Why one Aussie analyst says it’s time to stack up on Polkadot and Cardano
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Bitcoin is taking a well-earned breather this morning after days of strong gains, but some layer-1 smart contract platforms are having a strong day.
Fantom, which hit an all-time high of $2.07 yesterday, was up 18.3 per cent to US$1.97.
Elrond, Terra, Near Protocol were all up around 14 or 15 per cent, while Algorand and Harmony (ONE) had gained 10 and 8.8 per cent, respectively.
The biggest gainer in the top 100 has been Bitcoin SV, which had gained 21.11 per cent to US$179.55.
Bitcoin itself was down 0.1 per cent to US$54,281, having climbed 24.3 per cent in the past seven days.
During that time BTC has outperformed every single coin in the top 20, except for Shiba Inu, which was down 28.5 per cent at lunchtime (Sydney time) but has still tripled in the last week.
Other formerly red-hot coins like Solana and Avalanche have cooled in the past few days.
“If you look at the altcoins, we’ve little response in those, in fact all we’ve got is volatility, because in many cases they did follow Bitcoin and Ethereum up, and then dumped back down again,” ThinkMarkets analyst Carl Capolingua told Ausbiz TV this morning.
“I think now is the time to, based on some of this volatility, to pick up some of this volatility, to pick up some of these key players in the top 10, because I think that’s where some of the funds are going to go first.
“The funds aren’t going to go Bitcoin, Ethereum (then) something position 65 in the market. They’re going to go to Cardano, which is something in the top three… It’s a little bit unpopular today, and it’s just settled back, but I think that’s one to keep an eye on in the crypto space.”
Capolingua also named Polkadot as another coin he was focused on (adding he holds positions in both), while following that up with a tweet that did single out some smaller tokens.
— Carl Capolingua (@CarlCapolingua) October 8, 2021
Ethereum meanwhile was up 3.3 per cent to US$3,600 and the overall market cap was up 1.5 per cent to US$2.3 trillion.
Former ASX-listed NFT gaming company Animoca Brands has reshuffled its leadership, giving more responsibility to co-founder Yat Siu and naming a new group president.
Siu, who has served as non-executive chairman since September 2018, has been named group executive chairman and managing director, effective immediately.
The board of directors said that under his leadership, Animoca had transformed into a global leader in digital property rights blockchain and NFTs, with a $1 billion “unicorn” valuation.
“Yat has provided visionary leadership in shaping Animoca Brands, not only in developing an impressive product portfolio but also in driving a successful investment strategy and providing leadership in the digital property rights ecosystem globally,” said board member Chris Whiteman.
“With Yat’s official appointment to the executive role of the expanded company, we look forward to attaining new heights for Animoca Brands.”
Animoca also named experienced corporate executive Evan Auyang as group president. He was most recently managing director and head of international of global expert insights firm GLG, and before that was deputy managing director of the Kowloon Motor Bus Company.
“We are pleased to have Evan join us at this exciting moment of Animoca Brands’ development,” Siu said. “Evan has a stellar track record of delivering transformative impact across multiple organisations and industries, and he brings essential capabilities in strategic thinking, organisational leadership and execution.”
The company also appointed chief executive Robby Yung as chief executive of Animoca’s North America operations