Top 7 small cap altcoins with huge potential, says analyst George Tung

In the recent video, crypto KOL George Tung from CryptosRUs discussed 7 altcoins under $150M in market cap that he believes are poised to explode.

top-7-small-cap-altcoins-with-huge-potential-says-analyst-george-tung

Rally (RLY)

Rally (RLY) is the first altcoin on the list, a decentralized network for creators to monetize and align themselves with their community. As a community-owned network, the community is in charge of making the decisions for how the network evolves, not the Rally team itself.

“This is a brilliant idea! It’s a very easy way for creators to basically launch a token and interact and engage with their fans”, the trader says.

Moreover, excitingly, Rally recently launched a cryptocurrency dubbed Creator Coin that will help influencers, content creators, and streamers run their own virtual economies. The analyst also cites the news that Grammy-winning artist Portugal.The Man has also joined as a coin partner.

“All these entities have big followings and they’re adopting Rally”.

Terra Virtua (TVK)

Next on the list is Terra Virtua (TVK). Terra Virtua is a cross-platform non-fungible token (NFT) ecosystem that offers a curated marketplace for NFT creators and collectors to interact. The Terra Virtua Kolect platform spans web, PC, and mobile AR/VR environments.

“Terra Virtua has launched a line of Godzilla vs. Kong NFT collectibles created in collaboration with film production giant Warner Bros. — among the first-ever NFT drops to coincide with the release of a major film”, Tung says.

He further adds that if there is anything more than places Terra Virtua uniquely in the NFT and blockchain space, it is the partnerships the project has bagged over the last 3 years, including Paramount Pictures, Legendary Entertainment, and more in the space.

Revv (REVV)

Next on Tung’s radar is Revv (REVV). REVV is designed to leverage the blockchain assets concept of interoperability, wherein a token can be utilised across multiple connected products.

“Revv is specifically created for games. Having one utility token for multiple game titles offers various benefits to players and game publishers and will encourage players to explore the other games that are part of this connected ecosystem, and has the additional potential benefit that any content or tokens could increase in utility as the larger token ecosystem expands”.

Tung also shares his bullish view on the coin that given the current strong fundamental grounds, the coin will pump to the moon really soon.

Nuls (NULS)

Nuls (NULS) is the next potential low market cap altcoin on the video.

NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.

“The coin has been finally climbing, crawling up and they’re finally above 100 million, 127 million to be exact, and you know what, hopefully, they could continue to momentum and gain and go back to their previous highs”, Tung says.

Frontier (FRONT)

Next on the list is Frontier (FRONT), a chain-agnostic DeFi aggregation layer.

“To date, the coin has added support for DeFi on Ethereum, Binance Chain, BandChain, Kava, and Harmony. Via StaFi Protocol, they also enter into the Polkadot ecosystem, and will put vigorous efforts towards Serum”, he says.

EasyFi (EASY)

The sixth altcoin is EasyFi (EASY), a universal layer 2 lending protocol built for DeFi focused on scalability, composability, and adoption.

Tung points out that the one of the most interesting features is that the network design is ethereum compatible and blockchain agnostic that facilitates the expeditious settlement of assets over different blockchain networks while retaining custody with the asset owner’s network.

Bepro (BEPRO)

Lastly, the crypto KOL lists out Bepro (BEPRO), a utility token that enables token holders to setup applications on BEPRO, participate in the network, and earn token rewards by providing value.

The trader says that BEPRO Network Staking on Kucoin has been increased recently as the previous hardcap of 330M BEPRO has been increased to 430M BEPRO.

He also comments that although this is still an early coin, looking at the technology, communities and its partnerships, he believes that this coin would soon begin its rally.

The city of Jackson is shaping up to be Tennessee’s cryptocurrency hub
the-city-of-jackson-is-shaping-up-to-be-tennessees-cryptocurrency-hub

The city of Jackson is shaping up to be Tennessee’s cryptocurrency hub. In the coming weeks, Mayor Scott Conger will form a blockchain task force to explore how to adapt the novel asset class.

