Crypto analyst Nicholas Merten is bullish on the altcoin market at large.
The popular trader tells his 465,000 YouTube subscribers that altcoins have room to regain some dominance after Bitcoin’s big move to a recent high of about $46,500.
“If you are in the belief that we’ve just gone through a mid-cycle correction, which is the belief we hold personally, then it would make sense to expect that altcoins are going to continue climbing higher.
Because as you go further and further into the cycle, there’s more euphoria in the market, more liquidity. There has tended to be more speculation, more excitement for alternative cryptocurrency projects out there in the market.
It’s exactly what we saw in 2017 and it’s what we’ve seen as we’ve gone throughout the bull market here for the 2020/2021 cycle.”
Merten indicates that he’s particularly bullish on Uniswap (UNI), Chainlink (LINK) and Litecoin (LTC).
The analyst says the native token of the decentralized exchange Uniswap (UNI) is outperforming Bitcoin, calling the situation a “telltale sign” of UNI’s strength.
UNI is trading at $29.77 at time of writing and is up 56% in the past two weeks, according to CoinGecko.
Merten says the decentralized oracle network Chainlink (LINK) is currently in the “discount range.”
The trader also suggests that Litecoin’s price has come down to historic levels of support in terms of its value against Bitcoin. In past cycles, Merten says LTC has rallied after hovering around the 350,000 satoshi level, which is roughly $161 at time of writing.
“When we see prices down below this line, it doesn’t live here for very long, and buyers tend to come in.”
LTC is trading at $178.73 at time of writing and is up 27.6% in the past two weeks.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Jag_cz