Crypto-currency trader Augusto Backes has listed the crypto-currencies he's hoarding during the altcoin downturn. As he pointed out, The Graph (GRT), Kusama (KSM), Avalanche (AVAX) and Solana (SOL) are the most undervalued digital currencies at the moment.
In a recent video, Mr. Backes pointed out that these projects could record significant valuations when bitcoin's dominance subsides. He therefore recommended that investors study crypto-currencies and invest with the long term in mind.
The Graph (GRT)
The altcoin for which Mr. Backes is most optimistic is The Graph (GRT). For him, it's one of the most undervalued projects on the market, given its potential.
The Graph is one of the most important projects on the crypto-currency market. First appearing in December 2020, it's practically the Google of crypto-currencies. The platform indexes information so that decentralized application projects [dApps] can quickly search for data on blockchains," he explained.
Backes believes GRT's value will increase when the altcoin market picks up. That is, when BTC's dominance diminishes again relative to other crypto-currencies.
In the investor's opinion, The Graph is one of the most necessary projects for the full development of dApps. Moreover, it is extremely solid in terms of fundamentals.
As a result, Backes said he is investing for the long term, thinking five or six years ahead. The trader also said that the crypto-currency's current price, around $0.71, is the best possible price for purchases, as GRT has a lot to develop.
Kusama (KSM)
Secondly, the trader showed his optimism with Kusama, which is close to receiving updates with the arrival of parachains.
Backes stressed that this is a well-developed project, which is in the construction period. Like GRT, KSM could skyrocket when altcoins regain some of their market dominance.
At the time of writing, the altcoin costs $407, or R$2,070, in Brazilian reals.
Avalanche (AVAX)
Avalanche is the third project on Backes' list. According to him, the altcoin can yield good profits in the medium to long term, even though it recorded a sharp devaluation in May.
Specifically, AVAX fell from $48 on May 7 to a low of $13 on May 23. Consequently, a price drop of over 70%.
For the time being, the crypto-currency is still down, trading at $15, or around $76 in Brazilian reals. However, according to Backes' analysis, Avalanche is in an accumulation phase and could be about to appreciate again.
Solana (SOL)
Finally, the trader said he was optimistic about Solana, which is trending higher. At the moment, SOL costs US$40, with a positive price variation of 6.2% over the past week.
Backes justified his bet by noting that the crypto-currency has a rather interesting ecosystem, focused on interoperability and the development of decentralized applications.