Following Miami’s example, Jackson mayor Scott Conger plans to integrate cryptocurrencies into his city

Conger told that his plan is to encourage the use of cryptocurrency by incorporating it into the city:

“The plans are very simple right now. We want to encourage the use of cryptocurrency. I want to get people with a much greater knowledge of blockchain, than myself, in the room to discuss how we can incorporate cryptocurrency into our city.”

In 2020, Tennessee state representative Dennis Powers introduced a bill that calls for an in-depth study of blockchain technology, focusing on its use cases in banking, payments, lending, and other industries.

Jackson is the eighth largest city in Tennessee, but the rest of the state might be tempted to follow its lead due to exploding cryptocurrency adoption. Last week, the Bobby Hotel, one of the most popular hotels in Nashville, added cryptocurrency payments, a first for the state capital.

Conger says that he is taking pointers from Miami Mayor Francis Suarez, who is determined to refashion the South Florida city as the world’s biggest Bitcoin hub.

In February, city commissioners voted to explore Suarez’s proposal to pay municipal employees in Bitcoin and invest a portion of the treasury into the cryptocurrency. Should they proceed with the audacious plan, Miami would easily become the most crypto-forward city in the U.S.

In a March interview, Suarez also mentioned that he wanted to turn Miami into a Bitcoin mining hub, offsetting China’s dominance in the industry. Meanwhile, crypto exchange FTX recently scored a deal to rename Miami Heat’s AmericanAirlines Arena to FTX Arena.

Signal Turns Into Noise With MobileCoin Integration
Signal Turns Into Noise With MobileCoin Integration 101
Source: Adobe/natanaelginting

Private messaging app Signal, which is also popular among crypto users, announced they’re launching payments using MobileCoin (MOB). But then things turned sour.

Per the April 6 announcement, this is a beta feature in Signal Beta, available to the United Kingdom folks for testing and feedback purposes. They plan to expand the beta following more feedback.

Privacy-focused payments network MobileCoin, which uses the Stellar (XLM) Consensus Protocol (SCP) to synchronize a ledger, is the first payments protocol for which Signal added support, enabling a MobileCoin wallet to be linked to the messaging app in order to send/receive funds, monitor balance, and review transaction history. It’s currently possible to convert to/from the MOB token on crypto derivatives exchange FTX, with other exchanges coming soon, they added.

Signal does not have access to a user’s balance, full transaction history, or funds, they claimed, while users can transfer their funds “at any time” if they want to change services. Per Business of Apps data, Signal had 40m users in January this year.

But the reaction to this rollout wasn’t entirely positive. Some claimed that Signal is “dabbling in shitcoin pump,” and others added that Signal “has alienated all Bitcoiners” with this move.

just setting up my twttr

— jack (@jack)

Other criticism includes comments that Signal creator Moxie Marlinspike is using Signal to pump his MOB bag. Marlinspike has also been a technical adviser for MobileCoin.

However, he told WIRED that neither he nor Signal own any MOB tokens.

In 2018, the project announced a fundraising round led by Binance Labs for USD 30m denominated in ethereum and bitcoin. Per TechChrunch, the payments network recently raised USD 11.35m in funding across two rounds from Future Ventures and General Catalyst.

Furthermore, Marlinspike is listed as Chief Technology Officer in the MobileCoin whitepaper.

And speaking of the whitepaper, developer Tadge Dryja said that he found a MobileCoin whitepaper, which is reportedly just a copy of the ‘Zero to Monero’ paper with a few changes.

Others made similar allegations, such as Riccardo Spagni, the former lead maintainer of Monero.

just setting up my twttr

— jack (@jack)

BlockTower Capital founder Ari Paul, however, commented that MobileCoin is not a fork of Monero, and that Spagni’s claims can’t be used as proof to the contrary as he’s “an altcoin [developer] criticizing competition.”

This was a part of a longer technical discussion and disagreement over the project’s specifics.

Per Marlinspike himself, “Signal chose to integrate MobileCoin because it has the most seamless user experience on mobile devices, requiring little storage space on the phone and needing only seconds for transactions to be confirmed.”

The market situation caught the eye of analysts and traders, including Eric Wall, the Chief Investment Officer of the crypto hedge fund outfit Arcane Assets, who likened MobileCoin to an inedible footlong sandwich filled with a bunch of random ingredients.

just setting up my twttr

— jack (@jack)

At 14:32 UTC, MOB trades at USD 40 and is down by 38% in a day, erasing almost all its weekly gains. The price is still up by 648% in a month.

