- Pablo Heman says this round’s altcoin season might be different from previous ones.
- Ether seems to be leading an altcoin bull run ahead of an anticipated bitcoin price peak.
- He has six altcoins that he says will be strong bets during the last quarter of 2021.
Pablo Heman is the pseudonym for a crypto influencer who’s gathered more than 600,000 followers on TikTok. According to his LinkedIn, he’s a former investment bank trader who now uses his social platforms to update his followers on his analysis of price action in the crypto sector.
He previously broke down how he reaches his conclusions, stating that on-chain data, the economic environment, and some technical analysis drive the bulk of his forecasts. His early posts and videos were primarily focused on bitcoin’s price action, but more recently, he’s turned his focus to altcoins.
Traditionally, bitcoin has dominated the crypto sector. Whenever bitcoin’s price peaks, investors see a bull run in altcoins shortly after and vice versa. But this time, it looks like ethereum, the largest altcoin by market cap and second-ranked to bitcoin, is taking the lead, says Heman.
Altcoins are beginning to reach new highs, a trend that Heman says may mean we are already in altcoin season, well ahead of a bitcoin price peak.
“I’ve never seen it like this before,” Heman said. “I’ve never seen the alts, led by ETH, be so eager to run in front of bitcoin.”
But some experts are cautioning that the altcoin rally is unsustainable. JPMorgan strategist Nikolaos Panigirtzoglou, for example, said in a recent note that a “big question mark” remained over whether the traffic in networks like cardano, binance, and solana will justify their valuations.
For Heman, this new frontier is reminiscent of a similar transition that took place around 2005, when the Nasdaq and S&P 500 flipped the Dow and began to lead the stock market. Right now, blockchains like Ethereum and Solana are bringing many new things to the table, like smart contracts that enable NFT transactions and DeFi, all of which have nothing to do with bitcoin.
Even institutional investors who were very conservative and stuck to ethereum or bitcoin are now beginning to understand the various use cases these blockchains bring to the table, Heman says.
This might mean that soon, ether may flip bitcoin in market cap, Heman says. It has some catching-up to do, though: as of Friday, bitcoin’s market cap was $890.66 billion, while ethereum’s was $400.65 billion according to CoinMarketCap. At ether’s current supply, its price would need to more than double to around $7,575.
In terms of trading volume, there have been moments when ethereum has already flipped bitcoin, he adds. This means that other cryptocurrencies can do the same in the future.
“The front runner, the leader can change all the time. And that’s…
Read more:Crypto investor Pablo Heman shares 6 altcoins he’s betting will outperform this bull