An important trader and crypto analyst says that some of the important coins in the crypto space have great potential.
Crypto analyst and influencer Elliot Wainman addresses some altcoins that he believes are ready to erupt in the coming weeks.
The whole crypto market continues to rebound. At the moment of writing this article, Bitcoin is trading in the red and the king coin is priced at $45,948.98.
BTC continues to remain above $45k.
Wainman said that Ethereum (ETH) will likely continue to rally, but it did not come close to the previous high it had reached before the May crash.
Wainman said that as ETH is getting closer to achieving a proof-of-stake consensus mechanism and as it continues to implement its EIP-1559 upgrade, the coin will undergo a massive supply shock.
“ETH is literally on fire. The transition to proof of stake will make this even more dramatic, and it’s important to realize that EIP-1559 isn’t even supported by MetaMask yet, much less all of the major DApps [decentralized applications]. As much as this has been an amazing supply shock so far, we still haven’t seen anything yet…” he said.
He continued and explained that “Ethereum market shares for institutional investment products are rapidly rising… Ethereum, as we’ve been saying literally since the beginning of 2020, is primed for an institutional-powered rally where Ethereum would start to challenge the actual market cap of Bitcoin.”
The EIP-1159 update, which launched on August 5th. This upgrade is set to introduce a fee-burning mechanism to the Ethereum network that permanently removes a certain amount of ETH from the circulating supply – this will happen every time a transaction is processed.
He also pointed out that ADA will continue to rise.
The DeFi space continues to shine
The analyst is also addressing some coins in the DeFi space. He is extremely optimistic about the fate of Terra (LUNA), Quickswap (QUICK) and SushiSwap (SUSHI).
Check out the video above in order to learn more about what he has to say about all these assets.