The post Strategies to Identify Altcoins Capable of Yielding $1 Million in Returns appeared first on Coinpedia Fintech News
Many investors who bought altcoins during the previous bull market are now grappling with losses and wondering about the prospects for recovery. Chief among these factors is the absence of a altcoin season. Since the FTX crash, only a handful of coins have managed to surpass their previous highs against Bitcoin, signaling a subdued market environment.
Bitcoin dominance, a key measure of altcoin market health, has remained stagnant between 51% and 56% over the past six months. This starkly contrasts with previous bull cycles where dominance dropped significantly, indicating a lack of momentum in the broader altcoin market.
Amid these uncertain times, Cryptocurrency analyst No Bs Crypto took to his latest video and discussed his strategy for selecting 10 altcoins aimed at achieving a $1 million target. He explained starting with a well-planned portfolio size rather than dividing smaller amounts of capital. Key factors included strong narratives, diversification across market caps, and the potential for significant returns.
In terms of risk, he introduced a table categorizing coins by risk and reward potential based on multiples and market caps. Coins were grouped into lower-risk, moderate-reward categories and higher-risk, high-reward categories. Here are a few altcoins listed by the analyst:
Wormhole: Recently showed strength despite bearish sentiment, potential for a 15x return, with a focus on interoperability.
Internet Computer: Considered high-risk but potentially high-reward, expected to perform well, possibly exceeding 15x returns.
Beam: Noted as a gaming-related altcoin with expectations to perform well, possibly achieving up to 35x returns.
Flux Network: Expected to exceed 25x returns under favorable conditions, noted for its potential performance.
Goldfinch: Specifically mentioned with a price target of 25x returns.
Pyth Network: Classified in the yellow risk category due to its market cap, expected to potentially achieve higher multiples.
Spectral: Identified as a micro-cap with expectations for a 45x return, selected for its unique market positioning.