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20 October 2021
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Analyst Believes Altcoins Season Already Started, Highlighting ATOM

  • A crypto analyst announced altcoins season.
  • He highlighted ATOM, AVAX, EGLD, and SUSHI. But insisted on ATOM.

In a video posted on August 17, a crypto analyst announced altcoins season, highlighting ATOM, AVAX, EGLD, and SUSHI.

YouTuber Scott Melker who uses the pseudonym ‘The Wolf Of Wall Streets’ on Twitter, retweeted an old tweet that highlighted potential trade ideas on ATOM, AVAX, EGLD, and SUSHI.

Melker’s retweet comes after a series of new all-time highs from altcoins and a drop in the Bitcoin dominance metric. Regarding this, ‘The Wolf Of Wall Streets’ was convinced that an alt season has started.

Bitcoin’s (BTC) 65% recovery from around $29,000 on July 20, to a jump to over $52,000 on September 7, helped bring fresh bullish momentum back to the crypto market and traders.

Currently, the BTC rally has delayed out around the $47,000 price level. More so, the analyst said that this phase of sideways trading allows altcoins to step forward.

According to Melker, decentralized finance (DeFi) projects are the leading altcoin gainers since last week. Notably, projects like Cosmos (ATOM), Avalanche (AVAX), Elrond (EGLD), and SushiSwap (SUSHI) hit record highs.

In addition, the crypto analyst insisted on Cosmos (ATOM). Besides, he shared a chart showing the ATOM token bullish trend. According to CoinMarketCap, the ATOM token hit a new all-time high of over $41 in the last 24-hour period. As a result, it surged by over 11% in the past 24 hours. And buy over 22% in the past 48 hours.

atom/usdt trading view
 TradingView: ATOM/USDT

At press time, Cosmos (ATOM) is trading at $39.26 on CoinMarketCap. Moreover, Cosmos describes itself as a platform that solves some of the “hardest problems” facing the blockchain industry.

To specify, the project strives to provide an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work (PoW) protocols.

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