Prepare Your Crypto Startups as Binance is Shopping
Prepare Your Crypto Startups as Binance is Shopping 101
Source: a screenshot, Instagram/binance

Major crypto exchange Binance plans to do about three acquisitions every month, according to CEO Changpeng Zhao (aka CZ).

Binance is “actively doing acquisition deals, especially in a lot of these new areas. My view is I’m not an expert in these areas, and it’s better for us to find strong teams that are already doing this well,” he told Bloomberg.

And the future, per the CEO, holds quite a few of these deals as well. CZ said that,

“We plan to do somewhere between 20 and 30 acquisitions a year. Most are smaller acquisitions—we don’t announce them. Some will be bigger ones like CoinMarketCap, but we do plan to do about 30 acquisitions each year, which probably means about three deals every month now.”

The CEO did not elaborate on potential acquisition targets.

As reported, responding to speculations in South Korean media that Binance might be among potential buyers of the Bithumb exchange, Binance said that they are “always open to considering strategic partnerships and investments at any given time.”

Meanwhile, in their recent M&A report, major consultancy company PwCsaid they expect to see further consolidation in the industry with some of the larger, well-funded, or profitable firms continuing their M&A activities.

“We expect the focus to be not on the acquisition of smaller competitors but rather of firms that offer ancillary services to their current offering (e.g. crypto media, data, compliance, research),” they added.

On multiple occasions, Binance stressed that they’re building “the infrastructure for the blockchain ecosystem.” They control both custodian and non-custodian crypto exchanges, develop Binance Smart Chain, own a token launch platform, have their own investment arm, an incubator for blockchain projects, provide digital asset research services, have their own crypto wallet, operate a charity foundation, and recently introduced a crypto pay service.

Also, in the interview, CZ went on to discuss some other potential plans. Unlike its competitor Coinbase, which has filed for a direct listing, Binance is “right now […] not looking at an IPO.” The CEO said that the company is cash-sufficient and able to grow itself, adding: “We don’t need a huge amount of money, we are profitable, and we are growing.”

On the other hand, as non-fungible tokens (NFTs) are all the rage now, Binance “may look at doing something there,” said the CEO.

Besides that, they plan to add more fiat channels, saying that the exchange added about 50 different channels worldwide last year, and that they could “probably add another 30 or 50 more this year.”

As for financial metrics related to the company in terms of growth, CZ claimed that they don’t have “a lot of specific numbers.” The numbers change quickly based on bitcoin (BTC) price, he said, adding that, as the company is lowering fees across various places, it’s too early in the year to estimate the revenue. But the volumes “have grown quite a bit” in the first two months of this year, the CEO said.

In December 2020, he said that the company expects to have profits of USD 800m to USD 1bn in 2020, up from about USD 570m in 2019.

Also, Binance is making a number of “fairly large expansions” in different areas, including the Binance Card – which is actually losing money, he said. This is fine though, he argued, “because we want to get that product out.”

As to whether Binance would eventually becoming a DAO (decentralized autonomous organization), the CEO said “it’s possible, but it’s going to take a number of years.”

In the meantime, as reported, Binance is being investigated by the US Commodity Futures Trading Commission over concerns that it allowed Americans to place wagers that violated US rules.

Ripple Digs For XRP Gem That Might Help Win Against SEC
Ripple Digs For XRP Gem That Might Help Win Against SEC 101
Source: Adobe/Wit

The court opened doors for blockchain company Ripple to examine the US Securities and Exchange Commission (SEC) documents showing their internal discussions about whether the Ripple-affiliated XRP is similar to cryptos like bitcoin (BTC) and ethereum (ETH), which are not considered to be securities.

“I’m going to grant in large part the defendants’ motion,” said US Magistrate Judge Sarah Netburn, as reported by Law360. While staff-to-staff email communications would not have to be produced, documents such as the SEC minutes and memos “expressing the agency’s interpretation or views” on crypto are likely discoverable.

