A widely-followed crypto trader and analyst says he’s going all-in on Ethereum plus three other altcoins within an emerging crypto subsector.
In a new tweet, the trader who goes by Smart Contracter tells his 142,400 followers that he doesn’t even own Bitcoin currently, as he only focuses on Ethereum and decentralized finance (DeFi) assets.
— Bluntz (@SmartContracter) May 18, 2021
Leading the charge in the DeFi space is money market protocol Aave, according to Smart Contracter. The trader adds that with Aave printing a new all-time high (ATH), more DeFi coins will take that as a signal to blast off as well.
“This AAVE ATH is significant for two reasons. Firstly, its paving the way for the rest of the DeFi sector, and secondly, an ATH break after three months of consolidation is going to be a significant markup.
We could be talking upwards of $2,000.”
With Aave trading at $608, the trader’s prediction represents potential gains of nearly 230%.
On top of Aave, the crypto strategist says he’s also looking at three other DeFi assets that he believes are poised for a big move up.
“You may think you ‘missed’ it but I assure you, you haven’t, and even if you do feel that way just buy something else that hasn’t moved yet. MKR (Maker), SUSHI (SushiSwap), COMP (Compound). There’s multitudes of other plays out there.”
Smart Contracter highlights automated market maker (AMM) Sushiswap, which he notes might be presenting the best possible risk-to-reward (RR) trade on the market.
“Both AAVE/USD and AAVE/BTC are inches away from new all-time highs.
If this isn’t DeFi summer, I don’t know what is.
Best RR DeFi play in my opinion is still SUSHI hands down.”
At time of writing, SUSHI is trading at $19.28, up 27% in the last seven days, according to CoinGecko.
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Featured Image: Shutterstock/Carlos Amarillo