Category Archives: Altcoin
Veteran Crypto Trader Says One Extremely Bullish Altcoin Will Significantly Outperform Ethereum This Year – The Daily Hodl
A veteran crypto trader and influencer is singling out one mid-cap altcoin that he says will significantly outperform Ethereum this year.
The pseudonymous trader, who tweets to his 539,500 followers under the alias The Crypto Dog, says that smart contract platform Solana (SOL) has the potential to blaze towardEthereums $250 billion market capitalization.
The SOL/ETH chart looks incredible extremely bullish. SOL could 10x and still have room to double before catching up with Ethereum in current market cap. Im expecting Solana to catch up several multiples worth towards Ethereums market cap this year.
At time of writing, Solana is trading at $33.23 with a $9.05 billion valuation, according to CoinMarketCap. SOL needs to rise over 27x to approach Ethereums current market capitalization.
The trader points out the fact that Solana does not need to catch up to Ethereums market cap in order to outperform. He says Solana only needs to accomplish a fraction of what ETH is doing.
Comparing the bull cycle of 2021 to that of 2017, the trader believes that the crypto markets are poised to print new all-time highs due to the influx of funds in the space.
The difference between this cycle and last:
Many of us have made enough money to survive comfortably and continue to HODL (hold on for dear life).
And also, we as an industry have enough capital and ample expectation of future funding (eg a16z 2.2B crypto raise) to know well see new highs again New highs Q3 but they wont believe it.
According to the crypto trader, at some point, the markets will recover at such a fast pace that some investors will be left watching in the stands.
We will pump off the bottom extremely quickly, leaving most sideline investors stuck in stablecoins.
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Crypto Newcomer Backed by Coinbase Soars 50% in One Week, Defying Bitcoin and Altcoin Markets – The Daily Hodl
One small-cap crypto newcomer is defying the widespread downturn thats hammered Bitcoin and the altcoin markets at large.
The global payments infrastructure platform Celo (CELO) has soared more than 50% in the past week, as larger assets like Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB) and Cardano (ADA) remain in the red on their weekly charts.
The platforms governance and utility asset is ranked 122nd by market cap and is trading at $3.52 at time of writing, according to CoinGecko.
Celos backers include big names in the crypto space like Coinbase, Polychain Capital, and Andreessen Horowitz.
The project, which bills itself as the platform for mobile DeFi, is also backed by two huge figures in the social media world LinkedIn founder Reid Hoffman and Twitter founder Jack Dorsey. Telecommunications giant Deutsche Telekom has also invested in the Celo network.
One potential reason for the assets price surge is that Telekom and Andreesen Horowitz both announced last week that they had partnered to stake CELO tokens on Celos public blockchain network. Staking allows a user on the network to generate rewards on their crypto assets by depositing coins into the protocol to validate network transactions.
Explains Katie Haun, general partner at Andreessen Horowitz,
We partnered with Deutsche Telekom because their incentives align with Celos vision of building a global payment platform that can be used by anyone with just a mobile phone.
Although it has significantly outperformed the markets in the past week, CELO is down more than 50% from its all-time high of $7.32, which it reached on May 18th amid a market-wide rally.
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Crypto Newcomer Backed by Coinbase Soars 50% in One Week, Defying Bitcoin and Altcoin Markets - The Daily Hodl
An Analyst Says Crypto Traders Are Sleeping On An Altcoin As Bull Run’s ‘Final Stage’ Approaches – BollyInside
The pseudonymous analyst tells his 222,000 Twitter followers that Litecoin (LTC) could capitalize on the final legendary leg of the current bull run.
I dont trade fractals, but I do think we will see something similar to what we saw in 2017 on the left. Not just for LTC but for much of the old guard. Still think new ATH is on the cards.
Seeing a lot of people saying LTC had its bull run and its headed to the grave.
Source: Credible Crypto
As for the timing of his prediction, he thinks the final rally will begin after some months of consolidation have passed.
Credible Crypto also thinks Bitcoin Cash (BCH) could see all-time highs. And he warns traders not to count out XRP.
Source: Credible Crypto
XRP was also one of the worst-performing majors in 2017, until it wasnt. In the 30 days following BTCs peak, XRP rallied over 10x bringing total gains for its cycle to 62,947% or 629x. Dont count it out simply because it has had a slow start.
