Lately, especially after the market crash on September 7, altcoins have overtaken Bitcoin. The world’s largest cryptocurrency market dominance, for example, has also taken a beating, dropping to just over 41.4% at press time. On the contrary, many of the opposing market highs have seen their shares rise. Do these findings mean anything?
Well, according to BlockchainCentre, this could be an “Altcoin Month”. This is a belief held by many in the crypto community. Not just by advocates, but also by former White House staff. More specifically, a former White House press secretary is betting big on some altcoins.
During an interview with CNBC, SkyBridge Capital CEO Anthony Scaramucci stated that he is bullish on Ethereum, Cardano, and Algorand. The reason is: its “great use cases”.
“It felt like it was peaking as a result of the news from El Salvador. There was a lot of leverage in the system and a lot of leverage went out of the system over the last 48 hours. Having said that demand and fundamentals continue to improve,” @Scaramucci upon #crypto #btc. pic.twitter.com/n4IwqI2Y7N
– Squawk Box (@SquawkCNBC) September 8, 2021
According to the former White House staff member,
“There is a lot of great things happening in this space… As more digital applications emerge, some of those altcoins, things like Algorand or Cardano, or things like Ethereum, will keep increasing because there are actually great use cases for them.”
Scaramucci, a longtime Bitcoin advocate, added that Ethereum could be on its way to becoming a “store of value” asset.
“I think there is a very large market for Ethereum and I predict that Ethereum has good fundamentals and will grow.”
Although, that was not all. For months, despite ETH’s price performance, there have been various concerns about the altcoin’s lack of institutional adoption. However, that could change soon, with Scaramucci responding to a question stating:
“Could we have an Ethereum fund in the future? Yes, we certainly could. Everything he’s saying is true with non-fungible tokens, and the technology around Ethereum will make it a sticky cryptocurrency and a store of value and something that people will transact with. “
Cardano, understandably, is another alternate currency for which the executive is exalted. With ADA coming to new ATHs recently and the network awaiting the Alonzo mainnet update on the 12th, these expectations are guaranteed.
However, it’s worth noting that the executive seemed particularly bullish on crypto at No. 17: Algorand (ALGO).
At press time, it was trading well above the $ 2 mark following a weekly increase of over 70%. In fact, the head of SkyBridge Capital even tweeted about the alt, commenting:
– Anthony Scaramucci (@Scaramucci) September 9, 2021
However, he is not the only one who shares those feelings.
What are all the good things about $ SOMETHING. The graph looks good. Complete and in front of other L1. https://t.co/dMdB1mw1CV
– Mike Novogratz (@novogratz) September 8, 2021
Also, according to Jason Choi of the Spartan Group,
“The price of ALGO has been well ahead of fundamentals for now, with OI rising dramatically as the craze began.”
It goes without saying that if the aforementioned altcoins continue to follow their price trajectories at press time, “altcoins month” could be here.
This is a machine translation of our English version.