Before the ruling, CEO Brad Garlinghouse’s counsel Matthew Solomon argued that, should the defendants find information suggesting the SEC thinks or thought that XRP was similar to bitcoin or ether,

“it could be “game over” for the whole case since the SEC isn’t in the business of regulating products that are not subject to the securities laws.”

On their part, the SEC counsel Dugan Bliss argued that the defendants are attempting to put the commission “on trial” and place focus on its plans, as opposed to Ripple’s allegedly unlawful conduct.

This document access is highly relevant for Ripple in this ongoing case in which the SEC argues that XRP is an unregistered security (among other claims) – as Ripple argued before that the regulator’s filing “based on an overreaching legal theory, amounts to picking virtual currency winners and losers as the SEC has exempted bitcoin and ether from similar regulation.”

Prior to the SEC’s complaint, “no securities regulator in the world has claimed that transactions in XRP must be registered as securities, and for good reason,” they said, adding that during a meeting with companies working with XRP, “even when asked, the SEC did not state that it considered XRP to be a security.”

Per a report on an earlier discovery hearing, the judge also stated that XRP has a currency value and utility – which an attorney who claims to have attended a court hearing (but is unrelated to the case), Jeremy Hogan, argued is opposite of a security.

On April 6, Hogan shared a 2016 cease-and-desist order that described the firm as a “digital currency company.”

(2/2) Apparently the SEC agreed with FinCen – at least back in 2016! The SEC must now explain to the Court how a “digital currency” transformed to a “digital security.” That explanation is part of the batch of documents the parties will be fighting over today.

PS. Happy Tuesday!

— Jeremy Hogan (@attorneyjeremy) April 6, 2021

Last week, Ripple scored a legal victory of sorts, when a judge agreed to redact the contents of an email exchange between Garlinghouse and an unnamed individual about the company’s venture capital operations, as well as two unnamed parties debating how XRP is conceived by the general public. Also, per a recent report on a discovery hearing, the SEC’s lawyer allegedly implied that exchanges wouldn’t be violating securities laws by relisting XRP.

At 8:35 UTC, XRP is up to the fourth place by market capitalization. It is almost unchanged in a day after it skyrocketed by 72% in a week, now trading at USD 0.97.

Swedish Central Bank Wants ‘Market Actors’ to Join Next Stage of CBDC Pilot
Swedish Central Bank Wants ‘Market Actors’ to Join Next Stage of CBDC Pilot 101
Source: Adobe/romaset

Sweden’s central Riksbank is forging ahead with its e-krona pilot project, and has outlined the next steps it wants to take – putting it on track to become the first European nation to roll out a central bank digital currency (CBDC).

The Riksbank has been bullish about issuance, but will still have to convince politicians in the country to grant it the legal powers to proceed with its plans. However, in a new “phase one” report from the bank, described by Bloomberg as “essentially the most advanced exploration of a post-cash era to be undertaken by a major, western economy,” the Riksbank spoke of how it was making use of R3’s Corda blockchain platform and distributed ledger technology innovations.

Now the Riksbank says it will spend at least another year exploring technical solutions after extending its existing contract with Accenture.

During that time, it will seek to do the following:

  • Involve “market actors” – presumably private sector firms and commercial banks – which will be invited to take part to see if their internal systems can be successfully integrated with the prototype CBDC
  • Develop offline functionality, a feature already being built into the Chinese digital yuan, and a key point for accessibility
  • Develop more storage solutions, which could involve third-party CBDC wallet providers, such as commercial banks
  • Develop a more efficient payments infrastructure and integrate with existing point of sale (PoS) terminals
  • Boost performance and scalability
  • Evaluate and analyze its CBDC’s performance and network infrastructure progress, a step that will involve the “division of responsibility among participants”

Bloomberg quoted Mithra Sundberg, the head of the Riksbank unit charged with conducting the pilot, as stating that the bank has “looked at the technical possibilities of being able to charge interest,” although possible “monetary policy ramifications” have not yet been examined.

The Riksbank CBDC model is a two-tier approach whereby it would issue, redeem and destroy tokens as it sees fit, with intermediaries (namely commercial banks and payments providers) distributing the CBDC to both businesses and individuals.

