Popular crypto trader and analyst Nicholas Merten is listing a handful of altcoins that could skyrocket on the heels of Ethereum’s astounding rally to over $4,000.
In a new video, Merten first names Uniswap (UNI) as an asset that could benefit from Ethereum’s rapid ascent.
The trader tells his 449,000 YouTube subscribers that he has a large position in UNI, which is trading at $38.89 at time of writing, down about 9% in the past two weeks, according to CoinGecko.
“The reason why I think UNI is in a good spot right now is because it’s about half of where it was against Ethereum back here in March… It started to lose out against Ethereum as Ethereum started to build into its super cycle.”
Merten’s next pick is the enterprise blockchain project Unibright (UBT). The analyst notes UBT has held its line of resistance against Bitcoin multiple times and is “starting to look like it might tick up” in the near future. Merten adds that Unibright has moved against Ethereum fairly well, maintaining a solid support level in the UBT/ETH pair.
Unibright is trading at $1.50 at time of writing and is down more than 30% in the past seven days, according to CoinGecko.
Next up on the analyst’s list is decentralized exchange aggregator 1inch (1INCH). Merten says he doesn’t currently have a position in 1inch, but is “definitely looking to build one” if it can hold onto its current range against Bitcoin. 1inch is trading at $5.90 at time of writing, according to CoinGecko.
And Merten’s final crypto pick is Litecoin (LTC), which he notes has seen more than 46% gains against Bitcoin in just the first 10 days of May alone. The trader believes Litecoin is still in the “early innings” of its climb, and that he currently holds the asset.
“This is going to be one of those plays – it’s not in the Ethereum ecosystem, but it’s going to be one you’re going to want to watch for that liquidity to cycle out [and] for Litecoin to gain some ground against not only Bitcoin but Ethereum.”
LTC is trading at $331.26 at time of writing and is up 27.7% in the past two weeks, according to CoinGecko.
lDon't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
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/Costazzurra