Trader Elliot Wainman believes Ethereum, Cardano, and three other altcoins have "great potential" in the coming weeks

As the entire crypto market continues to rally and Bitcoin hovers inside the $47,000 range, crypto analyst and influencer Elliot Wainman is throwing a focus on a handful of altcoins he believes are poised to explode in the coming weeks.

Wainman tells his 347,000 YouTube subscribers in a new strategy session that Ethereum (ETH) will likely continue to rally because it hasn't gotten close to its former high before the May slump.

Ethereum will experience a big supply shock, according to Wainman, as it moves closer to attaining a proof-of-stake consensus mechanism and continues to deploy its EIP-1559 update.

“ETH is on the verge of bursting into flames. The switch to proof of stake will amplify this, and it's worth noting that EIP-1559 isn't even supported by MetaMask, let alone all of the big DApps. We haven't seen anything yet, even though this has been an incredible supply shock thus far...

Ethereum's institutional investment product market share is quickly increasing... Ethereum is set for an institutional-powered rise, as we've been forecasting since the beginning of 2020, in which Ethereum will begin to threaten Bitcoin's actual market cap.”

The EIP-1159 upgrade, which went live on August 5th, adds a fee-burning mechanism to the Ethereum network, which eliminates a set amount of ETH from the circulating supply each time a transaction is completed.

The proof-of-stake upgrade, which is anticipated to go live in the coming months, will indicate a movement away from mining and toward staking on the Ethereum network, according to some analysts.

Cardano (ADA) will also continue to rise, according to Wainman, following the formal announcement of a September 12th launch date for complete smart contract capability on the Cardano blockchain.

“Charles Hoskinson delivered the bombshell that smart contracts will be enabled on Cardano on a specific date... People will now begin to use ADA to gain access to the vast universe that lies on top of Cardano.”

Investors should also keep an eye on Cardano-based assets, which, according to the expert, will likely perform well as smart contracts gain traction.

Wainman then moves on to the DeFi protocol and the SushiSwap decentralized exchange platform (SUSHI). SushiSwap is creating a marketplace for non-fungible tokens (NFTs), according to the trader.

Wainman then goes on to discuss Terra (LUNA), a stablecoin-focused lending and borrowing platform. LUNA's recent gain, according to Wainman, is likely not done, as he feels a Coinbase listing for the asset is imminent.

Finally, Wainman brings up Quickswap (QUICK), a stock he's been watching since August 7th.

On the Polygon network, Quickswap is the most popular DEX (decentralized exchange). Because it competes with big DEX competitors such as SushiSwap and Uniswap in terms of number of users and transactions, Wainman believes QUICK's market valuation of $273 million is undervalued.


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