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Popular cryptocurrency trader and analyst Michael van de Poppe highlighted a list of altcoins that could generate significant returns in the coming weeks.
What Happened: Known for sharing valuable inputs regarding cryptocurrency portfolios and picking the assets to invest, Van de Poppe underlined the importance of positioning into coins that were witnessing the biggest bounces currently.
"Those are likely to continue the momentum as traders are looking at the hype coins or the strongest bounces and start allocating towards them," he said in a video shared via his official YouTube channel Sunday.
He then specifically pointed out Bittensor (CRYPTO: TAO), suggesting it should be in one’s portfolio “primarily.”
For the unknown, TAO is the token underpinning Bittensor, a protocol that helps in the development of AI models using blockchain technology.
Next, Van De Poppe highlighted Aave (CRYPTO: AAVE), a DeFi-related coin. "It’s just consolidating before a big breakout, and that is a great signal," he emphasized.
He also underlined that AAVE was significantly undervalued, giving room for significant profits in the future.
On similar lines, the trader showed how the DeFi-based token, Renzo (CRYPTO: REZ), was priced lower when compared to its very high total value locked.
Why It Matters: Van De Poppe's investment advice came in the wake of a significant pullback in the cryptocurrency market, with heavyweights like Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) recording losses to upwards of 3% in the last 24 hours. The global cryptocurrency market cap contracted nearly 4% to $2.06 trillion.
It was worth noting that leading digital asset manager Grayscale Investments created a TAO-based cryptocurrency fund last week, indicating growing mainstream interest in the token.
Price Action: At the time of writing, TAO was exchanging hands at $296.13, down 4.47% in the last 24 hours, according to data from Benzinga Pro. AAVE dropped 1.93% to $93.45, while REZ plunged 8.32% to $0.04488.
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Photo by Igor Faun on Shutterstock
