- Analyst says Cardano, Tezos, EOS, Neo, and Cosmos could gain 40X on Bitcoin
- The best-performing assets have been enterprise blockchain or DeFi projects
- Most protocols don’t have a developer ecosystem like Ethereum
Cryptocurrency News Today – according to reports, digital currency analyst Nicholas Merten believes that savvy investors should pay close attention to altcoins (alternative Blockchain protocols). He believes that they have the potential to overtake Ethereum or at least get a bigger percentage of the overall market share. Merten had dubbed the ongoing competition in the market “the protocol wars.” He has noted that all the best-performing digital assets in recent weeks have been enterprise Blockchain projects or DeFi (decentralized finance) offerings.
Tezos, EOS, Neo, and Cosmos could gain 40X on Bitcoin
According to Merten, tokens like Cardano, EOS, Tezos, Neo, and Cosmos are showing promising metrics. These tokens could continue performing well in the coming year. The question, here, however, is whether these coins can chip away at Ether’s supremacy.
“I do not doubt the fact that any of the above-mentioned cryptos we just talked about are likely going to have higher positions when compared to Bitcoin. This will be one year from today. We just want to get that off the table.”
With that in mind, whether we can get some fundamental development on the above-mentioned chains or not will be a question we must answer. This is the case if we want to determine if they will do a 2 or 3x against BTC or if a range of plays will make altcoins do 10, 20, 30, or 40x against BTC. This time around, it is not just about speculation, there are some data backed by fundamentals with it.
Will The Above-mentioned Altcoins Challenge Ethereum?
Lots of Blockchain protocols are missing one thing and this is something that Ethereum has and uses. The feature mentioned here is a developer ecosystem. Additionally, Merten also notes that while he has a deep appreciation for the academic nature of Cardano (ADA), only a few additional beneficial features have been built on it. As for EOS, Mertens says, it is arguably the second-best position solution in the blockchain sector when it comes to DeFi, but he still has not felt the need to use the protocol’s DeFi applications.
“There is an issue here. If you have any way to leverage building a network effect, you will have a good Blockchain. Of course, you will become more scalable than Ethereum. However, you won’t be better than Ether in the long run.”
Looking at it from an investment point of view, Merten believes that assets like NEO, Cosmos, and Tezos, can potentially surge largely. Hence, it is worth it to look at these offerings.