Popular crypto trader and analyst Elliot Wainman says a group of relatively obscure altcoins have the potential to moon this January.
In a new YouTube video, Wainmain, also known as EllioTrades, picks 14 crypto assets that could provide traders with major gains in the next few weeks.
First, Wainman predicts big things are in store for decentralized liquidity network THORChain (RUNE), which is currently trading at $1.76 with about a $278.28 million market cap at time of writing, according to CoinMarketCap.
The altcoin analyst predicts THORChain will reach a $1 billion market cap and potentially even higher.
“I’ve always been a fan of THORChain, I’ve always been a fan of RUNE, because it allows for yield to be extracted by locking up Bitcoin, and anything that’s DeFi and Bitcoin related to me is set to go absolutely bananas as Bitcoin also grows. So in my mind, a project like RUNE was and always is set to do really well on the back of Bitcoin and DeFi growing together.”
Another crypto Wainman says is set to grow with Bitcoin and Defi is REN, a protocol that enables the transfer of crypto assets between blockchains. The trader says he’s “betting big” on REN, which is trading around $0.42 with $369 million market cap at time of writing.
Wainman is also bullish on AllianceBlock (ALBT), a “decentralized, blockchain-agnostic layer 2 that bridges traditional and decentralized finance” with only a $46 million market cap. The trader highlights AllianceBlock’s new partnership with data storage project Ocean Protocol as a bullish sign of things to come.
Next up, the crypto trader mentions two related projects that help miners extract the greatest possible value from confirming transactions. Wainman says KeeperDAO (ROOK) and Archer DAO (ARCH), which is up 128% on the day, can multiply in value during this bull cycle.
Wainman then moves on to the decentralized insurance sector, which the analyst labels as one of the most important portions of the decentralized space. Wainman chooses to spotlight Polkadot-based Bridge Mutual (BMI) as an exciting project in the sector.
“Bridge has been at this for two years and has a very interesting complex web of mechanisms that they use to ensure that insurance is provided accurately, that the right policies get approved, that when people are harmed that they actually get the coverage that they’re entitled to.”
Next on Wainman’s list is decentralized derivatives platform, Injective Protocol (INJ). With a market cap of $88 million, the trader points out that the project, which just announced the first decentralized Tesla futures market is now available on its Solstice testnet, has a lot of room to grow considering the traditional derivates market is worth tens of trillions of dollars.
Wainman’s next three picks are also decentralized derivatives related products. The trader highlights Oiler Network, which has not yet had its token launch, Hegic, and a project built on top of Hegic, Whiteheart (WHITE).
Wainman then highlights REVV which is a project in the NFT space, a sector which Wainman is particularly bullish on.
Next on his list is PARSIQ (PRQ), which Wainman labels as an undervalued project that boasts high profile partnerships and great tech.
“They’ve partnered with some of the biggest and most influential coins and projects and chains in the entire ecosystem and I believe they are just getting started as their technology is being recognized a one of the most superior infrastructure projects in the entire space.”
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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/Marc A