Analyst: ETH Fundamentals Shows 10x Growth Is Possible
The crypto market has been red in the past 24 hours. A well-known crypto influencer account on Twitter, Altcoin Daily, took the opportunity of the market condition to announce specific altcoins they would be accumulating in a bear market.
Altcoin Daily’s first pick was Ethereum (ETH), given its strong community and recent positive activities about the blockchain. According to an Alchemy developer report, Ethereum smart contracts deployment grew by 293% in 2022, which implies that development activities have been on the highs on ETH.
Another report suggested that over $4.6 billion worth of ETH tokens have been burned. While ETH trades at $1540 after shedding about $150 in the past 24 hours, Altcoin Daily believes a 10x is possible in the coming weeks putting the above fundamentals into consideration.
Furthermore, the influencer account said they were equally bullish on the Ethereum layer two ecosystems. They placed their bets on ETH L2s because Arbitrum and Optimism made cumulative profits of $7.9 million in 2022.
Altcoin Daily’s next top pick in the bear market was Polygon (MATIC), which recently reclaimed position nine on the ranking of coins with the largest market cap. Interestingly, while popular cryptos are nearly all on double-digit negative values under the seven-day window, MATIC alone stands out with a position figure.
Polygon now has a market share of over $11 billion after outranking Dogecoin (DOGE) with a seven-day growth of 6%. Honorable mentions on Altcoin Daily’s top picks included Polkadot (DOT), Avalanche (AVAX), and Ripple (XRP).