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These 5 Crypto Assets Have the Greatest Potential in October, According to Trader Lark Davis

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Widely followed crypto trader and market analyst Lark Davis is looking at five specific cryptocurrencies to shine in October.

The trader tells his 437,000 YouTube subscribers that he is bullish on Solana (SOL), Polygon (MATIC), Elrond (EGLD), Polkadot (DOT), and Bitcoin (BTC).

Starting with Solana, Davis thinks that Solana’s blooming NFT space will bring more investors to the project.

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“Now one thing that’s getting me very excited about Solana right now [is] NFTs. We are seeing a lot of NFTs launching on Solana these days, and we’re starting to see a lot of NFT structure coming into play here…

The whole NFT craze that’s been happening on Solana is very serious. We’ve seen people flipping NFTS for insane gains over on Solana, showing that Solana is providing the kind of NFTs that people want to buy and want to use to make money off of.”

The next coin on Davis’s list is Polygon. He expects MATIC to regain its momentum after daily usage appears to be increasing.

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“Polygon had more daily active users than Ethereum for the first time ever. MATIC had 351,000 daily active users compared to Ethereum’s 326,000 daily active users.

And it makes sense, I understand why. When you go over and you use Polygon, you can use basically all the same great stuff that you can use on Ethereum, but for a fraction of the cost, which is of course very, very cool.”

He also mentions that MATIC is partnering with the multinational consulting firm Ernst & Young to develop more Ethereum (ETH) scaling and enterprise solutions.

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Next up is Elrond (EGLD). The trader notes that while the network is growing with users, he’s expecting price appreciation to take off after more products and decentralized finance (DeFi) applications start to launch on the platform.

“I think that when we start getting the applications launching here, and that’s gonna be very, very soon, then we’re gonna start seeing the total value locked coming in, then we’re gonna see people FOMO’ing into the EGLD asset in order to lock it up in different DeFi applications. That’s when we’ll really start to see the price appreciation happening. We’re right on the precipice of that moment.”

The fourth token on his list is Polkadot (DOT). Davis thinks that DOT is ready to rise now that the highly anticipated parachain auctions are expected to come to Polkadot’s blockchain soon.

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“Once that gets announced, I think that’s going to be a very bullish announcement for Polkadot, and that we’re gonna see the Polkadot asset rally into that first parachain auction… We’re gonna get an announcement on this sooner than a lot of people probably expect, so [I’m] definitely keeping an eye out for that.”

Finally, Davis is expecting higher prices from Bitcoin this month. The trader speculates that while the approval of a Bitcoin Futures ETF is mainly bullish for Wall Street, it will open the door for regulators to approve a Spot Bitcoin ETF for which investors have been waiting for years.

“I think that a Futures ETF launch opens the door for a Spot Bitcoin ETF, which is what we really want because that actually matters. That actually takes real Bitcoin, locks it up, issues out a paper contract on your brokerage account in order to be able to gobble that up. That’s the kind of Bitcoin ETF that we want…

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A Futures ETF is bullish, a Spot ETF is mega bullish, and I think that the Futures ETF is probably the gateway drug for the Spot ETF, and that could happen very, very soon.”

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Indian Crypto Bill in Anvil, Govt. to Weigh Pros & Cons of Crypto

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The latest update in the controversial Indian Crypto Bill saw the Finance Minister, Nirmala Sitharaman consider the underlying technological boon that comes with the industry’s banes. While speaking at the ‘Agenda Aaj Tak‘ event in Delhi yesterday, Sitharaman noted that the crypto bill is in anvil and will soon be sent for approval to the cabinet.

Furthermore, she highlighted the juxtaposition given the government’s concerns about the decentralised industry accompanied by their plan to fully avail the financial benefits of the blockchain technology. Following this mindset, she ascertained that the “Cryptocurrency bill will take into account the underlying technology”.

Ambani’s Two-Cents on Crypto

The Indian government appears to be on the right track, financially, given that even the richest man in all of Asia, Mukesh Ambani swears by the same technological advancement with the blockchain.

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He spoke yesterday, at a forum organised by India’s International Financial Services Centres Authority together with Bloomberg, where he argued the potential of blockchain technology. Ambani said, “Blockchain is the technology I believe in and it is different from crypto”. Ambani claimed that India will see an evolution in its “fintech, education technology, health technology, and industry” through digital services.

Furthermore, he compared the power of data to that of former days’ oil, asserting the only difference being, data’s easy accessibility.

“Digital technology, I believe, is a great leveler, a great democratizer…The new oil, i.e. data, can be generated and consumed everywhere and by everybody. It has the potential to create value equitably across sectors, geographies, and economic classes.”, said Ambani.

