O Bitcoin it took off last week surpassing the psychologically important $55,000 level, its highest level since mid-May. The altcoin market, as usual, surfed this wave and registered good valuations. However, there are two specific cryptocurrencies that may be worth more than the BTC.
According to trader Bill Baruch, president of Blue Line Capital, Solana (SOL) and Algorand (ALGO) are next to rise like Bitcoin.
Solana and Algorand are the trader’s bets
According to Baruch, his idea was to increase his positions in Bitcoin as the price of cryptocurrency retreated. But the latest acceleration prevented it from doing that.
Despite this, the trader noted that this allowed him to look more closely at the altcoin market looking for new opportunities.
“I didn’t get my full position, but it ended up making me more researching to try and figure out where else I could invest this money I want to put into cryptocurrencies,” Baruch told the Trading Nation program at CNBC.
Based on this market study, the executive highlights the two cryptocurrencies it is adopting as an alternative to Bitcoin:
“Solana is actually my biggest participation right now. I got into it at a good time and [a criptomoeda] went up a lot. I think it has legs to advance from here as well,” he said. “Algorand looks to me like Solana two to three years ago,” he added.
As highlighted by the executive, Algorand’s chart looks constructive, indicating a buying opportunity.
SUN and ALGO prices
As of this writing, SOMETHING is trading at $1.90, after rising 8% last week.
However, this price is still approximately 42% below the historic high of $3.28 recorded in June 2019.
Solana, on the other hand, is changing hands at around $163, after appreciating around 7% in the past 7 days.
Likewise, its price is 24% below the historic high of $214.96 recorded on September 7th.