Crypto trader Elliot Wainman is watching three altcoins as the crypto market extends its corrective move and Bitcoin continues to trade below $40,000.
Wainman tells his 341,000 subscribers in a new video that he is keeping an eye on Akash Network (AKT) during the market turbulence.
“We keep seeing the average number of deployed applications on Akash net is about to hit 100 net new deployments per day so this is a really interesting development so you can see that akash net is growing in its attractiveness to users.”
Built on the Cosmos hub, the Akash Network aims to disrupt the cloud computing industry, which is dominated by Amazon Web Services, Microsoft Azure and Google Cloud.
Back in January, pseudonymous crypto trader known in the industry as Altcoin Psycho, claimed that Akash was destined to become a top 100 project. Currently, AKT is ranked 175 by market cap.
Next up, Wainman is optimistic about the launch of Arbitrum, one of the main layer-2 scaling methods for Ethereum.
“We’re seeing native layer 2s starting to come to life here and, like I said, that will be a really important thing and hopefully they come to life before this next wave of bullishness.”
Lastly, Wainman spotlights upcoming decentralized finance insurance project Cozy, which has ties to yearn.finance’s Andre Cronje.
“And finally I wanted to talk about this new project Cozy. This is new, I think this is from Andre Cronje, but essentially this is a DeFi protocol that has automatic insurance built in, which is really a huge step forward.
I don’t know if any of you are DeFi yield farming, but it’s always a pain to find coverage for your yield farming positions and oftentimes they are sold out and there’s no coverage available, so being able to keep your crypto cozy by having it auto insured is a fantastic development.”
Cozy does not yet have a token, but has been publicly building since September of 2020.
As for the direction of the crypto markets at large, Wainman says a strong bear trend is underway, and he’s playing a game of wait and see.
“I think until proven otherwise, this is a really powerful bear trend and we just need to wait and see. Now if this thing rockets back up to $55,000 and beyond, that’s a different story.
I do believe that we could look at a strong end of year. But for now, it’s about capital preservation and seeing how low this particular dip can go. Because if Bitcoin dips down to the low $20,000s, prices are going to be on absolute fire sales.”
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/Ahmed Muntasir