The report’s authors appeared to be aware of the potentially thorny user data-related issues likely to lie ahead. Critics of CBDCs in other countries say they are worried too much of their spending anonymity will be compromised by such projects.

The authors wrote,

“The Riksbank is currently analyzing to what extent the information stored in the transaction history can be regarded as information covered by banking secrecy and whether it comprises personal data.”

Polkadot Investors Unimpressed With Tether News
Polkadot Investors Unimpressed With Tether News 101
Source: Adobe/Anneleven

Polkadot (DOT) investors seem to be unimpressed by the news that the most popular stablecoin is coming on this blockchain.

The issuer of the stablecoin, Tether, announced today that tether (USDT) will launch on Polkadot, becoming the first stablecoin on this network.

However, DOT, ranked 6th by market capitalization, is moving lower today after it rallied by 25% in a week. At 14:20 UTC it trades at USD 42.82 and is down by 2% in a day, becoming the worst-performing coin in the top 10 club today.

In either case, USDT is first set to go live on the canary network Kusama, before being deployed on the Polkadot mainnet, a blockchain created by Gavin Wood, co-founder of Ethereum (ETH), and developed by Web3 Foundation.

As reported, the experimental version of Polkadot, called Kusama, launched in July 2019, with real economic conditions, for developers to experiment in and test out a Polkadot-like environment. Less than a year later, in May 2020, as Polkadot Network – one of the top 10 ICOs of 2017 – went live as well.

Polkadot is a sharded protocol that enables different blockchain networks to operate together. It allows connecting and launching blockchain applications by using parachains (sovereign blockchains, or shards, with unique functions) to link to different networks.

The launch of USDT on Polkadot is pending the formation of these parachains, as independent chains that can have their own tokens and be optimized for specific use cases, the emailed press release said. Parachains will first launch on Kusama, which is why USDT will deploy on that network first prior to becoming available on Polkadot.

The announcement said that,

The aim is to ensure that when USDt is available, it will become the first ever stablecoin on the Polkadot network.

Per Polkadot’s road map, the network is currently in the “parachain rollout” phase. They will first be tested on testnets like Rococo, then will be launched on the Kusama proving ground, and finally on Polkadot, which will mark the network’s full launch. “Polkadot is now on track to launch several parachains in 2021,” it said.

Per Paolo Ardoino, Chief Technology Officer at Tether and crypto exchange Bitfinex, the company anticipates “a ready uptake of the Tether token as it powers Polkadot’s emerging DeFi [decentralized finance] ecosystem.” Ardoino added that, with its parachain structure, Polkadot “has the ability to grow significantly in the coming years […] driven by its high level of scalability.”

At the same time, “teams building decentralized applications in with a multi-chain future in mind are increasingly looking towards established stablecoins that operate across numerous networks to ensure a smooth experience for their users,” said Peter Mauric, Head of Public Affairs at Parity Technologies, who have served as Polkadot’s initial core development team. USDT’s launch on Kusama and Polkadot is “a crucial step” towards that goal, “where developers will be able to seamlessly compose trustless applications across chains, networks and communities,” he said.

USDT works on a number of different blockchains, including Algorand (ALGO), Ethereum, Tron (TRX), EOS, OMNI, Solana (SOL), Liquid Network, and Bitcoin Cash (BCH)‘s Simple Ledger Protocol (SLP).

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Learn more:

Tether’s Supply Dominance Hits Record Low as USDC & Co Rise

Tether’s Assets Exceeded Its Liabilities (On February 28) – Auditor

Polkadot: A Bet Against Maximalism w/ Gavin Wood

Why Is Polkadot Mainnet News Important to Blockchain Adoption?

Stablecoins May ‘Penetrate Non-Crypto Markets’ & Surpass USD 100B in 2021

XRP Breaks USD 1, Steals Spotlight From Bitcoin and Ethereum

Bitcoin price failed to stay above USD 59,000 and corrected lower. BTC is now holding gains above USD 58,000 and it is currently (12:00 PM UTC) showing signs of a fresh increase. If there is a fresh increase above USD 59,000, the bulls might test USD 60,000 or even USD 60,500.

Similarly, most major altcoins might continue higher. ETH is holding gains above the USD 2,080 and USD 2,050 support levels. Besides, XRP/USD continues to outperform and it even surged above the USD 1.00 resistance.

