Recently, especially after the market crash on September 7, digital currencies have outperformed bitcoin. For example, the world’s largest cryptocurrency market dominance has taken a hit as well, dropping to just over 41.4% at the time of writing. On the contrary, many opposing alternatives in the market have seen their shares rise. Do these results indicate anything?
Well, according to BlockchainCentre, this could be “Altcoin month.” This is a belief held by many in the crypto community. Not only by supporters, but by former White House staff as well. More specifically, the former White House press secretary is betting on some digital currencies.
During an interview with CNBC, SkyBridge Capital CEO Anthony Scaramucci confirmed that he is bullish on Ethereum, Cardano, and Algorand. The reason is – their “cool use cases”.
“Feels like it has peaked as a result of the El Salvador news. There has been a lot of leverage in the system and a lot of leverage has exploded out of the system over the past 48 hours. Having said that demand and fundamentals continue to improve,” Tweet embed employment # encrypt #btc. pic.twitter.com/n4IwqI2Y7N
– Squawk Fund (SquawkCNBC) September 8, 2021
According to the former White House employee,
“There are a lot of great things going on in this space… as more and more digital applications happen, some of those altcoins, things like Algorand or Cardano, or things like Ethereum, will continue to go up because there are really great use cases for them.”
However, Scaramucci, a longtime Bitcoin proponent, added that Ethereum may be on its way to becoming an asset as a “store of value.”
“I think there is a very large market for Ethereum and I expect Ethereum to have good fundamentals and to grow.”
However, that was not all. For months, despite ETH’s price performance, there were many concerns about the altcoin’s lack of institutional adoption. That may soon change, with Scaramucci responding to a question with the allegation,
“Could we have an Ethereum fund in the future? Yes, we certainly can. Everything you say is true with non-fungible tokens, and the technology around Ethereum will make it a sticky cryptocurrency, a store of value and something that people will deal with.”
Cardano, understandably, is another alternative currency that exec is raising. With ADA arriving at new ATHs recently and the network awaiting the Alonzo mainnet upgrade on the 12th, these expectations are justified.
However, it should be noted that the exec seemed particularly bullish on the 17th-ranked cryptocurrency – Algorand (ALGO).
At press time, it was trading above the $2 mark after a weekly rise of more than 70%. In fact, the head of SkyBridge Capital tweeted about the alternative, commenting,
– Anthony Scaramucci September 9, 2021
However, he is not the only one who shares these sentiments.
What are all the great things about him $ ALGO. The graph looks good. Express vs. other L1’s. https://t.co/dMdB1mw1CV
– Mike Novogratz (@novogratz) September 8, 2021
What’s more, according to Jason Choi of the Spartan Group,
“ALGO’s price has gone away from fundamentals for now, with a significant increase in OI as the mania kicks in.”
Needless to say, if the aforementioned altcoins continue on their price paths at press time, this could be a really good “Altcoin month” here.
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