The new altcoin craze seems to be picking up steam. Bitcoin Dominance (BTC) has recently fallen below 50%, and ETH has recently reached 0.05 BTC, the pair’s highest price in over 2.5 years. Many altcoins have made huge gains, and some have also surpassed their all-time highs.
Amidst all the alt craze Elliot Wainman, a well-known investor and analyst has named two altcoins that he believes have a chance to break into the top ten crypto assets by market cap.
MATIC Price which has risen 4,188.14% since the beginning of the year, outperforming Bitcoin (BTC) and Ethereum (ETH) is the first one on his list. Also According to Wainman, he compares Polygon’s explosion to the meteoric rise of the Binance Smart Chain (BSC).
Polygon, formerly known as the Matic Network, is an Ethereum scaling and infrastructure creation platform. It bills itself as a Layer 2 scaling solution, with the aim of simplifying the process of scaling blockchains.
According to Alex Svanevik, CEO of Nansen, a blockchain data company, Polygon has seen a “10x increase in the number of transactions since the start of the year.
Polygon has recently seen a surge in demand as a result of Ethereum’s network congestion and high transaction costs this year, with several decentralised finance or DeFi projects announcing integration with it.
In Elliot Wainmans words,
“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.”
Solana is the other coin that the analyst thinks has a chance to break into the top ten (SOL). Wainman believes that Solana may provide equal or greater value than Cardano or Polkadot, despite having a much smaller market cap, implying that SOL is undervalued.
Since the beginning of the year, when one SOL coin was worth US$1.6, the price of Solana has increased by over 3,000%. Solana’s rise in the face of the broader market downtrend can be attributed to a rapidly expanding ecosystem as well as recent reports of expanded access to its native token.
Wainman says that Solana appears to always be able to tear. It appears that a large parabolic shift is still ahead of it. The reason he said this is because Solana is valued at $12 billion. Solana, aside from Binance Smart Chain, is arguably the best viable alternative to Ethereum, and at $12 billion [market cap], there’s a narrative here that it’s doing more than Cardano, Polkadot, and maybe it should be worth as much as those [projects].
“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 doing which is offering a ton of functionality.”