According to Shubham Pandey, altcoins have been outperforming Bitcoin lately, especially after the market crash on September 7. For example, the dominance of the world’s largest cryptocurrency has taken a hit, at 41% at the time of writing. Dropped just over 4. On the contrary, the market has seen other well-established cryptos ADA and ETH rise. Do these findings mean anything? Analyst Shubham Pandey answers…
This could be an “Altcoin bear” according to BlockchainCentre
This view is a belief held by many crypto investors. It is sung not only by fans, but also by former White House employees. More specifically, a former White House Press Secretary relies heavily on some altcoins. In an interview with CNBC, SkyBridge Capital CEO Anthony Scaramucci claimed to be bullish on Ethereum, Cardano (ADA) and Algorand. He said the reason is because altcoin projects have “great use cases”:
I felt like the El Salvador news had peaked as a result. There was too much leverage in the system and too much leverage had been padded out of the system in the last 48 hours. Having said that demand and fundamentals continue.
According to the former White House employee,
A lot of great things are happening in this space… As more digital applications take place, some of these altcoins, things like Algorand or Cardano or Ethereum, will continue to rise because there are some really cool use cases for them.
According to Anthony Scaramucci, this altcoin could be a store of value
However, Scaramucci, a longtime Bitcoin supporter, added that Ethereum could be on its way to becoming a “store of value” asset:
I think there is a huge market for Ethereum and I predict that Ethereum has good fundamentals and will grow.
But that wasn’t all. For months, there have been a few concerns about the altcoin’s lack of institutional adoption, despite ETH’s price performance. But that could soon change, with Scaramucci answering a question by claiming:
Could we have an Ethereum fund in the future? Yes, we definitely can. Everything you say is true for NFTs, and the technology around Ethereum will make it a sticky cryptocurrency, a store of value, and something people will transact with.
Besides BTC and ETH, another altcoin: Cardano (ADA)
According to experts, Cardano is understandably another altcoin project that the executive is excited about. These expectations are warranted as we wait for ADA to reach new ATHs recently and on the 12th, Alonzo mainnet upgrade. However, it is worth noting that the manager seems particularly optimistic for the 17th-ranked Algorand (ALGO). At the time of writing, it was trading well above $2 after a weekly gain of over 75%. In fact, the SkyBridge Capital chief even tweeted about the alt and commented:
It was SolanaYaz. Will it be AlgoAutumn now?
However, he was not the only one who shared such feelings. Mike Novogratz said:
What are all the great things about ALGO. The graphic looks good. Definite and against other L1s.
Moreover, according to Jason Choi of Spartan Group,
The price of ALGO has gone far beyond the base values for now, with a dramatic increase in OI as the craze began.
Needless to say, Cryptocoin. com if the altcoins mentioned above continue to follow their price trajectories, the “Altcoin bear” may well and truly be here.