Cardano and Five Altcoins Set To Outperform Bitcoin As New Phase of Market Cycle Begins, Predicts Crypto Strategist
A popular crypto strategist and trader says six mid-to-large cap altcoins will likely shine brighter than Bitcoin (BTC) in the coming months.
The pseudonymous crypto analyst known in the industry as Capo tells his 173,000 Twitter followers that he expects big moves from the smart contract platform Cardano (ADA).
ADA is currently trading at $2.28, virtually the same from a week ago after battling back from a low of $2.13 on Wednesday.
Capo, who uses Elliot Wave theory for much of his analysis, says ADA and a number of additional crypto assets appear to be at the start of a fresh altcoin season.
Elliot Wave theory is a form of technical analysis that aims to predict future price movements by identifying collective trader psychology that appears on charts in waves.
He points to a new bull wave that appears to be starting in the Altcoin Perpetual Futures Index as one sign of what’s to come.
“ALTPERP bullish trend is intact too. It’s also forming a potential cup and handle, whose minimum extension is very high. Maybe the w3 is starting here because many altcoins are starting their w3.
Capo is also looking for NOIA, the native token of the Syntropy ecosystem, to outperform BTC in the weeks and months ahead. Syntropy is an open-source protocol aimed at improving the internet via encryption and optimized performance. NOIA is priced at $0.40 at time of writing, up 14% over the past week, according to CoinGecko.
Next on the analyst’s list is COTI, an enterprise-grade platform that allows organizations to build their own payment solutions and digitize any form of currency using the networked datastructure protocol Trustchain. CoinGecko pegs COTI at $0.52, down 14% from $0.60 a week ago.
Next up is the decentralized machine-learning network Fetch.ai. The FET token is valued at $0.75, down 35% from its all-time high of $1.17 in early September.
The Ethereum-based virtual world known as The Sandbox is also on Capo’s list of coins that appear ready to outrun Bitcoin. The platform’s native token SAND is designed to allow users to monetize their gaming experience. SAND currently sits at $0.79, having ranged between $0.76 and $0.88 since last Friday, according to CoinGecko.
Last on Capo’s list is the eSports and blockchain-based video entertainment protocol Verasity. Its native token VRA is up 60% over the last week to $0.05, including a 30% surge over the past 24 hours.
Capo further explains in a lengthy thread why he’s seeing a new altcoin season in the making. He says Bitcoin appears to be targeting the six-figure mark.
“During bull markets money tends to flow from Bitcoin to altcoins, because people [are] greedy and always want more profits.
Now Bitcoin is confirming the bullish scenario, and $100k and higher targets are likely to happen in the next few months. This would create the perfect scenario for people to get comfortable and start speculating on altcoins.”
He is also seeing signs that Bitcoin’s dominance of the overall crypto market cap will lower but does warn of the potential of a major correction in early 2022, which might end the altseason as well as the overall crypto bull cycle.
“Huge hidden bearish divergence showing up, and the green support is getting weaker.
In my opinion, it will take the 2018 lows (36.50%) and the altseason could end there.”
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Author: Daily Hodl Staff