitcoin manages digital payments and store of value in their simplest form. Ethereum, on the other hand, adds the ability to execute its code and trigger transactions based on changing market conditions. These smart contracts form the basis of innovative products and services such as NFTs, DeFi and Blockchain games.
Ethereum is not the only provider of smart contract features. Also, some of its competitors can run their code faster and cheaper than Ethereum. But that will soon change as Ethereum plans to upgrade what is known as a “merge” to the Blockchain network. This event is scheduled for August 2022 and the final dress rehearsal went smoothly.
After Merge, smart contract developers can continue to rely on Ethereum’s game-changing computing platform without worrying about slow performance or high fees. According to this analyst, it turns Ethereum into a bullish altcoin.
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