Experts assess prospects for the altcoin season

The cryptocurrency market has finished a short-term correction and is now set for a renewed rise. ForkLog has consulted experts on whether the altseason has begun, which assets look most promising, and how they could affect Bitcoin’s price.

Yuri Mazur, Head of Data Analytics at CEX.IO Broker:

It is still too early to speak of the advent of an altcoin season, although the prerequisites certainly exist. Bitcoin’s consolidation near its previously reached all-time high signals investors await fundamental triggers. These triggers could work both for and against the crypto community.

On the positive side, the market should grow with a tilt toward altcoins, as Bitcoin has already amassed substantial momentum, so its growth pace will be more tempered and begin to yield to the dynamics of other digital assets.

Negative news about Bitcoin is likely to weigh on the entire digital asset market, while bad news for altcoins is likely to lead to market growth being driven by declines in the prices of outsider tokens. This is roughly what we observed for XRP in December 2020–January 2021.

In my view, the interesting performances will be those of Ethereum, Polkadot, XRP, Stellar, and Uniswap.

On April 9, Ethereum traded near the $2,070 mark, and technically a continuation formation of a wedge points to upside potential if a positive scenario triggers at the $3,000 level.

Polkadot and Uniswap are relatively new to the crypto market, but already established in the crypto community, and likewise near all-time highs, which increases the probability of impulsive growth if a positive scenario materializes.

The XRP movement will be driven by progress in the SEC suit against Ripple. If the case has a positive outcome, the asset could rise to about $3.7, and in a negative scenario it is quite possible that Stellar becomes the beneficiary of XRP investors’ exits.

Overall I remain positive about the crypto market, and I believe the probability of continued growth exceeds 70%. In a moderate scenario, Bitcoin’s target lies at $70,000–$75,000, and Polkadot and Uniswap could double their current prices.

Gleb Kostarev, Binance Russia and CIS Director:

Altcoins are rising strongly — Ethereum and Binance Coin are setting new records. There is no negative momentum for Bitcoin, and Bitcoin’s dominance remains.

Against the backdrop of continued institutional interest in Bitcoin, one can assume its ascent will continue, with markets awaiting new highs. The S&P 500 is also rising amid continued stimulus policy, which the U.S. Federal Reserve has once again announced, a positive sign for Bitcoin’s growth.

Nikita Soshnikov, Director at Alfacash:

Now is a good time for altcoins. The most promising for the coming months are Chainlink, Polkadot, Uniswap, 1inch, Compound. I think coins tied to decentralized exchanges, lending DeFi projects, or cross-chain solutions will rise.

Ethereum still looks promising for further price growth. But I wouldn’t expect a jump in the coming months; the coin is already at a peak. Growth is more likely in the second half of the year, after Ethereum 2.0 upgrades move to the next phases.

And one should not forget: no matter how successful an altcoin looks, it is heavily dependent on Bitcoin’s price. If Bitcoin goes down, alts will follow, and their decline could be more severe.

Sergey Mendeleev, founder of Garantex and CEO of Indefieco:

If you don’t know which coin to invest in, you’d better stay out of cryptocurrency altogether. The market is deeply manipulative, and behind shiny promises there often is nothing at all.

If you don’t understand the technologies behind a project, cannot assess its prospects, or you don’t know the competence of the team, better put your money into DeFi protocols that currently offer up to 40% annual yields in fiat. And in any case, do not invest more than 5% of your capital in any risky asset, even such interesting ones as The Graph or Polkadot.

Yes, dozens of tokens may show 10x or 100x returns, but 99% will end up worth nothing. For me, the altseason is more of a warning signal, through which I hear a quiet whisper, “winter is coming.” And it could begin much earlier than the calendar suggests.

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