Summer is for SOL, but fall is for ALGO – Bitcoin Magazine
So far, especially after the September 7th market crash, altcoins have outperformed Bitcoin. For example, the market dominance of the world’s largest cryptocurrency has now dropped to just 39.8% at the time of going to press. In contrast, many competing altcoins saw their market share skyrocket.
follow BlockchainCenter, September could be “Altcoin Month”. This is also the belief of many in the crypto community, not just proponents but former White House employees as well. More specifically, a former White House spokesman is betting a lot on a number of altcoins.
“It felt like it had peaked because of the news from El Salvador. There has been a lot of leverage in the system and a lot of leverage has been blown out of the system in the last 48 hours. However, demand and fundamentals continue to improve “, @Scaramucci At #Crypto #btc. pic.twitter.com/n4IwqI2Y7N
– Squawk box (@SquawkCNBC) September 8, 2021
“Looks like the market has peaked because of the news from El Salvador. There is a lot of leverage in the system and a lot of leverage was removed from the system within 48 hours. Nevertheless, demand and fundamentals continue to improve. “
In an interview with CNBC, SkyBridge Capital CEO Anthony Scaramucci confirmed that he is optimistic about ETH, ADA and ALGO. The reason is that they have “big use cases”.
“There are a lot of great things going on in this area … as more digital applications emerge, some altcoins like ALGO, ADA, ETH will keep increasing as there are really a lot of great use cases. Great for them.”
However, Scaramucci, a long-time Bitcoin advocate, added that ETH could become a “store of value”.
“I think there is a very large market for ETH and I predict that it has good fundamentals and will continue to grow.”
On the other hand, despite the price development, there have been concerns for months that ETH will not be accepted by the institutions. That could change soon, however.
“Can we have ETH funds in the future? Yes, we definitely do. Everything you say applies to NFT and the technology surrounding ETH that will make it an inherent cryptocurrency, store of value, and something people do business with.
ADA is another altcoin that the SkyBridge Capital CEO is interested in. Since the ADA price has recently reached a new ATH level and the network is waiting for the Alonzo mainnet upgrade on the 12th, these expectations are justified.
However, it is worth noting that when it comes to cryptocurrency, Scaramucci appears particularly optimistic in 18th place – Algorand (ALGO).
At the time of writing, it was trading above the $ 2.1 mark after gaining more than 74% for the week. In fact, the leader of SkyBridge Capital tweets about this altcoin.
“Summer belongs to Solana. But autumn belongs to ALGO. “
However, he’s not the only one who shares such a mentality. Mike Novogratz too emphasize:
“The ALGO diagram looks good.”
Additionally, according to Jason Choi of the Spartan Group:
“ALGO’s price is now above fundamentals, with open interest growing significantly as the frenzy sets in.”
The source: Twitter
Needless to say, “Altcoin Month” is actually underway if the aforementioned altcoins continue to track their price trends at the time of writing.
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According to AMBCrypto