Prominent trader Tom Busby shares with his subscribers 5 altcoins under his radar with unique uses and the potential market caps that are expected to rise 50x.
Avalanche (AVAX)
DeFi protocol Avalanche (AVAX) has been in the spotlight after a series of announcements that may have helped push its native token, AVAX, toward higher highs.
According to Busby, Avalanche has enjoyed bullish price action over the past four days. In particular, this altcoin has more than 24% since Oct. 19, reaching a high of $69.
The crypto KOL says that a few recent announcements may have influenced Avalanche’s uptrend.
“Avalanche has deployed Alpha Homora V2 which enables users to combine their yield farming tokens with borrowed tokens as collateral to gain a higher APY. Additionally, renowned photographer Jason Peterson released a collection of NFTs that represent some of his favorite shots on Avalanche.”
In terms of price potential, Busby expects AVAX to close its daily candlestick above the $69 resistance level to give it another tailwind towards higher highs.
“Slicing through this pivotal point could push prices towards $73.5 or even retest the all-time high at $79.6.”
When talking about the long-term price expectation, the analyst says that with strong fundamentals and upcoming updates, he is looking for AVAX to reach $272 and gain 1% market dominance.
OMG (OMG)
OMG (OMG) is catching the eyes of crypto traders as this coin keeps heading higher in the last 30 days. In particular, the crypto asset has seen a sixfold rally since July 19 and surged 82% last week alone, topping the list of best-performing coins with more than a $1 billion market cap.
“OMG’s rise due to investor excitement in L2s and on the announcement of the mainnet launch of Boba Network, an L2 Optimistic rollup, as OMG token holders are eligible for an upcoming airdrop of the BOBA governance token,” the analyst highlights.
As the network is going to be launched in all its functionality soon, the trader expects the coin to follow a significant rise in the token value up above $100.
Synthetix (SNX)
Synthetix is protocol that allows users to mint digital replicas of cryptocurrencies like bitcoin as well as real-world assets like the U.S. dollar and oil. These “synthetic” tokens can then be used in decentralized finance, or DeFi, where traders can trade, lend or deposit tokens using automated, blockchain-based protocols.
The altcoin has experienced a price momentum at the beginning of October when Lyra, announced a rewards program tied to the protocol’s sUSD stablecoins. Besides, the number of addresses holding the SNX token has climbed to an all-time high, closing in on 100,000.
Audius (AUDIO)
Next on the list is Audius, a decentralized music-sharing and streaming protocol that facilitates direct transactions between listeners and creators, giving everyone the freedom to distribute, monetize, and stream any audio content.
“More than 5 million users tune in to Audius every month to listen to content created by more than 100,000 artists. On Sept. 17, its developers raised $5 million in funding from celebrities such as Katy Perry.”
At the time of the video, AUDIO was trading at $2.19, almost 60% down from its ATH of $4.99.
Uma (UMA)
UMA, or Universal Market Access, is a protocol for the creation of synthetic assets based on the Ethereum blockchain.
“It enables users to trade any crypto assets they want with ERC-20 tokens. UMA enables users to use unique collateralized synthetic crypto tokens capable of tracking the prices of everything they want.”
The crypto KOL adds that the protocol operates without the presence of a central authority or a single failure point. This helps anyone to have exposure to assets that would ordinarily be unreachable.
At the time of the video, AUDIO was trading at $11.82, almost 75% down from its ATH of $43.29.
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