Total market capitalization

XRP Breaks USD 1, Steals Spotlight From Bitcoin and Ethereum 101
Source: www.tradingview.com

Bitcoin price

After struggling to stay above USD 59,000, bitcoin price corrected lower. However, BTC is holding the USD 58,000 support level. An immediate resistance is near the USD 59,000 level. The first key resistance is near USD 59,200, above which the price could rise towards the USD 60,000 and USD 60,500 levels.

On the downside, the USD 58,000 level is a decent support, followed by USD 57,800. Any more losses might call for a move towards the USD 57,000 support.

Ethereum price

Ethereum price is now consolidating gains above USD 2,100. The first key support is near the USD 2,080 level. Any more losses might call for a test of the USD 2,050 support zone.

On the upside, the bulls are facing resistance near the USD 2,150 level. A clear break above USD 2,150 could set the pace for another 5%-8% rise in the near term.

BNB, ADA, litecoin, and XRP price

Binance Coin (BNB) is up 10% and it is now trading above the USD 385 resistance. BNB is approaching the USD 400 level and it seems like it might continue higher. A daily close above the USD 400 level may possibly clear the path for a push towards the USD 412 and USD 415 levels.

Cardano (ADA) is struggling near the USD 1.205 and USD 1.212 levels. The main resistance is still near the USD 1.220 level. A clear break above USD 1.220 might start a strong surge towards the USD 1.285 and USD 1.300 levels.

Litecoin (LTC) is surging and it even broke the USD 225 resistance level. LTC is now trading above USD 232 and it might soon test the USD 245 and USD 250 levels. On the downside, the bulls might remain active near the USD 225 level.

XRP price outperformed all major altcoins with a strong surge above the USD 0.800 and USD 0.900 levels. It even broke USD 1.00 and it is now hovering around this level. Any more gains could lead the price towards the USD 1.12 and USD 1.15 levels in the coming sessions.

“XRP bulls are drawing on the positivity around Ripple as it continues to push for new frontiers through partnerships to drive its cross-border payments business out of the United States of America,” Konstantin Anissimov, Executive Director at the CEX.IO trading platform, told Cryptonews.com. According to him, at current valuations, the token is also pushing to break its all-time high, set in January 2018, when it traded well above USD 3. “A sustained performance leading to its current breakthrough above USD 1 can see the coin’s investors push the price up to USD 1.5 in the next [few] days and to USD 2.5 in the mid-term,” he added.

Other altcoins market today

Many altcoins climbed over 10%, including BTG, FTM, QTUM, STX, XTZ, BSV, ETC, XLM, NEO, HNT, VET, YFI, FTT, BCH, CEL, and EOS. Out of these, BTG surged over 65% and it cleared the USD 80 level.

To sum up, bitcoin price is showing positive signs above USD 58,000. XRP’s rally dented chances of a fresh surge in BTC and ETH, but both still might continue higher.

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Find the best price to buy/sell cryptocurrency:

XRP Breaks USD 1, Steals Spotlight From Bitcoin and Ethereum 102
Traders Issue Warnings as Altcoins are Booming and Bitcoin Consolidates
Traders Issue Warnings as Altcoins are Booming and Bitcoin Consolidates 101
Source: Adobe/diego cervo

Professional traders are reminding the new players in the crypto market to exercise caution while altcoins are booming and the world’s number one crypto, bitcoin (BTC), still consolidates.

This is a warning that’s sounded every alt season, and it was particularly loud during the last year’s fast rise of decentralized finance (DeFi), resulting in a massive DeFi craze, like the one we’re now seeing around non-fungible tokens (NFTs).

“To avoid big losses, you gotta be okay with taking small ones,” said popular crypto trader Loma. “Most people are having their underwater positions saved [because] it’s a bull market and prices inevitably be higher,” Loma added, warning people not to confuse luck with skill. Especially, as billions in futures trading positions have already been liquidated this year.

Crypto-TA.nl founder Crypto Ed noted that most “noobish” technical analysis charts are praised “because just everything goes up. 2-3% moves are being celebrated till the next day when it is followed by a “dips are for buying” tweet.”

