The growing rate of adoption of cryptocurrencies is a likely sign of future stability especially for altcoins. Even though altcoins haven’t recorded significant rise or gain as in the case of bitcoin, analysts claim that they are now brewing considering it’s adoption and investment rate.
To analysts, Bitcoin’s dominance is dropping as it’s prices are hiking at a rapid pace. This price hike is rising rapidly and chances are that there will be more high hikes in the future. This should automatically imply a huge alt season.
Recommendations To Watch For
Altcoins are virtual currencies, an alternative to Bitcoin that builds on the success of Bitcoin by slightly changing the rules to appeal to different users.
Recently, crypto analysts have expressed a wide range of opinions concerning altcoins incoming boom since Bitcoin’s dominance is slowly declining.
An instance is the view of Nicholas Merten; a trader and founder of DataDash saying the altcoin cycle has arrived.
This Trader and DataDash founder, Merten, has unveiled some of his top crypto picks for this year as poised to outpace Bitcoin soon as the new altcoin season emerges.
According to Merten, In a new installment of DataDash, he reveals his top pick as Uniswap, dHedge DAO (DHT), Chainlink (LINK/BTC). Polkadot (DOT/BTC), Cardano, (ADA/BTC)
To another trader, specifically according to Austin Arnold; there are none (9) potentially explosive crypto assets that he has recommended that eyes should watch for this season and even this year; 2021.
His lead pick is the smart contract platform, Ethereum (ETH), followed by three blue-chip decentralized finance (DeFi) coins, peer-to-peer lending protocol Aave, borrowing and lending platform Compound (COMP), and stablecoin governance token Maker (MKR), Compound-based lending and borrowing DApp Cream Finance (CREAM), yield aggregator yearn finance (YFI) and Polkadot (DOT), which according to Arnold, is currently on fire.
The above are compilations of varied thoughts with the currencies mentioned being similar to those, other analysts have called traders and enthusiasts attention to.
Bitcoin Is Paving Way For Altcoins
There are varieties of reasons for the incoming boom for altcoins, why Bitcoins seems to be unconsciously paving way for altcoins and some of them are;
First, the scalability of currencies always matter and as such, altcoins’ scalability will matter once investment is considered
Second, experts believe that the prices of Bitcoin will surpass the $50,000 in 2021 hence creating an impact on the prices of Altcoins like Ethereum. Investors will have to shift their investments from the Bitcoins to the Altcoins in order to gain a higher yield.
Also, Ethereum has been predicted to reach $2K in 2021 and this is a reason why it might be preferable to Bitcoin.
Again, Bitcoin’s limited number is also a reason why altcoins are likely to rise this season. Due to Bitcoin’s high demand, its availability in the market will be less hence paving way for it’s alternatives.
In the past few weeks, the circulation of Ethereum and other Altcoins has increased a lot. Ethereum, being the Altcoin with the largest influence and adoption is fastly rising and gaining grounds indepthly.
So far and even till early 2021, it has been all about Bitcoin but we doubt if the dominance of this almighty coin will keep remaining so. With the growth rate of these altcoins, they are likely to go up the ranking order and may soon become crypto users favorite digital currency.
Disclaimer: Opinions expressed here are not investment advice. Investors should conduct their personal research or seek advice from financial experts before making any high-risk investments in Bitcoin, cryptocurrency or any digital assets. Transfers and trades are at personal risk, and loses is at the individual’s peril. Coinstituency does not recommend the buying or selling of any cryptocurrencies or digital assets, nor are they to be taken as investment advisors.
Duru Joselyn is a content creator, writer, self development coach and news analyst. She specifically enjoys writing on anything pertaining to cryptocurrency and the blockchain industry. Joselyn is a fun loving Nigerian who not only has a flair for giving information updates; she also enjoys a variety of outdoor activities especially traveling and photography.