Cryptocurrency prices have come under intense pressure in the past few weeks after Bitcoin failed to break the resistance level at $72,000. Most tokens, including the giant ones like Ethereum, Toncoin, BNB, and Cardano have all plunged in the past few weeks, bringing the total market cap of all coins to about $2.38 trillion.
Analysts have mixed opinions on what to expect in the crypto industry. Some analysts, including Michael Novogratz, Cathie Wood, and Tom Lee have maintained their bullish view, citing historical performance, favourable regulations, and Federal Reserve interest rate cuts.
The other potential catalyst will be the upcoming spot Ethereum ETFs by the Securities and Exchange Commission (SEC). After this, analysts believe that the SEC will next focus on the potential spot Solana ETFs.
In a Tweet thread, Rekt Spencer, a well-known crypto expert with over 200k followers highlighted some of the tokens he is buying the dip in.
First, he is buying Tensor (TNSR), a Solana token with a market cap of over $77 million. Tensor provides an NFT infrastructure network for Solana’s ecosystem. Over time, Tensor protocols have traded NFTs worth over $2 billion.
The challenge for Tensor is that it is in an NFT industry that has almost died. Data by CryptoSlam shows that the sales volume of NFTs in the past 30 days has crashed by over 48% to over $485 million.
Second, he is long Alchemy Pay (ACH), a token with over $113 million in value. Alchemy is a leading player that helps companies to integrate crypto payments in their platforms. Its on-ramp platform also helps users buy cryptocurrencies using debit and credit cards.
Third, Rekt is long Arkham (ARKM), a platform with a $467 million market cap. Arkham is one of the biggest intelligence platforms in the industry. Using its platform, users can do analysis on most cryptocurrencies and the biggest users in their crypto holdings. Rekt is also long Milady Meme Coin (LADYS), Fusionist (ACE), and BVM Network (BVM).
He also believes that Bitcoin will ultimately bounce back noting that the current consolidation is a normal part of the process. In most cases, Bitcoin tends to consolidate after the halving event. Also, cryptocurrencies to have low liquidity and volatility in Summer months.
Still, it is unclear whether Rekt’s altcoin purchases will bounce back since the crypto winter can continue for months.
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