Six mid-to-large cap altcoins, according to a renowned crypto analyst and trader, will likely shine brighter than Bitcoin (BTC) in the next months.
Capo, a pseudonymous crypto expert, tells his 173,000 Twitter followers that he anticipates significant movements from the smart contract platform Cardano (ADA).
ADA is now trading at $2.28, almost the same as it was a week ago, after recovering from a low of $2.13 on Wednesday.
Capo, who bases most of his research on Elliot Wave theory, believes ADA and a number of other crypto currencies are at the beginnings of a new altcoin season. Elliot Wave theory is a kind of technical analysis that seeks to forecast future price movements by detecting collective trader psychology as it manifests itself on charts in waves.
As one indication of what's to come, he refers to a fresh bull wave that seems to be beginning in the Altcoin Perpetual Futures Index. "The positive trend in ALTPERP is also intact." It's also creating a possible cup and handle, with a very long minimum extension. Perhaps the w3 is beginning here since many cryptocurrencies are beginning their w3.
COTI, an enterprise-grade platform that enables businesses to create their own payment systems and digitize any form of money using the networked datastructure protocol Trustchain, is next on the analyst's list. COTI is now valued at $0.52, down 14% from $0.60 a week ago, according to CoinGecko.
Fetch.ai, a decentralized machine-learning network, comes next. The FET token is now worth $0.75, a 35% decrease 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 currencies that seem to be on the verge of overtaking Bitcoin. SAND, the platform's native token, is intended to enable users to monetise their gaming experience. According to CoinGecko, SAND is now trading at $0.79, having fluctuated between $0.76 and $0.88 since last Friday.
Verasity, an eSports and blockchain-based video entertainment system, is the last on Capo's list. Its native token VRA has increased by 60% in the last week to $0.05, with a 30% increase in the previous 24 hours.
Capo goes on to describe why he believes a new altcoin season is on the way in a long post. According to him, Bitcoin seems to be aiming towards the six-figure threshold.
"During bull markets, money tends to migrate from Bitcoin to altcoins because people are greedy and constantly want to make more money."
Bitcoin is now confirming the bullish situation, and $100k and greater goals are probable in the next months. This would provide the ideal environment for individuals to feel at ease and begin speculating on cryptocurrencies."
He also sees indications that Bitcoin's dominance of the entire crypto market cap will wane, but he warns of the possibility of a significant drop in early 2022, which may terminate both the altseason and the broader crypto bull cycle.
"There is a significant concealed bearish divergence present, and the green support is weakening."
In my view, it will take the 2018 lows (36.50 percent) to finish the altseason.
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