- The cryptocurrency market has experienced a rollercoaster ride this week, with Bitcoin and altcoins recovering significant losses over the weekend.
- Bitcoin made a leap from $56,000 to $64,000, while some altcoins like Dogecoin multiplied their gains.
- Amid this atmosphere, a popular analyst known as Altcoin Sherpa shares his updated views on a red-hot altcoin and expectations for a leading competitor to Ethereum.
In a volatile week for cryptocurrencies, Bitcoin and altcoins have made significant recoveries, with one analyst sharing his bullish outlook on a rising altcoin and a potential Ethereum competitor.
Altcoin Sherpa Maintains Long-Term Bullish Stance on ONDO!
Altcoin Sherpa, a well-followed analyst, shared his latest predictions to give an idea of the ongoing market movements. He maintains a long-term bullish outlook on Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs). Despite not being very actively traded, the analyst believes that ONDO is one of the best-performing altcoins and recommends buying and holding for now.
ONDO Records Over 920% Increase Since January
ONDO is currently trading at $0.8236, marking an increase of over 920% from its lowest level this year at $0.082 in January. While the token is moving sideways on the daily chart, it has recorded a 7.6% increase on the weekly chart.
“When This Happens, SUI Will Drop a Nuclear Bomb on Hades!”
Altcoin Sherpa also shared his views on the layer-1 smart contract platform Sui (SUI). He predicts a decline for SUI due to a token unlock scheduled for the end of May. The crypto project plans to distribute 999.23 million tokens among five stakeholders during this event. Token unlocks are generally perceived as bearish due to the increase in sellable supply. Despite the technological strength of a coin, the analyst believes that SUI will plummet when investors start receiving their tokens.
SUI Trading at $1.10 Despite Positive Market Atmosphere
At the time of writing, SUI is trading at $1.10, marking a decline of over 2.7% in the last 24 hours. Despite the positive atmosphere in the market, the token is in the red zone and has seen a 9.1% loss on the weekly chart.
Conclusion
This week’s market movements have demonstrated the volatility of the cryptocurrency market, with significant recoveries from Bitcoin and altcoins. Analyst Altcoin Sherpa maintains a bullish outlook on ONDO and predicts a decline for SUI due to a token unlock. As always, investors should do their research and exercise caution in this highly volatile market.
