A popular crypto trader says the decentralized finance (DeFi) sector of the crypto market is poised to go through a moon phase that will put 2017’s extended bull run to shame.
The pseudonymous trader known in the industry as Altcoin Psycho tells his 82,000 Twitter followers that buying DeFi assets is similar to buying Ethereum back in 2016, when its price ranged from about $1.00 to a high of $19.
“DeFi bubble is going to make the ICO bubble look like child’s play when things really get going…
Plenty of people don’t even know what DeFi stands for, getting into DeFi right now is like buying ETH in 2016.”
At the start of the month, the crypto trader revealed he’s starting to scale into Reserve Rights Token (RSR), which is the utility token of the Reserve Rights stablecoin protocol.
He’s also investing in the decentralized cross-chain liquidity token THORchain (RUNE), the governance and liquidity token of the decentralized exchange SushiSwap (SUSHI) and the decentralized derivatives exchange Serum (SRM).
In addition, the analyst is naming the synthetic asset protocol Synthetix (SNX), smart contract platform Cardano (ADA), and pure proof-of-stake blockchain protocol Alogrand (ALGO) as coins whose “time has come.”
As for the crypto king Bitcoin, the trader says investors should realize BTC remains virtually unchallenged as the number one store-of-value asset.
“In the next alt season, there will be a lot of narratives for a new ‘Ethereum killer.’ There will be 0 narratives for a Bitcoin killer. I’m not a maximalist, but keep this in mind.”Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Sergey Nivens