These Altcoins Are Ready for 1,000x Gains, According to Trader Elliot Wainman

2021-02-03 08:00:00

Crypto trader and influencer Elliot Wainman is naming a group of altcoins that he believes have the potential to pull off 1,000x gains.

Wainman tells his 218,00 YouTube subscribers that he continues to be bullish on DeFi as he believes the total value locked (TVL) in the nascent sector will surge from $28.6 billion to $100 billion.

The analyst believes that small-cap DeFi coins will benefit from the growth in TVL including decentralized stablecoin exchange Snowswap (SNOW), liquidity tool Unistake, decentralized exchange PancakeSwap (SWAP), and yield farming protocol Bao Finance (BAO).

Another coin on Wainman’s radar is Bridge Mutual (BMI), a protocol that offers insurance against smart contract failure, crypto exchange attacks, stablecoin crashes, and more.

OptionRoom (ROOM), which is an oracle and prediction markets protocol built on Polkadot (DOT), is also on Wainman’s list.

“You have oracle, you have prediction market, you have Polkadot all in one. It’s a lot of sauce and it’s coming out with a very small market cap… You can see that their fully diluted market cap, their starting with this $5 million. That’s FDV. That’s not the circulating market cap. That’s all their tokens and the entire value of it… 

The point is they have a bunch of features that a bunch of huge projects aren’t even combining and they’re launching at a tiny, tiny market cap.”

As for Ethereum, Wainman says the leading smart contract platform has more upside potential even after printing a new all-time high as the fundamentals of the second-largest crypto asset continue to show promise.

“Ethereum, with all that’s going on, with the NFTs (non-fungible tokens), DeFi (decentralized finance), it’s just really hard to argue this is anything other than undervalued, especially as they figure out how to scale it a little more. To me, ETH is just this amazing, amazing gravy train and the tip of the spear for all the altcoins.”

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Featured Image: Shutterstock/Carlos Amarillo

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