Prominent Trader Reveals His Top 10 Altcoins, Warns: 'Flushes Are Normal, Maintaining A Defensive Position'

Prominent cryptocurrency trader Miles Deutscher has shared his top 10 highest conviction altcoins for the current cryptocurrency run.

What Happened: Deutscher took to his YouTube channel to share a mix of established projects and newer contenders across various sectors, such as DeFi, gaming and AI. His list includes:

• Ethereum ETH/USD
• Solana SOL/USD
• Telegram Open Network TON/USD
• Chainlink LINK/USD
• Ondo Finance ONDO/USD
• THORChain RUNE/USD
• Immutable X IMX/USD
• Merit Circle MC/USD
• Arweave AR/USD
• Artificial Intelligence Open Network AION/USD

Ethereum is considered the leader among altcoins due to its first-mover advantage, wealth effect, and the most liquidity and investment in the DeFi world being on Ethereum and its Layer-2s.

There is also potential for an institutional bid behind Ethereum, with the recent launch of a Hong Kong Ether ETF and the ongoing lobby for an Ethereum ETF in the U.S.

He discusses Toncoin blockchain's growth and its integration with USDT stablecoin, enabling peer-to-peer payments and monetization sharing from Telegram groups. He highlights TON's relatively new ecosystem and believes it is undervalued compared to its fully diluted valuation.

For all the altcoins he highlights factors such as strong communities, institutional interest, unique use cases, and the potential for significant growth in their respective sectors.

Deutscher also mentioned several honorable mentions that didn’t quite make the cut but still warrant attention. These include Sui SUI/USD, Prime PRIME/USD, Ator ATOR/USD, Puff PUFF/USD and TruFlation TRU/USD.

Also Read: Crypto Trader Describes His Technique To ‘Spot Altcoins Before A 100X Surge’

Why It Matters: Deutscher's altcoins form the core of his portfolio and are the ones he believes have the most potential for growth and success.

Deutscher emphasized the importance of diversification and risk management when building a crypto portfolio. While he holds a more extensive portfolio of 30-40 coins, he believes that most investors would be better off focusing on 10-15 high-quality projects.

In another tweet, Deutscher stated that market flushes are normal, maintaining a defensive position for now.

This is starting to get ugly now.

Not much else to add to from my last update, apart from a reminder that:

These flushes are normal (as difficult as they are to endure).

Don't make rash decisions (step away if you have to).

Still maintaining a defensive position for now. https://t.co/Y8kFpkyY1D

— Miles Deutscher (@milesdeutscher) April 30, 2024

What's Next: The influence of Ethereum and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga's upcoming Future of Digital Assets event on Nov. 19.

Read Next: Ethereum’s Bottom Against Bitcoin ‘Still Likely A Few Months Away,’ Predicts Crypto Analyst