- Analyst Nicholas Merten says altcoins are set to rally, with Aave, Uniswap and Yearn Finance its top picks.
DataDash host and popular crypto analyst Nicholas Merten says he’s extremely bullish on cryptocurrency through 2022, specifically noting that he’s betting on the altcoin market as it hits the so-called “Supercycle”.
The analyst says in a Youtube session that historically Bitcoin has been the primary indicator for altcoins. He points out that altcoins have rallied to reflect the macro price movement of the flagship cryptocurrency, and have also fallen whenever the selling pressure decimates the Bitcoin market.
Merten says that while Bitcoin remains the go-to crypto, there is a shift in market dynamics starting to show the trend of altcoins growing regardless of BTC price action.
He notes that Bitcoin remains in largely uncertain territory, even as the market grows more interested in various altcoins. With some coins topping Bitcoin in the last correction, the strategist says it’s not just major coins like Ethereum and Solana that need a second look ahead of the next rally.
Decentralized Finance (DeFi) and Metaverse Coins are two fast-paced industries today, and this is where the analyst chooses the four altcoins with the potential to soar.
Aave (AAVE), Uniswap (UNI), Yearn.Finance (YFI) and Radix (XRD)
Among the altcoins, the analyst holds Aave, Uniswap and Yearn.Finance of DeFi at heart. The Radix Layer 1 protocol is also on the table.
Merten sees Aave’s price register a major breakthrough to add to its stellar performance against Bitcoin. Currently, the AAVE / BTC pair is capped in a supported range at lows of 0.005727 BTC.
“If we can get past that range, it’s going to lay the groundwork for the AAVE to probably have another seismic rally, ”he said.
As for Uniswap (UNI), the analyst predicts another breakout against BTC, with
Bulls are likely to break a downtrend line for another 25% or more run against Bitcoin. According to him, the recent launch of the automated market maker on Polygon strengthens UNI’s strong fundamental outlook.
Yearn.Finance is also on analyst’s radar, a fair-launch DeFi protocol whose YFI governance token has jumped over 62% in less than two weeks.
There’s also Radix (XRD), an “early stage” Layer 1 protocol that bursts whenever other projects progress. While there remains the possibility of a major correction in these coins, analyst says XRD is gaining momentum as the bulls prepare for the next major wave.