Popular trader and analyst Elliot Wainman is naming two altcoins that he says have a chance to break into the top 10 crypto assets by market cap.
In a new video, Wainman addresses the explosion of new transactions on the Polygon (MATIC) platform.
MATIC is an Ethereum token that powers the Polygon network, which is a multichain scaling protocol that provides faster, cheaper transactions on the Ethereum network. According to Wainman, Polygon’s explosion resembles the meteoric rise of the Binance Smart Chain (BSC).
“This is the exact same growth pattern I’m seeing. While I don’t believe that Polygon will reach the size of a Binance or a BNB, I do believe that there’s a narrative here that it should be maybe coming closer to the actual valuation that we’re seeing for some smart contract blockchains that don’t even have live functionality yet.”
The other coin that the analyst believes could break into the top 10 is Solana (SOL). Wainman posits that Solana might be providing as much or more value than Cardano or Polkadot, yet has a significantly smaller market cap, signaling that SOL may be undervalued.
“It looks like this thing is still ready to rip. It does feel like it still has a big parabolic move ahead of it. The reason why I say that is looking at Solana at $12 billion. Solana is arguably the best viable alternative to Ethereum besides Binance Smart Chain and so at $12 billion [market cap], now looking at it at rank number 15, there’s a narrative here that it’s doing more than Cardano is today, that it’s doing more than Polkadot is today, and maybe it should be worth as much as those [projects].”
Wainman believes crypto users are finally waking up to the upside potential of Solana and Polygon as viable Ethereum competitors, finding a solid user experience on those platforms.
“But there’s a huge opportunity in things like Solana, Polygon, Binance Smart Chain, and of course once they launch, Polkadot and Cardano. But I believe that that’s what happening right now. Solana and Polygon are finally getting noticed here for what they’re actually doing which is offering a ton of functionality.”
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/GrandeDuc