Current Market Drawdown: Best Time to Invest in Cryptocurrency

CoinShares notes that the current market provides an opportunity for investors to take advantage of the downward pressure caused by the German government's BTC sales and the Mt.Gox exchange's issuance of Bitcoin. For this reason, now is a good time to diversify your portfolio with altcoins before the market begins to recover.

Despite the negative impact of macroeconomic factors on the market, analysts believe that the following six cryptocurrencies could rise in the next few months:

With Bitcoin's recent fall, Ethereum (ETH) has also lost some of the price momentum it gained a month ago thanks to the approval of spot funds (ETFs) in the US. However, analysts from Steno Research believe that the market is too pessimistic about the imminent launch of Ethereum ETF. They suggest that these instruments could attract strong demand on Wall Street, leading to a significant increase in the price of ETH, perhaps to $6,500 as early as October.

The WienerAI (WAI) project is developing a chatbot that will analyze the market and provide real-time forecasts without commissions. An additional attraction of WienerAI is the staking of the WAI token with a yield of 154% per annum. The cost of the token at the initial placement stage is $0.000733, and now it can be purchased at a discount for $0.00073.

PlayDoge (PLAY) is a mobile game that allows you to earn tokens. The coin is being sold as part of the presale at a reduced cost and costs only $0.00517. The game combines exciting gameplay with earning opportunities, including token staking. The project has already attracted investments worth $5.5 million.

Pepe Unchained (PEPU) is a new variation of the popular Pepe meme, with its own second-level (L2) network. PEPU token holders will be able to benefit from fast transaction speeds, reduced gas fees and staking rewards.

The TON ecosystem includes dApps, exchanges, NFT marketplaces, crypto games and memcoins. The TON token ranks 8th in terms of market capitalization and continues to be in demand among investors. The project team announced the development of its own second-level network based on the Polygon blockchain, which will help scale the system and maintain growth.

Despite the current decline in the value of Bitcoin (BTC), experts' expectations remain bullish. Analyst firm SoSoValue Research says the selling pressure is due to panic caused by individual events. The firm warns that the BTC price recovery could be delayed until August 2024. However, increased trading volumes and positive flows into exchange-traded funds in the US indicate growing investor confidence in Bitcoin.

The latest data shows that Bitcoin and cryptocurrency exchange-traded products (ETPs) recorded positive flows of $441 million over the past week. James Butterfill, head of research at CoinShares, emphasized that the current market drawdown is seen by traders as a buying opportunity.

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