This is the first real buying opportunity opening up this year. There will probably be chop until May-June.
I think the best risk-reward play right now is Alephium. There are a lot of reasons for that but the primary one is that it has specialised hardware miners (ASICs) coming online in May, and will have BITMAIN miners later in the year. BITMAIN being the largest producer of mining hardware.
Kaspa (which is similar to Alpehium) had miners announced in Feb or April 2023. They went online in late May. Over the following months more and more powerful miners were deployed. It took the market cap from $500m to $4b in a few moths. 8X. The main reason - mining is extremely competitive. Players have to juggle many factors to try and stay solvent. So pro miners try and hold coins for bull market ATH and then sell. ASICs going online leads to a supply shock. The first Alephium ASICs sold out in a few hours. 360GH/s miners. 1.2TH/s miners have been spotted mining now, and that will continue to go up.
Right now Alephium is at about 200m cap. Compared to 500m, when Kaspa got them. BITMAIN picked Alephium out when it was a minor 8-figure coin, as it solves multiple problems that BTC and ETH (and their L2s don't solve). This is earlier than when they picked Kaspa out. The reason being is Alephium beats Kaspa in most areas, particularly smart contracts, which Kaspa doesn't have and it will take them a long time to add. Having one of the most important names in the space behind them will give it a lot more visibility.
See Kaspa hashrate vs. price.
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