Top Trader Says Four Ethereum-Based Altcoins Could Surpass In Next Crypto Rally – But There’s A Catch
A widely followed crypto strategist believes that four altcoins running on the Ethereum (ETH) network could outperform the broader crypto markets in the next stage.
Pseudonymous analyst Altcoin Sherpa tells his 194,500 Twitter followers that he has his radar locked on the Stargate Finance (STG) cross-chain bridge protocol.
While the crypto trader is bullish on STG, he is mean that it could retreat to as low as $0.72 before rallying. Although the crypto trader believes STG has a good chart, he says he is considering picking up the altcoin at lower prices.
“STG: chart looks good + they just did a $3B raise and created zero token coming out soon. Should boost overall value proposition + volume on it.”
At the time of writing, STG is trading at $0.79.
Altcoin Sherpa also keeps an eye on the governance token for the Frax Share (FXS) stablecoin protocol.
“FXS: just a really good decentralized finance project, look into it.”
Next up is Layer-2 Protocol Arbitrum (ARB), which he believes could still see lower prices even though he believes it is already trading below fair value.
“ARB: undervalued in my opinion in terms of total usage with total value locked, total trading volume, etc compared to the competition.”
At the time of writing, ARB is worth $1.19.
The last ETH-based altcoin on the trader’s list is Liquity (LQTY), a decentralized lending protocol that allows users to take out loans with ETH as collateral. According to Altcoin Sherpa, he is waiting to see how LQTY reacts after Ethereum launches the Shanghai Update, an event that will allow stakers to withdraw ETH stacks for the first time.
“LQTY: we’ll see what happens with Shanghai, other LSD [liquid-staking derivatives] can also be good.”
At the time of writing, LQTY is trading at $2.32.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and trades are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
