Crypto trader and analyst Ben Armstrong is pulling back the curtain on his long-term altcoin investing philosophy.

In a new video, the popular crypto influencer says that as much as he believes in cryptocurrency, he still pays for things in dollars, which makes clicking the sell button a necessity.

“The dollar isn’t going away any time soon. A worst-case scenario of hyperinflation is possible, but it isn’t likely. This means the crypto system is not replacing the dollar in the next year. Ten years down the road, who knows? But for now, it just simply isn’t happening. You know those bills that you got? Well, they have to be paid with cash.

Most of you aren’t in a position to play a long game and accumulate crypto indefinitely in hopes that it totally replaces our financial system one day.”

Armstrong adds that it is important to differentiate between projects that have long-term potential, and ones that can produce short-term profits. As an example, he says that no matter what, he will not be selling the majority of his Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Chainlink (LINK), and possibly Polkadot (DOT) holdings.

On the other hand, the trader reveals that he has a six-figure holding in decentralized finance (DeFi) project Compound (COMP), which is down approximately $200 from its high, that he acquired due to bullish rumors that never materialized.

Armstrong says he has nothing against COMP, but it is a project that he will start selling as soon as it pumps again.

“Most projects in my portfolio, I do have some type of allegiance to. But there’s still many [where] I’m only in it for the money. Believe it or not, you can actually be in crypto both for the money and for the crypto…

You need to look at your altcoin portfolio and decide which projects are non-negotiable long-term holds for you, and which projects you are simply using for gain. For you, it may be all about the gains, and maybe you’re confident in the dollar and you want to cash out everything at the top of the market. That’s fine if that’s your thing, like no problem, you do you bud. The point is, you need a plan. You don’t want to get to the end of this bull market and try to figure out all this on the fly.”

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‘Interesting’ is the most appropriate term to describe the crypto market in the last seven days. The week started with coins experiencing price corrections they haven’t had in such a long time. However, after two bad Monday dips, this Monday is different as prices are on the rise.

Here is the crypto market outlook for today:

BTC

Last week, Bitcoin had one of its most bearish weeks of the month. After recovering from an intense price downward retracement earlier this month, BTC revisited the $50k price region for the first time since climbing above it. 

The last seven days saw BTC hit a high of $56,375 and a low of $50,846. In conclusion, BTC lost 3.8% of its value in the last seven days. This week is more promising as BTC defies the normal dips it experienced at the beginning of previous weeks.

Instead of a price correction, bullish traders can sustain the weekend surge in the new week and as a result, the price is hitting new highs. If these buyers can sustain the bullish momentum, prices may test $59k today.

Ether (ETH)

For the first time in such a long time Ether fell to one of its strongest supports; the $1,500 support. Last week was no doubt one of the most exciting weeks for the bears.

Ethereum saw a low of $1,566 and a high of $1,723. The last seven days saw Ether record a loss of more than 5%. As with BTC, things are different now and not following the normal bearish start to the week.

Today will present a tough battle for the bulls and the bears. Ether price may hit a high of $1,800 if the left-wing faction of traders doesn’t take action. The leftwing traders will mount more pressure above $1,800 and may prevail, depending on general market conditions.

Binance coin (BNB)

Binance coin (BNB) thrilled more bears than bulls in the last seven days. As with the two top coins in the top 100 by market cap, BNB also hit rock bottom last week. 

The last seven days saw BNB hit a low of $230.5 and a high of $278. BNB also recorded significant losses on average. Although price consolidation is underway, the bulls need to increase the pressure on the $278 resistance if prices continue to surge.

The cryptocurrency market has started the new week on the best possible note, at least until press time. However, sustaining a rapid increase could set the tone for the entire week, and perhaps Bitcoin may finally have another all-time high retest. 

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