Traders Trigger to Altcoins and Try to Make Verbal Interventions in Their Favor

Traders Trigger to Altcoins and Try to Make Verbal Interventions in Their Favor

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Analysts hurry to fix all the new growth records that bitcoin sets. Now the question is whether it will continue to soar after reaching its all-time high, $20K.

XRP and other altcoins are growing along with BTC. For example, Litecoin grew by almost 25% over the week. Research firm IntoTheBlock has calculated that 98.94% of bitcoin wallets are now in profit. Popular crypto analyst Nicholas Merten believes that BTC will necessarily be corrected before it reaches its all-time high. The analyst notes that since March, when BTC dropped amid the pandemic, there have been three mini-cycles of recovery in its price. Each such cycle lasted about 30 days. Now the growth has been going on for 33 days, which means that a correction can come at any time, Merten said. And the new all-time high can be reached in the first quarter of 2021.

In these conditions, it is too late to buy BTC, although novice investors still do this, risking freezing their investments for a long time, or even losing them. Experienced traders take profit and once again pay attention to altcoins. Indeed, if bitcoin corrects, then altcoins will continue to grow for a while. It remains only to guess which altcoins will soar.

Perhaps Enjin Coin (ENJ) will become such a successful altcoin. The coin ranks 90th in the Coinmarketcap rating and since the beginning of August has shown a strong fall, in 4 months by 50%, from a price of $0.238 on August 9 to $0.118 on November 1. However, in November, the ENJ trend changed and now it costs $0.144, that is, it increased by more than 20%. The reason is that Enjin Enterprise has a new CEO, Alex Solomon, who left Microsoft.

Enjin is an Ethereum gaming platform that allows developers to integrate cryptocurrency assets into games. Solomon admits that the decision to leave Microsoft was not easy for him. But he saw in the young team a great potential for innovations that it introduces in the very promising field of cryptocurrencies. With a new CEO, Enjin can significantly improve its market position, and it is highly likely that ENJ will soar.

Crypto traders are also holding a Twitter discussion about which altcoin could outperform the leading cryptocurrencies in the next year. There are various proposals, but most of the survey participants believe that Chainlink (LINK) will bring the greatest profit in 2021. Almost half of more than 2,600 traders supported it. However, it should be borne in mind that these results may not be entirely objective. The point is that LINK is a demand-driven network asset and the price of LINK depends on the number of users. It is possible that a massive verbal intervention in favor of LINK was carried out on Twitter in this way. And the forecast of its growth turns out to be a self-fulfilling prophecy.