The pseudonymous host of Coin Bureau says he is particularly bullish on one low-cap altcoin.
In a new video, the analyst and trader tells his 435,000 subscribers that he believes Litentry (LIT), an identity aggregation protocol, has remarkable growth potential.
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“When I’m out hunting for small-cap altcoin gems, there are a number of things that I look for, factors that when brought together will substantially increase the chance that the pick will be bang on the money.
Now these include factors such as solving a pressing problem, being one of the first to do it, while being built in a less saturated ecosystem that has a well-supported token. And one of the most promising projects that I’ve recently found that meets these criteria is Litentry.”
LIT, the 186th-ranked crypto asset by market cap, is trading at $8.69 at time of writing, down 23.7% in the past seven days, according to CoinGecko. The protocol is built on Substrate and designed to perform “decentralized identifier (DID) aggregation, verification, and credit calculation/grading,” according to the project’s Lite Paper.
Says the Coin Bureau analyst,
“What really drew me to Litentry was the problem that they’re solving in the decentralized finance (DeFi) space. I had not seen or heard about a project that was offering similar identity-based verifications in any ecosystem.
Being able to verify the unique identity of wallet addresses is the missing key to DeFi, offering many of the other services that centralized finance relies on.”
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He’s particularly bullish on the project because it’s building towards an association with Polkadot.
“You have to consider that it’s a project that will be launched as a parachain on Polkadot. You only have to take a look at some of the excitement around Polkadot-based projects to get a sense of how much untapped demand there is here.
There is growing sense that DeFi tokens based on Polkadot could see similar price appreciation to those we saw in the Ethereum ecosystem back in 2020. Whether you believe that or not is irrelevant. As long as the market believes that, price momentum is likely to pick up.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/lunamarina/Andre Boukreev
