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Altcoins have recently outperformed Bitcoin, particularly since the market crash on September 7th. The market domination of the world’s largest cryptocurrency, for example, has also declined, falling to slightly over 41.4 percent at press time. On the contrary, several of the market’s competing altcoins have seen their stock prices rise. Is there any significance to these findings?
Well, according to BlockchainCentre, this might be an “Altcoin month.” Many people in the crypto-community believe this. Not only by supporters, but also by ex-White House officials. A former White House Press Secretary, in particular, is betting big on some altcoins.
SkyBridge Capital Chief Executive Anthony Scaramucci stated in an interview with CNBC that he is positive on Ethereum, Cardano, and Algorand. The reason for this is because of their “excellent use cases.”
“It felt like it was peaking as a result of the El Salvador news. There was a lot of leverage in the system and a lot of leverage blew out of the system over the last 48 hours. Having said that the demand and fundamentals continue to improve,” @Scaramucci on #crypto #btc. pic.twitter.com/n4IwqI2Y7N
— Squawk Box (@SquawkCNBC) September 8, 2021
According to the former White House staffer,
“There’s a lot of great stuff happening in this space… As more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because there are actually great use cases for them.”
Scaramucci, a long-time supporter of Bitcoin, did, however, add that Ethereum may be on its way to becoming a “store of value” asset.
“I think there’s a very big market for Ethereum and I predict that Ethereum has good fundamentals and will grow.”
That wasn’t all, however. For months, despite ETH’s price performance, there have been several concerns about the altcoin’s lack of institutional adoption. That could change soon though, with Scaramucci responding to a question by claiming,
“Could we have an Ethereum fund in the future? Yes, we certainly could. Everything that you’re saying is true with the non-fungible tokens, and the technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something that people will transact with.”
Cardano is, obviously, another altcoin that the executive is excited about. With ADA lately reaching new ATHs and the network anticipating the Alonzo mainnet upgrade on the 12th, these expectations are justified.
It is worth noting, however, that the executive looked particularly bullish on the 17th-ranked cryptocurrency – Algorand (ALGO).
At press time, it was trading well above the $2 mark following a weekly surge of over 70%. In fact, the SkyBridge Capital chief even tweeted about the alt, commenting,
— Anthony Scaramucci (@Scaramucci) September 9, 2021
He isn’t the only one to share such sentiments, however.
— Mike Novogratz (@novogratz) September 8, 2021
What’s more, according to Spartan Group’s Jason Choi,
“ALGO’s price has gone way ahead of fundamentals for now, with a dramatic increase in OI as mania kicked in.”
Needless to say, if the aforementioned altcoins continue to tread their press time price trajectories, “Altcoin month” might well and truly be here.