When looking at the primary cryptocurrency, Bitcoin (BTC) lost 66.8% of its market capitalization. However, bears were even harsher on altcoins. Ethereum, a cryptocurrency that loses capitalization only to BTC, has lost 70% of its market price in the past 12 months.
Analyst Michael van de Poppe is quite optimistic about the primary cryptocurrency. Even in his forecast for 2023, the strategist predicts that crypto could skyrocket and double its market capitalization.
For Cardano's price prediction, there is a tool from crypto exchange Changelly that helps to get an idea of what might happen in the future. When looking at the performance of ADA in recent years, and if history repeats itself, 2023 may indeed be a good year for those who bought Cardano in the downturn.
"In my opinion, it is better to buy and hold, perhaps allocating a small portion of your portfolio to cryptocurrencies, focusing on the ones typically held by institutional investors, such as Bitcoin and Ethereum at the moment," says Nikolaos Panigirtzoglou, an analyst at JPMorgan Chase & Co.
"A new investor should only apply a very low, single-digit percentage of their trading portfolio to cryptocurrencies. Despite the many bullish calls for Bitcoin or Ethereum, massive plunges have happened in minutes. New investors may want to consider buying and holding a basket of cryptocurrencies, with an approach of scaling into positions," he says.
As for the price of ethereum, Van de Poppe believes that the key support level for this cryptocurrency is the price of $1,200. Mike McGlone is of the same opinion. According to his calculations, ETH has strong support close to the current price level.
In addition, the crypto strategist also observed the movement of Litecoin (LTC). He believes LTC is preparing to carve a new high. Van de Poppe predicts LTC can penetrate its new ATH in the near future. 781b155fdc