Trader Nicholas Merten Names Signs That May Indicate An Impressive Rise In Alternative Coins In The Next Few Months
The opinions of experts may not coincide with the position of the editorial board. topplabs.org does not provide investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Trader Nicholas Merten argues that many market participants did not expect altcoins to rise until Bitcoin completes its growth cycle and enters the accumulation phase. However, the altcoin market showed impressive growth after bitcoin updated its historical maximum above $ 67 thousand, the analyst noted. According to Merten, the rise in price of altcoins is a sign of their strength and may indicate continued growth in the future.
“Many of the alternative coins, such as Ethereum, are already aiming for previous record highs, following the example of bitcoin, and are already beginning to outpace it in profitability,” the trader said.
The share of altcoins on the crypto market bounced off the important 52% mark and continues to grow, while the share of bitcoin has already begun to decline, Merten added. The analyst named the sphere of decentralized finance (DeFi) as one of the most promising sectors of the digital asset market. According to the trader, in the next few months, DeFi project tokens may show the highest profitability.
“DeFi is one of the most fundamental sectors of the crypto space. There is real acceptance, real interest and real excitement behind it, ”said Merten.