Crypto Trader Elliot Wainman Eyes Three Small Cap Altcoins, Warns Powerful Bear Trend Underway

Crypto dealer Elliot Wainman is watching three altcoins because the crypto market extends its corrective transfer and Bitcoin continues to commerce beneath $40,000.

Wainman tells his 341,000 subscribers in a brand new video that he’s maintaining a tally of Akash Network (AKT) through the market turbulence.

 

“We preserve seeing the common variety of deployed purposes on Akash web is about to hit 100 web new deployments per day so it is a actually attention-grabbing improvement so you possibly can see that akash web is rising in its attractiveness to customers.”

Built on the Cosmos hub, the Akash Network goals to disrupt the cloud computing business, which is dominated by Amazon Web Services, Microsoft Azure and Google Cloud.

Back in January, pseudonymous crypto dealer identified within the business as Altcoin Psycho, claimed that Akash was destined to grow to be a high 100 venture. Currently, AKT is ranked 175 by market cap.

Next up, Wainman is optimistic concerning the launch of Arbitrum, one of many predominant layer-2 scaling strategies for Ethereum.

“We’re seeing native layer 2s beginning to come to life right here and, like I stated, that will likely be a very essential factor and hopefully they arrive to life earlier than this subsequent wave of bullishness.”

Lastly, Wainman spotlights upcoming decentralized finance insurance coverage venture Cozy, which has ties to yearn.finance’s Andre Cronje.

“And lastly I wished to speak about this new venture Cozy. This is new, I believe that is from Andre Cronje, however basically it is a DeFi protocol that has automated insurance coverage in-built, which is admittedly an enormous step ahead.

I don’t know if any of you might be DeFi yield farming, nevertheless it’s at all times a ache to search out protection to your yield farming positions and oftentimes they’re offered out and there’s no protection out there, so with the ability to preserve your crypto cozy by having it auto insured is a implausible improvement.”

Cozy doesn’t but have a token, however has been publicly constructing since September of 2020.

As for the course of the crypto markets at massive, Wainman says a robust bear pattern is underway, and he’s enjoying a sport of wait and see.

“I believe till confirmed in any other case, it is a actually highly effective bear pattern and we simply want to attend and see. Now if this factor rockets again as much as $55,000 and past, that’s a special story.

I do consider that we might take a look at a robust finish of 12 months. But for now, it’s about capital preservation and seeing how low this specific dip can go. Because if Bitcoin dips all the way down to the low $20,000s, costs are going to be on absolute fireplace gross sales.”

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Featured Image: Shutterstock/Ahmed Muntasir

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