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Crypto trader and YouTuber Ben Armstrong is revealing the top 10 altcoins he says big investors are buying in 2021.
The investor tells his 327,000 subscribers that despite many in the sector announcing that the “top is in,” and that shorting Bitcoin is the way to go, many larger investors have been buying up select altcoins.
Armstrong says one of the best strategies to make major gains this cycle could be to follow the movements of large funds in the space.
Armstrong notes UNI, the governance token for the most popular decentralized exchange, Uniswap, is backed by large players such as ParaFi Capital, Paradigm and Andreessen Horowitz. The trader says Uniswap “flipped the trading game on its head in 2020” and is likely to “explode” again once more trading features like limit orders appear on the DEX.
Ninth on Armstrong’s list is the lending platform Maker (MKR), which he says is poised to be at the forefront of the current DeFi explosion.
Eighth is Ren (REN), which is a protocol that enables the transfer of crypto assets between blockchains. Armstrong notes that a good way to determine if investors are buying into a certain asset is its performance against Bitcoin and REN is up 77% against Bitcoin in the 30 days.
Next on the trader’s list is Loopring (LRC), a zkRollup exchange and payment protocol.
Says Armstrong,
“One thing that’s going to both help and hamper the space over the next few months [are] the problems of Ethereum scalability. It will help the space by leaving opportunities for other chains and for Layer 2 DeFi solutions for Ethereum like Loopring to come to the forefront, and obviously hamper it due to the issues that extremely high gas fees create for the smaller trader. It raises the barrier to entry in the DeFi game, and projects like Loopring are trying to solve that.”
Number six on Armstrong’s list is HedgeTrade (HEDG), a decentralized prediction market. The trader actually urges caution with this crypto asset because it just saw a massive pump in price, going up more than 155% in the past two weeks, according to CoinGecko.
Next up is the privacy coin Horizen (ZEN), which Armstrong says has a lot of room to pump in price as regulators target the leading privacy asset, Monero (XMR).
The decentralized public network Hedera Hashgraph (HBAR) is next, which Armstrong notes is up 104% against Bitcoin in the past month. Says the trader,
“We believe that HBAR has a lot of unrealized potential over the bull run.”
Number three on Armstrong’s list is the cryptocurrency Nano (NANO). The trader highlights the project’s transaction as a major upside of the project.
“I’ve never seen a faster cryptocurrency than Nano, and that’s its use case. A fast electronic digital currency. I’m glad some people are finally giving it the respect it deserves because it is up 105% against Bitcoin over the last month.”
DeFi platform Polkadot (DOT) is number two on the list. Armstrong says the surging crypto platform is “shaping up to be quite the competitor for [Ethereum].”
And number one on the list is Avalanche (AVAX), an open-source platform that enables users to create decentralized and interoperable blockchains according to their requirements. The protocol aims to create a comprehensive ecosystem that bridges all blockchain platforms.
Armstrong notes the asset has moved a whopping 185% against BTC in the past month.
“Avalanche is a project on my list of coins to research heavily, but their goals are big. They’re attempting to build what they call ‘the internet of finance,’ a new layer on the internet dedicated to money, so I’m sure you can see why this one is bubbling with excitement, but it’s also going to require a much deeper dive to know whether or not it can truly crush it or it’s all hype.”
Featured Image: Shutterstock/Tithi Luadthong