The cryptocurrency market has entered the year 2021 fast, and many cryptocurrencies have reached new record levels.
For now, we can say that the performance of the leading cryptocurrencies is slowing down. For this reason, investors are turning their attention to cryptocurrencies that are ready to explode at any moment or tokens with smaller market values. Trader and influencer Elliot Wainman created a token list based on this view.
Wainman believes that Bitcoin has lost its dominance in the market due to new projects that attract investors’ attention. Due to bitcoin’s price drop, the trader believes that the leading cryptocurrency’s market dominance will continue to decline in favor of altcoins. The trader thinks that the “altcoin season” will happen very soon.
In addition, the analyst evaluates it as “absurd” that Bitcoin has the greatest dominance and the most volume in the crypto market. Therefore, he believes that the decentralized protocols that make up the Ethereum DeFi ecosystem will cause Bitcoin’s dominance to drop to 10% or 20%. Among the tokens that Wainman thinks will take a share of Bitcoin’s dominance and reap huge profits: AAVE, ChainX, 88mph, Injective Protocol, THORChain, KeeperDAO, Hegic, AP13, GNY, REN. The analyst said:
“Look at 88mph (MPH). 300% increase against Bitcoin. Injective (INJ) has increased 60% against Bitcoin in seven days. THORChain (RUNE) rose 33% against Bitcoin. One of my favorites, KeeperDAO ROOK, has increased 100% against Bitcoin. ChainX (PCX) increased by 42%. Hegic increased by 52%. API3 has increased almost 200% against Bitcoin. ”
The Fear / Greed Index is another indicator that marks the beginning of the “altcoin season”, according to Wainman. The indicator in question has returned to the October 2020 levels and signals that the bull run may “expand” for altcoins. Therefore, the analyst advises investors to enter the projects mentioned above early before entering the mainstream.
“Altcoin season is here. Altcoin dominance is growing. We have a declining index of crypto fear and greed. We definitely have explosive NFTs (non-exchangeable tokens), which is very exciting for me. “