Following a turbulent 2022 that witnessed a severe cryptocurrency market downturn, 2023 shows a positive reversal with digital assets making a remarkable comeback.
This noteworthy recovery can be attributed to a combination of better macroeconomic circumstances and a substantial increase in institutional adoption, marking a potential turning point for the crypto industry.
Amidst this renewed optimism in the crypto sphere, market expert Michaël van de Poppe selected the top 5 cryptocurrencies in a video analysis on July 20. He believes these digital assets are ideal investments for any portfolio during the onset of a new bullish cycle.
Crypto Portfolio
Bitcoin (BTC)
As indicated in the video, it comes as no shock that Bitcoin (BTC) secures the top spot on this list of cryptocurrencies. The leading digital asset has experienced significant bullish momentum in the last month, driven in part by BlackRock, the world’s largest asset manager, expressing its intent to launch a spot Bitcoin exchange-traded fund (ETF).
Subsequently, this action was followed by numerous other major players in Wall Street, leading to a surge in confidence regarding the expanding institutional adoption of cryptocurrencies. At the time of publication on July 21, BTC was trading at $29,821, down 1.7% in the past 24 hours.
Ethereum (ETH)
According to Poppe, Ethereum (ETH) holds the distinction of being the largest smart contract platform. Thanks to its robust decentralized security and strong support from a large community, the Ethereum ecosystem has experienced rapid growth over the years, especially with the increasing popularity of decentralized applications (dApps) in various fields like finance, collectibles, arts, and more.
In the upcoming bull cycle, Poppe anticipates that Ethereum may outperform Bitcoin. Last year, the second-largest blockchain network transitioned to a proof-of-stake (PoS) consensus mechanism, and though it hasn’t demonstrated significant gains yet, blockchain analysis platform Santiment suggests that there are various “under the radar metrics” that could potentially indicate an Ethereum price surge above $2,000 and even beyond. At the time of publication, the price of ETH was changing hands at $1,886, down 2% on the day.
Chainlink (LINK)
In the video, Poppe emphasized the importance of both Bitcoin and Ethereum in enabling blockchain-based payments. He pointed out that while Bitcoin is necessary for payment transactions, Ethereum plays a crucial role in facilitating smart contracts for various agreements, such as mortgages and other deals.
However, to fully realize the potential of these smart contracts, the crypto industry requires third-party services called oracles. These oracles act as intermediaries between the blockchain and the real world, providing essential external data to verify and execute smart contracts.
Chainlink (LINK), being the largest blockchain oracle globally, plays a vital role in this process, which is the primary reason why it has earned a spot in Poppe’s list.
As of the latest update, LINK’s price was $8.15, experiencing a slight decrease in the past 24 hours.
Based on predictions from the CoinMarketCap crypto community, which boasts a historical accuracy rate of 95% for LINK forecasts, the crypto asset is expected to be valued at $7.04 by the end of July. This projection indicates a significant price decline of over 13% from its current price.
Polkadot (DOT) and Cosmos (ATOM)
As highlighted by the crypto expert, the last two selections are Polkadot (DOT) and Cosmos (ATOM), both of which are layer 1 and layer 0 crypto protocols.
The underlying technology of these blockchain networks grants them the potential to either rival Ethereum or coexist alongside the leading smart contract platform, according to Poppe’s analysis.
As of the current publication time, Polkadot’s price was $5.53, showing a 1.75% increase in the past 24 hours.
In the meantime, ATOM was priced at $9.41, experiencing a decrease of 1.85% within the day.
After observing a falling wedge pattern in the ATOM charts, crypto expert Ali Martinez expressed confidence that the native token of the Cosmos blockchain had a favorable potential to rise as high as $10. However, the analyst subsequently adjusted his target for Cosmos to a range of $9.70 to $9.80.