The cryptocurrency market bull run has slowed down in the past week, with most coins recording minor dips. However, according to one top trader, March could reignite the price rally. Lark Davis recently revealed the six altcoins he’s most bullish for in the coming month.
He told his 224,000 YouTube subscribers, “All of these have some upcoming catalyst that could prove to be market-moving events, and thus could be worth paying attention to. You should have these coins on your radar as an investor.”
The first coin on his radar is Cardano (ADA), a cryptocurrency that has recorded massive growth in the past month. ADA shot up from $0.3 a month ago to hit its all-time high at $1.48 yesterday, becoming the third-largest cryptocurrency.
Davis pointed to an upcoming hard fork as the main price driver. “The big news for Cardano is that the Mary hard fork will be rolled out to the mainnet on March 1st. This hard fork will help Cardano to take the next steps towards becoming a fully functional ecosystem. We’re going to see tokens finally being implemented, we’re going to see smart contracts on the main chain.”
This is just the first step, not the final smart contracts rollout, he pointed out. Nevertheless, it’s still “a massive upgrade for Cardano.” Traders must, however, be cautious of a price dip that might come once the Mary hard fork launches. This might be a result of the “buy the rumors, sell the news” phenomenon.
The second coin on the YouTuber’s watchlist is Kusama (KSM), a Polkadot-based project. Davis stated, “The reason that Kusama is the one to watch in March is that Parachain auctions are coming soon to the Polkadot ecosystem, and the first stop is Kusama.”
The exact date for the parachain auctions rollout is still unknown, however. Kusama has been rallying in the past month, doubling its price to now at $209. Davis expects this rally to continue “in anticipation of the first parachain auctions.”
The trader is also watching Litecoin (LTC), a cryptocurrency whose price makes little news in recent times. This is all about to change, he believes.
The upcoming Mimblewimble upgrade could cause enough stir to see Litecoin making some new highs and finally getting into price discoveries. It has been lagging behind a lot of its peers. In fact, Litecoin has a few decent price catalysts coming up in the next few months including the Flare Network token drop.
Davis is also watching Polygon (MATIC), the project formerly known as Matic Network. The Layer 2 scaling network could play a pivotal role in the future of Ethereum, especially since Ethereum 2.0 could take some time to launch. Already, close to 100 applications are running on Polygon. They include popular DeFi networks like QuickSwap and EasyFi.
Ethereum’s fees have continued to skyrocket in recent months. As per YCharts data, they hit a yearly high at $39.49 a week ago and are currently at $11.48. This has pushed more users to explore alternatives, and Polygon has been one of the beneficiaries.
Investors must also watch out for Injective (INJ), a fully decentralized Layer 2 exchange. It has been partnering with key players including Avalanche, Marlin, Ocean Protocol and UniLend. The project announced in December that it will be supporting mainstream stock trading, the first DeFi platform to offer this feature.
Injective is currently in the third and final of its testnet, meaning we will get an official word on the mainnet launch really soon. This will bring a massive amount of hype.
The final coin on his list is a mainstay – Uniswap (UNI). The DeFi exchange has been working on its v3 upgrade for some time now. Davis believes that we’re edging closer to the launch.
It’s getting more and more likely that we will get an announcement about Uniswap v3 coming out. This will mean two very key things for the Uni token. One is that fees will be shared with the token holders. The second thing it means is that it will include Layer 2 scaling. […] This will bring fees to use Uniswap from the current $50-60 to like a cent per trade in gas fees.
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