There are those who are trying to get rich quickly, he added, and “that usually doesn’t end well.” Instead, Crypto Ed suggested, people should trade as it’s a marathon, not a sprint.

Check your portfolio.

What if the whole market would go down from here, let’s say 30%….

Getting nervous? Decrease your exposure.

Trading is a marathon, not a sprint.

We sprint a bit faster than traditional markets, but still…..

— Crypto_Ed_NL (@Crypto_Ed_NL) April 6, 2021

Meanwhile, crypto trader Alex Krüger argued that some new crypto millionaires are “gonna lose it all when the bear strikes again. Have to keep that ego in line.”

Thread aging really really well. The BTC “FUD” I’m seeing upcoming is Coinbase stock listing, which is highly likel… https://t.co/qlre9ygtuk

— Ambroid (@anambroid)

However, perQuantumEconomics.io founder Mati Greenspan, while taking caution is a must, “it seems in my mind silly for anyone with a bit of spare cash to not at least dabble in these markets […] that have experienced hundreds or even thousands of percentage points in gains these last few weeks.”

He also noted, that bitcoin’s correlation with traditional asset classes has been falling lately, meaning that the crypto has been growing more useful as a means of achieving diversification.

10 best performing altcoins (among the top 100 coins by market capitalization) in the past seven days:

Traders Issue Warnings as Altcoins are Booming and Bitcoin Consolidates 102
Source: Coingecko.com, 10:50 UTC

Among the top 10 specifically, all are green with XRP taking the lead over the last day, having risen around 50% and surpassing the USD 1 mark for the first time since March 2018.

Over the past week, XRP also leads the list with a 90% increase to its price, but other coins also saw significant jumps. Cardano (ADA) and bitcoin went up the least, 0.3% and 2%, respectively.

Speaking of bitcoin, as it tends to happen after BTC jumps up, it starts consolidating, and the funds start moving to altcoins.

@cointradernik lowcaps pumping like this used to be considered a cycle top on $BTC back in 2018 – 2019, just saying #

— Crypto DJ (@thecryptodeejay)

Billions and trillions “everywhere”

Driven by the altcoin rally, the total market capitalization has surpassed USD 2trn, doubling in a matter of three months. Out of this, bitcoin’s market capitalization is more than 1.1trn.

However, this measure is being often criticized, while Coin Metrics claims that even BTC’s market capitalization might be overstated.

In either case, per crypto market data providers, now 100 tokens have a market capitalization of at least USD 1bn.

Bianco Research LLC President, Jim Bianco, noted that the total value of cryptoassets surpassing “the value of the US banking system” (he looked at S&P 500 Composite 1500 banks market value) has been driven by the altcoin rally this year, and particularly in the last few weeks. Bianco said that “another double and cryptos becomes larger than US Financial Companies (Banks + brokers, insurance, exch, fin cos, asset managers, etc.). 4x rise and Cryptos surpass the value of all global financial companies.”

just setting up my twttr

— jack (@jack)

“Momentum and interest have begun to expand beyond bitcoin and ethereum,” Paolo Ardoino, Chief Technology Officer at crypto exchange Bitfinex, told Reuters, adding that there will be “a surge of interest around other alternative assets,” as they become more market-ready and as the industry matures further.

But there are also those who feel overwhelmed by the current situation, unable to catch a coin before it pumps, or selling it just before it does, and/or not being familiar with many of the coins currently pumping. “This market is either completely irrational or I’m getting old,” wrote Redditor DDelphinus. “I’ll go back to buying BTC / ETH and leave the shitcoins to the newer generation. Best of luck in this crazy market everyone!”

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Learn more:

Bitcoin Market Changed ‘Radically’ & Volatility Decline Attracts Institutions

MicroStrategy Spends Another USD 15M on Bitcoin

Institutions & Retail Compete For Bitcoin – Whose Hands Are Stronger?

Bitcoin to Be Worth Millions by 2023, ETH Above USD 2K by 2022 – Kraken CEO

Inflation Is Here & Bitcoin Will Hit USD 115K ‘Ahead of Target’ – Pantera

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(Updated at 11:51 UTC with a tweet by Nik Patel.)