- A top crypto trader has predicted the imminent shakeout of altcoins
- He also notes that Syntropy (NOIA) is the sleeping giant among altcoins
- The trader has bet on the privacy-oriented crypto project hitting $1.00 soon
As the crypto market consolidates after a stellar run that saw many cryptos set a new record high, a top crypto trader has come out with his predictions on what the market will look like in the coming days.
An Altcoin Shakeout is Imminent
Although many altcoin markets have seen major gains in 2021, there is still a repeat of market dominance. As of press time, the crypto market is valued at approximately $1.45 trillion.
Bitcoin accounts for 61.6 percent of that value. Together with Ethereum, both cryptos hold 75.7 percent of the market cap of the entire market. A market with over 8,400 other crypto coins and tokens.
A popular crypto trader, known in the industry as Capo, has predicted that altcoins are due for a significant correction in the short term. Capo made a name for himself when he called the March Bitcoin bottom.
Capo who is a pseudonymous crypto trader has opined that he (they) believe that altcoins will witness a major inflow of capital shifting the dominance of the crypto market. However, for that to be the case, there needs to be a significant pullback in the market.
More Dips Before the Altcoins
Although the euphoria of the last major bull run still lingers in the air, many cryptos have begun to consolidate or even retrace. Over the last 24 hours, the market has shed roughly $100 billion of its value as Bitcoin and other altcoins pull back from their newly set all-time high.
With this, the famed crypto trade emphasized that investors are not quite ready to bet more on altcoins. Before that will happen, there will be more blood in the market, a signal for more retracement.
On the Flipside
- New research has shown that criminals are using a small group of cryptocurrency brokers and services to launder hundreds of millions of dollars of dirty virtual money
- According to Chainalysis, just 270 cryptocurrency addresses received $1.3 billion in illicit digital coins last year, many of which were connected to over-the-counter brokers
- This represents 55 percent of all illegal crypto money flows identified by the U.S. blockchain security firm
Altcoins to Lead the Resurgence
The acclaimed crypto trader pointed out some cryptos that will be bullish when the altcoin shakeout begins. In his opinion, Band Protocol (BAND), supply chain management tool VeChain (VET), Elrond (EGLD), and DeFi project Fantom (FTM) will be some of the most bullish cryptos.
For the sleeping giant amidst the horde of cryptos, Capo notes that they are keeping a close eye on the little-known asset, Syntropy (NOIA). The trader bets that the privacy-oriented crypto project is bound to hit $1.00, representing a 284.62% increase from its current price of $0.26.
Finally, Capo told his followers on the microblogging site, Twitter, that there will be another shakeout after Bitcoin reaches the $59,000-$62,000 range. How long do you think it will take before bitcoin crosses the $50K mark?