Additionally, the analyst says the market is pushing into a key area of demand for the decentralized public network Hedera Hashgraph (HBAR).
Did not think we were going to get a 3rd chance to buy at these levels but the market felt kind.
Note that each successive drive down is aggressively bought up indicating seller absorption as we push into a key HTF area of demand. Buyers are stepping in here, repeatedly.
Source: Credible Crypto
Credible Crypto predicts that Bitcoin (BTC) will move towards $45-55,000 if it can break $35-38,000. If it goes higher, he plans to short it.
If we can get to 55k Ill look to hedge short. I know if we manage to get there many will be euphoric- calling for new ATH when in reality that region is the most likely place to see a mid-term rejection. Have a plan.
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An Analyst Says Crypto Traders Are Sleeping On An Altcoin As Bull Run's 'Final Stage' Approaches - BollyInside
Grayscale Sees Growing Inflows in Its Altcoin Trusts, Now Holding $31.2 Billion in – U.Today
Yuri Molchan
Major crypto asset management firm Grayscale sees inflows in its altcoin trusts but its total AUM slightly shrinks overall
The largest crypto asset manager Grayscale Investments has tweeted that the fiat value of the total amount of crypto it holds has diminished slightly ($0.3 billion).
However, recent analytics data shows that inflows into the companys altcoin trusts have resumed.
Over the past weeks, Grayscale has acquired all crypto from its assortment, except Bitcoin, Ethereum and Ethereum Classic.
Data provided by the Bybt analytics website, shows that weekly and monthly inflows have been registered both into old and new altcoins trusts of the company: LTC, XLM, MANA, LPT, etc.
Stellars XLM figures are the biggest in the Grayscale table: 3,437,007 XLM acquired over the past week and 3,314,348 XLM have been bought in the past thirty days.
The analytics service has also noted ZEN and MANA inflows over the past 24 hours - +517 and +22,586 respectively.
Overall, as of June 30, Grayscale holds a total of $31.2 billion worth of cryptocurrency assets.
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Grayscale Sees Growing Inflows in Its Altcoin Trusts, Now Holding $31.2 Billion in - U.Today
It makes sense to add this Altcoin, if you have Ethereum in your portfolio – AMBCrypto News
Over the past few days, major altcoins have registered recoveries in the market, as selling pressure seemed to have declined. Ethereum was leading the charge, but more often than not, it is difficult to gauge which altcoins to add alongside the largest altcoin. Not all assets rise in unison, and even if a collective increase is observed, they largely vary in terms of growth.
However, it might be worth considering that Ethereum Classic has performed well with Ethereum when both assets have been kept under the same portfolio. The month of July could be even more important for both these assets from a point of correlated increase.
The much-anticipated London upgrade went live on the Goerli testnet today. During the same period, Stevan Lohja, developer manager for Mantis, stated that Magneto would be inclusive of the Ethereum Berlin upgrade features. The announcement also positively affected Ethereum Classic as its valuation rose 30% in less than 24 hours.
Development activity has been crucial to altcoins growth in the 2020-2021 period.
Source: Trading View
If the above chart is observed, it can be identified that both assets enjoyed a strong bullish spike during the same period at the end of April. While it can be said that other assets rallied in a similar time frame, the reactionary position and price action of Ether and Ethereum Classic were extremely similar. While Ethereum Classic peaked on 6th May, Ether registered its own ATH on 12th May in a similar fashion.
Fast-forward to the current market structure, while Bitcoin and other assets faced stronger short-term corrections, ETH, ETC were mirroring each others movement, peaking on a similar time frame, on a 1-hour, 4-hour, and daily chart.
Source: Santiment
Surprisingly, irrespective of the upcoming essential upgrades for both the assets, development activity seemed to have dropped for both assets, according to data from Santiment. Ironically, Ether and ETH Classic were similar in this aspect as well, but it wasnt exactly a bullish indication.
Yet, most datasets indicate that the correlation between Ether and Ethereum Classic is legitimate in terms of valuation. Hence, keeping a basket portfolio of both Ethereum and Ethereum Classic could be beneficial for the retail investors, who are trying to diversify during this period of volatile recovery.
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It makes sense to add this Altcoin, if you have Ethereum in your portfolio - AMBCrypto News
Three Altcoins Are Showing Strength Behind the Scenes, According to Crypto Analytics Firm Santiment – The Daily Hodl
Crypto analytics firm Santiment is drawing attention to a trio of altcoins.
