Lark Davis emphasises the importance of Ethereum as it floats around $3,420 and as Bitcoin supremacy falls below 45% he highlights 5 altcoins to cash on this may.
Polygon, an Ethereum layer-2 scaling solution, is on Davis’ list. Despite the fact that MATIC Price has gained over 100% in the last two weeks, Davis believes the asset still has a lot of space to rise in the months ahead.
He believes that when it comes to adoption, Polygon has been killing it. He is so optimistic about because the altcoin is launching a $100 million fund to encourage the adoption of DeFi.
“We already have Polygon operating with some of the most common DeFi protocols; we process a million transactions per day on Polygon, and we have Aave, which has $2 billion in liquidity locked on Polygon… This demonstrates that layer-2 is succeeding, and Ethereum is scaling.”
Polygon, with a market cap of $4.7 billion, is undervalued, according to Davis, as opposed to other ventures in the top 50 assets by market cap, such as Solana (SOL) and Ethereum Classic (ETC).
The non-fungible token (NFT) project Ethernity (ERN), which Davis claims is securing some amazing and legitimate collaborations with high-profile celebrities, comes in third on the analyst’s list.
According to him as the NFT market is so speculative, the last thing you want to do is buy fake NFTs, which is where Ethernity comes in because they have genuine NFTs from real celebrities.
Next up is Ethereum competitor Polkadot (DOT), which Davis owns, despite the fact that the asset is currently in a “lull period” as the public waits for the launch of Polkadot parachain auctions, which will add smart contracts to the platform.
He says that it’s certainly in the top five ecosystems, and he is very excited about what Polkadot is doing. And when parachains go live, that’s when everything goes nuts for Polkadot, because it means you’ve got a real ecosystem, real users.
The upcoming Polkadot Decoded conference, during which the team may reveal some exciting news regarding the company’s progress, is why the analyst is especially bullish on DOT this May.
At the end of the month, we have the Polkadot Decoded conference… They’re probably going to release some nice little juicy nuggets in terms of information. I’m watching to see what they announce here. Maybe we’ll get some firm dates for when we see those parachains coming out… very excited about this, definitely something to keep on your radar.”
The next asset Davis lists is Litecoin (LTC), a Bitcoin fork with “fundamental factors,” according to Davis. He points out that major payment platforms like PayPal and Venmo, as well as major trading platforms like Robinhood, both offer Litecoin.
Davis claims that novice traders will see Litecoin as a more affordable alternative to Bitcoin, with a price of about $345 versus $55,000. The influencer claims that the recent success of Ethereum Classic (ETC), which is up nearly 200 percent in the last week, indicates that logic has been temporarily suspended, allowing assets such as Litecoin to thrive.
Ramp allows users to lock up their staked coins in exchange for a secure coin (rUSD), which Davis says is finally releasing some of its flagship products. This allows users to “double, triple, or quadruple” their annual yield while still receiving staking incentives from the original deposited money, according to Davis.
I’ve been bullish on Ramp for a long time now. I’ve been talking about it here on the channel since ramp was at $0.04 or something like that… I still think that Ramp has a lot of gas in the tank… My target for this has been around $5, but a 10x would put us around $6.50 which also would not be all that crazy for Ramp.