Elliot Wainman, a crypto trader and influencer, has named a group of altcoins that he thinks have the potential to record 1,000x gains. As for Ethereum (ETH), the trader says the leading smart contract platform has more upside potential to print more all-time highs.
Wainman tells his over 218,000 subscribers on YouTube that he remains bullish on decentralized finance (DeFi), believing that the total value locked (TVL) in the fast-growing sector will soar from $28.6 billion to $100 billion.
According to the analyst, DeFi coins with a small market cap will benefit from the growth in total value locked, including decentralized stablecoin Snowswap (SNOW), decentralized exchange PancakeSwap (SWAP), liquidity tool Unistake, and yield farming protocol Bao Finance (BAO).
Another coin on Wainman’s list is Bridge Mutual (BMI), a protocol that offers insurance against smart contract failure, crypto exchange attacks, stablecoin crashes, among others.
An oracle and prediction markets protocol, OptionRoom (ROOM), is also on Wainman’s radar.
Elliot Wainman noted:
“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.”
Ethereum (ETH) Has More Upside Potential
In the case of Ethereum (ETH), Elliot Wainman, says the second-largest cryptocurrency by market cap, has more upside potential to record more all-time highs as the fundamentals of the digital currency 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.”