Following the approval of the Ethereum Exchange Traded Fund (ETF), top analyst Michaël van de Poppe is bullish on five specific altcoins and predicts significant returns.
This landmark event sparked interest in the entire Ethereum ecosystem and set the stage for altcoin season. Here’s a look at the altcoins van de Poppe is looking to buy, each chosen for their potential for significant profits.
1. Optimism (OP)
Optimism, a layer 2 scaling solution for Ethereum, is the first altcoin on the list. With Ethereum’s price surge, platforms that increase efficiency are expected to prosper.
This layer 2 network utilizes rollup technology to process transactions in batches, reducing costs and increasing speed. Michaël van de Poppe highlighted the impressive Total Value Locked (TVL) ratio, indicating strong ecosystem growth. The low circulating supply of optimism further strengthens the optimistic outlook.
“I think coins like Optimism could achieve between 300% and 800% of BTC value over the next six months. I think it is very likely, and it will probably be the first run,” van de Poppe said.
2. Arbitration (ARB)
Next is Arbitrum, another Layer-2 solution that competes closely with Optimism. It leverages zero-knowledge rollups, a technology that provides faster and more secure transaction processing.
Despite the price struggle, Arbitrum’s ecosystem shows strong development momentum. Van de Poppe believes that the significant TVL and continued progress will make it a solid investment with the potential for a significant rebound.
“If you look at Arbitrum’s TVL, it is almost the same amount as its market capitalization. This is very optimistic because the ecosystem is also growing. But once you look at the price action, it’s rubbish,” van de Poppe added.
Read more: 11 Cryptocurrencies to Add to Your Portfolio Before Altcoin Season
3. Woo Network (WOO)
Woo Network, a decentralized exchange (DEX) known for its high liquidity and low fees, is another altcoin that van de Poppe will purchase.
In the decentralized finance (DeFi) sector, DEXs are gaining attention as regulatory pressure on centralized exchanges increases. Woo Network’s technological advantages and growing user base position it well for growth, especially as Ethereum’s trading volume continues to increase.
“Once Ethereum starts performing well and the volume is already waking up, this is where WOO comes into play. I think it’s good to have it because it generates revenue. Once the full cycle of WOO starts, I think you can actually make returns of between 500% and 1,500%,” van de Poppe explained.
4. Wormhole (W)
Wormhole, a bridge protocol for interoperability between blockchains, ranked fourth. As the DeFi environment expands, seamless asset transfer between various blockchains has become important.
Innovative solutions facilitate this cross-chain communication, making them an attractive investment. Although it is relatively new, it is likely to be widely adopted and integrated into various blockchain ecosystems.
“I want to bet on a safe Solana (SOL) solution. The only tricky part about Wormhole is the fact that there are still unlocks, but those unlocks will take some time, so I think this is going to work out really well,” van de Poppe added.
5. Dogecoin (DOGE)
Lastly, Dogecoin, a well-known meme coin, is still popular. Despite the volatility, Dogecoin’s community support and recent price-performance make it a viable play in the near-term.
Michaël van de Poppe sees it as a high-risk, high-reward asset, especially amid the broader cryptocurrency market rally.
“You can see all the meme coins doing well whether you like it or not. Floki, Book of Memes, Bonk. All those meme coins are doing well. This is when you want to get into the position of Dogecoin. It’s the easiest way. Four to five times more, maybe even more,” concludes van de Poppe.
Read more: 7 Hot Meme Coins and Altcoins That Will Be Trending in 2024
These altcoins are selected based on their technical strength, market positioning, and high return potential. However, given the inherent volatility of the cryptocurrency market, it is important to approach these investments cautiously.
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