Santiment reports that, along with Ethereum, crypto projects The Graph (GRT) and Sentivate (SNTVT) are looking strong heading into July.
Highlighting address activity for the indexing protocol The Graph, which has a market cap of $1.7 billion, Santiment points out that while activity is high, deposits are low.
According to the firm, thats a good sign that prices can naturally grow.
GRT is up nearly 20% in the past week, according to CoinGecko.
Another altcoin with a healthy address activity to deposit ratio, according to Santiment, is ERC20 utility token Sentivate (SNTVT), which has a $25 million market cap at time of publishing.
Altcoins on the whole are having a resurgence in the past few days, says Santiment, as ETHs address activity jumped on June 27th, surpassing Bitcoins.
Santiment also cautions that decentralized finance (DeFi) lending and borrowing protocol Compound (COMP), with a market cap of $1.8 billion, is surging as of late, but may be reaching a local top.
A big spike in social volume + exchange inflow starting to spike + NPL (network profit loss) starting to spike. Perhaps for now we might be approaching a local top. Or at least a consolidation period. Especially if the deposits spike end up being strong.
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Three Altcoins Are Showing Strength Behind the Scenes, According to Crypto Analytics Firm Santiment - The Daily Hodl
These Four Crypto Assets Are Primed To Erupt in July, According to Trader Aaron Arnold – The Daily Hodl
Closely-followed crypto analyst Aaron Arnold is naming four digital assets that he says are more ready than any to catch fire this month.
In a new video, the host of Altcoin Daily starts off his list with Cardano (ADA), which according to the analyst, currently has undeniable growth potential.
Arnold takes note of Cardano leading the crypto space in total value locked up via staking. With over $31 billion worth of ADA now being staked in the protocol, the trader says further price appreciation is likely on the horizon.
The widely followed influencer also mentions that Grayscale, the worlds largest crypto-focused asset manager, made Cardano its third-largest allocation in its Digital Large Cap Fund.
Make no mistake about it, [Grayscale] adding Cardano is a big green flag.
Coin number two on Arnolds list for this month is Ethereum (ETH). The crypto analyst reminds his 869,000 subscribers that ETH supply on exchanges is currently at its lowest since November 2018.
He also references statements from JP Morgan predicting that coming upgrades to Ethereum could spark a new $40 billion industry for staking that the leading smart contract platform is poised to lead.
I mean honestly, this is Etheruems cycle to lose in my opinion. Ive been saying that for a while. I mean the people, the excitement, the infrastructure, the people supporting Etheruem, its huge.
Arnolds third crypto pick for July is decentralized oracle network Chainlink (LINK). The trader cites Chainlinks long list of integrations as one bullish catalyst that could send it blasting off into the stratosphere in the near future.
As long as the crypto space remains in a bullish trend, Arnold says LINK will be one of the hottest projects on the market.
What they have since inception is undeniable, from their integration to their ecosystem. As long as Bitcoin, as long as cryptocurrency is in a bull market, which I believe it is, Chainlink is going to do very very well because what they do is so big and so undeniable.
The Altcoin Daily hosts last crypto asset that he says is ready to explode this month is the worlds leading digital asset, Bitcoin. Arnold references a tweet from on-chain analyst Willy Woo about how the Federal Reserve may be relying on Bitcoins branding to promote their own ideas for the new digital economy.
The crypto trader notes that long-term holders of Bitcoin who are willing to tough it out through some turbulence tend to come out of it on top. According to him, Bitcoin holds the title of the ultimate mover of the crypto markets.
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This Highly Resilient Altcoin Flashing Signs of Bullish Reversal, Says Crypto Analytics Firm Santiment – The Daily Hodl
Crypto insights platform Santiment believes that one of 2021s top altcoins could be reigniting its boom cycle.
In a new tweet, Santiment tells its 70,700 followers that layer 2 Ethereum-scaling solution Polygon (MATIC) is starting to flash bullish signals after the meltdown in May that saw its price collapse over 70% from the all-time high of $2.62.
MATIC is showing signs of a potential reversal, according to our data. The popular ETH-based altcoin is hanging on above support for now, and supply on exchanges is encouragingly dropping.
Despite the recent crash, Santiment unveils that Polygons on-chain activity continues to grow on a monthly basis.
