Economist and trader Alex Kruger urges crypto investors to focus on specific crypto assets such as Ethereum (ETH) competitors as the market is trending lower.
Kroger Says His 107,500 followers on Twitter note that Ethereum alternatives like Cosmos (ATOM) and Fantom (FTM) are some of the crypto assets he’s drawing their attention to.
Fantom is a scalable, contract-enabled smart blockchain whose native token has surged over 13,000% in the past 365 days. Cosmos is an ecosystem of parallel blockchains that can communicate in a decentralized manner.
The trader also says that his sentiment for January will depend on upcoming employment and inflation statistics.
Focus on identifying some names like ATOM and FTM.
For the month of January it [whether I’m bullish or not] It will depend on the data.
If we see strong payrolls on Friday, and higher-than-expected inflation on Wednesday, the markets will panic.”
Krueger says that while he is not “optimistic for January,” he will “revisit” when the funding rate becomes “less negative.”
Funding rate is a periodic payment that cryptocurrency traders make among themselves to ensure that spot rates are as close as possible to the price of the perpetual futures contract. Funding rate above zero indicates bullish sentiment while funding rate below zero indicates bearish sentiment.
Economist too Says That a complete decoupling of the cryptocurrency markets is unlikely. Separations occur when the returns of Bitcoin (BTC) and other associated crypto assets stop moving according to expectations.
“Just look at the pause when BTC is flat or sometimes when an asset is being bought hard on a dip.
The internal correlations of cryptocurrencies are very high and will remain so for a long time.
The whole idea of separation is a mirage that the fat rich like to entertain in their spare time.”
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