Two altcoin projects are outperforming Bitcoin Tokens
As the markets battle with a changing macroeconomic and geopolitical landscape, a famous crypto trader is seeking potential winning cryptocurrency plays. Two Altcoin Projects Are Showing Strength Against Bitcoin tokens.
In a new strategy session, Michaël van de Poppe informs his 165,000 YouTube followers that there are now just two crypto projects holding up against the Bitcoin (BTC) tokens. The public blockchain ecosystem protocol Terra (LUNA) and the scalable decentralized network Cosmos (ATOM) is highlighted by the expert, who says,
“How should you determine the actual strength of altcoins?” Through the use of Bitcoin tokens. Except for LUNA [and] the ATOM ecosystem, we can see that the Bitcoin tokens aren’t exhibiting much strength.” One such example is the Anchor Protocol (ANC). In just one week, the Terra blockchain-based loan and borrowing platform increased by 50%, bringing the total value locked in the project to $11.21 billion (TVL).
A new proposal from @jump_ is now posted on Agora outlining how the @LFG_org may deploy its $BTC reserve on-chain in a reserve model exogenous to the Terra protocol mechanics — defending the $UST peg amid volatile, downward pressure.
Check it out:https://t.co/HfWVVDUg14
— Terra (UST) 🌍 Powered by LUNA 🌕 (@terra_money) March 23, 2022
Also, read – Altcoin stock price rises with huge investment
According to Van de Poppe, even the most popular smart contract platform, Ethereum (ETH), isn’t keeping up with Bitcoin tokens’ recent price spike. He cautions would-be cryptocurrency investors to remain patient.
“The value of ETH about Bitcoin is decreasing. The Bitcoin pairs are starting to lose steam.
When it comes to [altcoins], you should wait for more confirmation or fundamental reasons, such as [interest] rate hikes, as well as the price behavior of Bitcoin tokens. For example, with Bitcoin token having a bottom structure and flipping $46k, you don’t want to rush into altcoins at that point since your trading scope is altered.”
Van de Poppe observes that Bitcoin’s supremacy remains solid for the time being and that it will continue to rise in light of broader macroeconomic and geopolitical events. “I believe that with altcoins, it’s important to take things slowly.”
Van de Poppe then takes to Twitter to discuss VeChain, a blockchain for supply chain management (VET). “When we compare VET to BTC, the graph remains the same. Severe downturn on higher time frame support, but it doesn’t appear like I’d want to get in too deep until a bullish [support/resistance] flip confirms it.”
The trader considers THORChain, a decentralized cross-chain liquidity mechanism (RUNE).
Since launch, @THORWalletDEX did $22.5M in trading volume (1 month approx).
This was purely without any advertising and just from the #THORChads community itself.
— THORChain Community ⚡ (@THORCommunity) February 8, 2022
“At this point, my opinion on RUNE remains unchanged, as we’ve reached a large resistance zone. Because we’ve taken liquidity, I don’t foresee a breakout in one go. If we do, the switch might be a catalyst. If that’s not the case, I’ll be looking at the green zone.”
Van de Poppe believes there is still an opportunity to rise in Bitcoin tokens. “Bitcoin token saw a short-term correction after regaining liquidity. It appears that we will see another run to the highs, as the correction is not as rapid as it usually is.”