After hitting yearly highs on Friday, the total crypto market cap (TMC) has pulled back 1.3% over the past 24 hours to $1.4 trillion as many coins enter a period of consolidation and correction. This dip comes after Bitcoin and Ethereum reached prices of $38,000 and $2,120 respectively on Friday, marking their highest points so far in 2023.
Despite the market-wide dip, top crypto analyst Miles Deutscher remains bullish on select altcoins and sees new opportunities emerging from the volatility. In his weekly watchlist, Deutscher outlines several coins across different narratives that he believes have the potential to outperform as long as bullish momentum in the broader market continues.
For Injective (INJ), Deutscher notes that while its hype has quieted, it remains one of the best performers of the year. As long as bullish momentum continues, he sees no reason why INJ cannot retest its local high of $19.
Regarding Pyth Network (PYTH), Deutscher points out that its attributes of being new, having a low float and perp trading are appealing. However, he warns attention may shift to competing Solana (SOL) tokens like Jupiter (JUP) and Jito (JTO) following their airdrop announcements. For existing holders, Deutscher advises staying put unless PYTH pulls back further.
When it comes to SuperFarm (SUPER), Deutscher highlights the lucrative gaming narrative and mentions the token is being promoted by influencers with product updates impending. Its addition to Bybit perp trading opens up more potential catalysts, in Deutscher’s view. He suspects it could keep grinding higher as skepticism over its gains deters some from buying in.
On Cosmosn (ATOM), Deutscher draws attention to its recently approved halving proposal which will cut inflation in half. He will monitor price action closely to see if this spurs a definite trend.
As for dYdX (DYDX), its $524 million unlock event poses risks, but Deutscher also smells opportunity. He will track whether a head and shoulders pattern plays out on daily charts, which could point to an initial pump then subsequent bleed.
Regarding SOL, Deutscher sets price alerts as SOL struggles at $58 resistance. He also considers the possibility of a blow off top above that level. He notes that Solana’s meme coin Bonk (BONK) tends to follow SOL pumps.
Rounding out the list, Deutscher highlights Vertex’s (VRTX) parabolic volume surge past DYDX and Uniswap (UNI). While observing mixed signals, he believes perp DEXs are regaining narrative favor and VRTX offers a promising product.
The Emerging Potential of the Bitcoin ETF Token (BTCETF)
On top of Miles’ list, one innovative and emerging token to consider is Bitcoin ETF (BTCETF). As its name implies, BTCETF aims to capitalize on the approval and rollout of the first Bitcoin ETF products greenlit by the Securities and Exchange Commission (SEC).
BTCETF is currently conducting an ongoing presale to fund its initiatives and operations. The presale has already raised over $1.9 million from investors attracted to the project’s innovative model. BTCETF tokens were priced at $0.005 during the presale but have risen 20% to a price of $0.006 based on strong demand. The coin is now in the stage six of its presale.
This ERC-20 token aims to benefit from milestones in the spot ETF application process, planning to burn 25% of its total supply in five stages based on key developments.
The final 5% burn depends on Bitcoin itself hitting the $100,000 price point, which will see the total BTCETF supply drop to 1.575 billion tokens.
Besides these deflationary token burns, BTCETF imposes a 5% tax on all transactions, with these tokens also being removed from circulation.
Given that its mechanics are closely tied to the success of a spot BTC ETF, Bitcoin ETF Token presents an opportunity for investors to engage with this evolving narrative.
By directly linking its tokenomics to the success of a regulated Bitcoin investment vehicle, BTCETF gives investors exposure to the growing narrative around ETF approval. If the SEC greenlights the first Bitcoin ETF soon as many anticipate, BTCETF’s burn mechanisms could drive triple digit price increases from current presale levels according to the project.
Check BTCETF Presale
Overall, while the market cools, Deutscher’s analysis highlights that opportunities still exist across blue-chip layer ones, emerging layer twos, and high potential use-case plays within gaming, DEX infrastructure, and the burgeoning Bitcoin ETF space.
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The post Miles Deutscher’s Weekly Coin Picks: Why INJ, SOL and These Cryptos Deserve Your Attention and One Altcoin That Can Outshine Them All appeared first on BeInCrypto.