A widely followed crypto strategist believes that four altcoins running on the Ethereum ($ETH) network could outperform the broader crypto markets in the next leg up.
Psuedonymous analyst Altcoin Sherpa tells his 194,500 Twitter followers that he has his radar locked on cross-chain bridge protocol Stargate Finance ($STG).
While the crypto trader is bullish on $STG, he believes that it could pull back to as low as $0.72 before surging. Although the crypto trader thinks that $STG has a good chart, he says he’s considering to accumulate the altcoin at lower prices.
“$STG: chart looks good + they just did a $3 billion raise and have the layer zero token coming out soon. Should increase overall value proposition + volume on it.”
At time of writing, $STG is trading for $0.79.
Altcoin Sherpa is also keeping an eye on the governance token for the Frax Share (FXS) stablecoin protocol.
“FXS: just a really good decentralized finance project, look into it.”
Next up is layer-2 protocol Arbitrum ($ARB), which he thinks could still see lower prices even though he believes it is already trading below its fair value.
“$ARB: undervalued in my opinion in terms of overall usage with total value locked, overall trading volume, etc compared to its competitors.”
At time of writing, $ARB is worth $1.19.
The last $ETH-based altcoin on the trader’s list is Liquity (LQTY), a decentralized borrowing protocol that allows users to take loans using $ETH as collateral. According to Altcoin Sherpa, he’s waiting to see how LQTY reacts after Ethereum launches the Shanghai update, an event that will allow stakers to withdraw their $ETH stacks for the first time.
“LQTY: we will see what happens with Shanghai, other LSD [liquid-staking derivatives] could be good too.”
At time of writing, LQTY is trading for $2.32.
decrypt.co
u.today
coindesk.com
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