Veteran Crypto Trader Says One ‘Extremely Bullish’ Altcoin Will Significantly Outperform Ethereum This Year
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 toward Ethereum’s $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. I’m expecting Solana to catch up several multiples worth towards Ethereum’s 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 Ethereum’s current market capitalization.
The trader points out the fact that Solana does not need to catch up to Ethereum’s 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 we’ll see new highs again… New highs Q3 but they won’t 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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Author: Daily Hodl Staff