MATICs daily active addresses is showing really healthy signs of growth over the past few months and is still remaining consistent this month. Itll be hard to ignore the bullish case for MATIC if the growth continues.
The daily active addresses is an on-chain metric that shows the daily number of unique addresses that were active on the network as a sender or receiver.
Santiment adds that Polygons supply on exchanges has significantly fallen after last months brutal sell-off.
During the recent crypto meltdown, MATICs supply on exchanges saw a consistent rise that acted as sell pressure. Since then, it has gradually declined to almost where it bounced off.
This is encouraging but its still too early to tell whether therell be more to come as MATICs price finds its direction.
However, not all on-chain data support a bullish bias, according to Santiment. The crypto analytics firm notes that the daily active deposits metric, which shows the total number of all incoming and outcoming transactions involving deposit addresses (like an exchange wallet) on a particular day, is still on the up and up.
On-chain data is still showing a good amount of sell pressure as each rally saw spikes in daily active deposits as well. This suggests that a good amount of people are using any pump to exit their positions.
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Top Analyst Says Hes Investing in One Untapped Altcoin Amid Crypto Correction – The Daily Hodl
Altcoin Daily host and crypto analyst Aaron Arnold is spotlighting a new under-the-radar altcoin, as the crypto markets continue to correct and Bitcoin trades around $35,000.
In a new video, Arnold tells his 848,000 subscribers that he is investing in decentralized finance (DeFi) protocol Formation Finance (FORM). Formation FI is a cross-chain DeFi platform that is optimizing the search for favorable risk-reward ratios in yield-farming opportunities across the crypto space.
The crypto influencer notes that Formation FI, while entering a sector of the crypto space that is quite popular, had an impressive launch on the DAOMaker launchpad and is backed by top layer 2 scaling solution Polygon (MATIC).
Formation Finance, (FORM) Smart farming 2.0 Even if you dont like DeFi, even if you dont think DeFi is anything to write home about, I hope you can understand that everybody else is really interested in DeFi and yield chasing, or yield farming.
They broke some records on DAOMakers Strong Holder Offering and besides that really why I found them interesting is because theyre backed by some big names, Polygon, a lot of venture capital firms
Arnold says Formation FI, with its attempt to automate the yield chasing process, is exactly the type of crypto project that hes interested in investing in right now.
In a world where theres so much yield chasing, everybody is trying to find the best yield, theyre taking a mathematical approach and really making it a one-stop shop bringing the front end to DeFi blocks
This is a new project that I just invested in Im just saying this is the type of stuff Im looking at.
As for projects Arnold is interested in for the long haul, he references a recent Altcoin Daily tweet in which the traders spotlight the three coins theyre confident in holding for this bull cycle and longer.
Formation FI debuted on the market this past week and is trading at around $0.30 at time of writing, 27.70% off its all-time high of $0.41.
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Top Analyst Says Hes Investing in One Untapped Altcoin Amid Crypto Correction - The Daily Hodl
This Little-Known Altcoin Could Be Next To Debut on Coinbase, According to Crypto Trader Tyler Swope – The Daily Hodl
Popular cryptocurrency trader and influencer Tyler Swope is tracking the launch of new coins on the US-based crypto exchange Coinbase.
Swope is praising Coinbase for recently listing privacy layer Keep Network (KEEP), after the top crypto exchange abruptly added support for four crypto assets.
With Coinbases last Pro additions, including Shiba Inu, there was one which held true to the core of crypto and that is the Keep Network!
Swope notes that the KEEP listing on Coinbase Pro coincides with the approval of the Keanu proposal which will see the Keep Network and decentralized cryptography network NuCypher (NU) merge.
The crypto trader adds that this merger could allow Coinbase to support tBTC an open-source project which allows the use of Bitcoin on Ethereums decentralized finance (DeFi) applications.
Coinbase Pro has added the Keep Network, just after the Keanu proposal passed. Coinbase has mentioned they are looking to add tBTC for some time. Last October, they said they were looking at it for custody and then in December, it was actually added to custody, along with NuCypher.
So by combining the two networks, NuCypher and Keep, the tBTC v2 node network will be robust and big enough, AKA decentralized enough, for Coinbase to move tBTC to the pro exchange and finally to their regular application.
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This Little-Known Altcoin Could Be Next To Debut on Coinbase, According to Crypto Trader Tyler Swope - The Daily Hodl