A Crypto Trader Identifies Upside Potential for Chainlink Rival in Price Discovery
An influential cryptocurrency analyst suggests that Pyth Network (PYTH), a data aggregating service and competitor to Chainlink (LINK), has significant room for growth even after hitting a new all-time high. The pseudonymous trader, Altcoin Sherpa, believes that PYTH is currently in the midst of price discovery, a situation where a coin trades at levels never seen before. Coins in price discovery territory often experience strong upward trends with no known resistance. Altcoin Sherpa highlights several reasons for considering PYTH as a potential investment opportunity, including its proximity to its ATH, the absence of a significant pump yet, and the parallel movement of API3. At the time of writing, PYTH is trading at $0.6425, an increase of over 10% in the last 24 hours.
Bullish Outlook on Injective Protocol
Altcoin Sherpa also expresses bullish sentiment towards Injective (INJ), a decentralized exchange protocol. Despite INJ trading within a wide range for over a month, Altcoin Sherpa believes it remains in a long-term uptrend. The trader recommends entering the market around the current range to benefit from potential future gains. Although quick doubling of investment may not be expected, INJ is considered a safe and high probability trade. Currently, INJ is trading at $34.55, reflecting a decrease of nearly 5% in the past 24 hours.
Crypto Market Cap Potential
Altcoin Sherpa emphasizes that the total market capitalization of cryptocurrencies is still relatively small compared to tech giants listed in the S&P 500 index. The trader anticipates explosive growth in the crypto market cap when retail investors return to the space. The current total market cap for all digital assets stands at $1.807 trillion. Altcoin Sherpa encourages thinking on a larger scale and suggests that the crypto market has significant potential for gains, losses, and opportunities.
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