A crypto trader and analyst named Lark Davis says that altcoins are going to make a very big rise this year because the market is getting better.
In a video, Davis tells his 315,000 followers that the altcoin market is going to have a big rally. This is because it has taken out a key resistance level.
The altcoin market has gone up since the last time it turned old highs into support. It has gone up a lot. The altcoin market is still going up and it is just the beginning.
In the midst of a huge technical breakout, Davis says that the fundamentals in this market support the upside potential. The technical breakout is very big.
In the past, there was only one blockchain that people used for their smart contract applications. Now there are many and they do different things. Some have a lot of users. There is Binance Smart Chain, Solana, Avalanche, and more.
Davis also points out that there are new ways for investors to get into the crypto market, including CashApp, Robinhood, and PayPal. He says that in this bull run, the products are ones people can use.
In 2017, there were very few working products in the crypto market. Now we have many different types of working products and they are all good. They are interesting and useful too! Some examples are Aave, Uniswap (UNI), and Synthetix (SNX). There are also many other new companies that came into now.
Davis is talking about the US. He thinks that there could be an ETF for Bitcoin. This can help with Bitcoin and other coins too. If people are buying more Bitcoin, then this will make it easier for them to buy other coins, too.
Some altcoins might go up in value because new people are buying them. They might also rise because there are new developments, such as Cardano smart contracts, Polkadot parachains, and Ethereum’s switch to proof of stake and ETH 2.0.
Finally, Davis says that a lot of money from VCs (venture capitalists) and institutional investors is entering the crypto space. Andréessen Horowitz just launched a billion-dollar cryptocurrency fund. Companies, family office funds, and other investors buy altcoins already.