The performance of the leading cryptocurrencies has slowed down. Investors are therefore turning their attention to cryptocurrencies or tokens with smaller market caps that are ready to explode at any moment. Trader and influencer Elliot Wainman shared his list of these tokens, with the focus being on Ethereums DeFi.
Wainman believes that Bitcoin has lost its market dominance due to new projects that have caught the attention of investors. Due to Bitcoins price decline, the trader believes that the market dominance of the first cryptocurrency by market cap will continue to decline in favor of altcoins. The trader believes that the “alt season” is right around the corner, and explained:
As people started to get too bearish yesterday, I started to get quite bullish. When people were overextended on Bitcoin, I was looking at the altcoins. This is the nature of predicting the next move and being a step ahead of the game. That‘s how you don’t just get a little 20%, 30% pump. Thats how you get those Xs and gains.
Ethereums DeFi will offer the highest profits
In that sense, the trader thinks it “nonsense” that Bitcoin has the greatest dominance and most capitalization of the crypto market. Therefore, he believes that the innovations and technology of the decentralized protocols that make up the Ethereum DeFi ecosystem will cause Bitcoins dominance to fall to 10% or 20%.
Among the tokens that Wainman considers will take a share of Bitcoins dominance and will throw big profits are: AAVE, ChainX, 88mph, Injective Protocol, THORChain, KeeperDAO, Hegic, AP13, GNY, REN. The trader stated:
Look at 88mph (MPH). Up 300% against Bitcoin. Injective (INJ) up 60% against Bitcoin on the seven-day. We have THORChain (RUNE) up 33% against Bitcoin. KeeperDAO ROOK, one of my favorites, up 100% against Bitcoin. ChainX (PCX) up 42%. Hegic up 52%. API3 up almost 200% against Bitcoin.
The Fear/Greed Index is another indicator that points, according to Wainman, to the beginning of the “alt-season”. The metric has returned to its October 2020 levels and is signalinh that the bull run for altcoins could “extend”. Thats why he advised investors to make an early entry into the aforementioned projects before they get into the mainstream.
Altseason is here. Altcoin dominance is growing. We have a subsiding crypto fear and greed index. We have NFTs (non-fungible tokens) absolutely booming which is super exciting for me… Usually, when you hear so many people being super skeptical and you really see the fundamentals, it could be, not always, but it could be an indicator that youre on to something and that the dividends for this bet will pay out dramatically.