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Borderless Crypto

Despite understanding the pros, like innovation and technological advancements, the Indian government is determined to regulate the decentralised industry in lieu of its dangerously fast-evolving nature. According to CoinGape’s exclusive coverage on Nirmala Sitharaman’s stance towards upcoming crypto regulations, she noted that mere national level monitoring will never be enough when it comes to the decentralised industry. Sitharaman called upon global regulators to come together to centralise a borderless body like crypto.

“All of us also recognise technology respects no physical border. Technology has the power to sweep through borders. It means global action is the only way in which you can regulate it effectively”, said Sitharaman.

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Whales Are Actively Accumulating Three Altcoins – And Selling Two Others, According to Crypto Analytics Firm Santiment

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Crypto whales are actively accumulating three altcoins and selling two others, according to the crypto analytics firm Santiment.

Santiment says whale tracking can be an effective method of determining which crypto assets look bullish or bearish.

The analytics firm notes that the number of whale addresses holding between 1-10 million Skale (SKL) has surged in the past week.

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Source: Santiment

SKL is the native asset for Skale, a blockchain network that aims to enable developers to create and provide decentralized chains that are compatible with Ethereum. SKL is trading at $0.28 at time of writing and is down more than 10% in the past 24 hours.

The number of whale addresses holding between 100-10,000 Maker (MKR) has also shot up in the second half of November, according to Santiment.

Source: Santiment

Maker is a governance token that supports DAI, a stablecoin that is pegged one-to-one to the US dollar without any banks, governments or third parties. MKR is trading at $2,683.35 at time of writing and is down more than 9% on the day.

Santiment notes that the number of whale addresses holding between 1-10 million Ocean Protocol (OCEAN) has also increased in the second half of last month.

Source: Santiment

OCEAN is the native asset of the Ocean Protocol, a blockchain ecosystem that connects data providers and consumers. The 193rd-ranked crypto asset by market cap is trading at $1.15 at time of writing and is down nearly 9% in the past 24 hours.

On the flip side, Santiment notes the number of whale addresses holding between 1-10 million Ren (REN) has decreased in the past week.

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Source: Santiment

Ren is a platform that powers transactions between different blockchain platforms. It aims to make it easy for users to adopt and invest in decentralized finance (DeFi). REN is trading at $0.80 at time of writing and is down more than 8% on the day.

The number of whale addresses holding between 1-10 million GRT is also down in the past two weeks, according to the analytics firm.

Source: Santiment

GRT is the native token for The Graph, a platform that indexes and organizes blockchain data. The 46th-ranked crypto asset by market cap is trading at $0.79 at time of writing and is down more than 9% on the day.

Santiment also notes the number of addresses holding between 100-10,000 Basic Attention Token (BAT) has also gone down slightly. While the analytics firm refers to these addresses as “whales,” that appears to be a mistake, since BAT is only trading at $1.21 at time of writing.

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Source: Santiment

BAT is a utility token based on Ethereum. It powers the anti-ad web browser Brave, which focuses on protecting a user’s data by removing ads and ad trackers. The 84th-ranked crypto asset by market cap is trading is down 12.5% in the past 24 hours.

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Investor Charlie Munger Calls Crypto ‘Crazier Than DotCom Era’, Backs China for Banning Them

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The crypto market rally this year in 2021 has been indeed crazier with the broader growing market growing 3x by adding nearly $2 trillion to the overall market cap. However, traditional investors and big names like Charlie Munger are finding it too difficult to digest.

The investment legend calls this rally in the crypto market to be crazier than the dotcom era. Addressing Australian investors at the Sohn Hearts and Minds conference on Friday, December 3, Mr. Munger called this investment environment “a little more extreme”. He also backed China on clamping down on “some of the exuberances” of capitalism. Expressing his extreme criticism towards cryptocurrencies and Bitcoin, Mr. Munger said:

“I think the dot com boom was crazier in terms of valuations than even what we have now. But overall, I consider this era even crazier than the dot-com era. I just can’t stand participating in these insane booms, one way or the other. It seems to be working; everybody wants to pile in, and I have a different attitude. I want to make my money by selling people things that are good for them, not things that are bad for them.

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Believe me, the people who are creating cryptocurrencies are not thinking about the customer, they are thinking about themselves,” he added.

Munger Backs China for Banning Digital Assets

The legendary investor further added that he would never participate in this “insane” crypto boom. More interestingly, Munger even backed China for banning cryptocurrencies entirely. He noted:

“I’m never going to buy a cryptocurrency. I wish they’d never been invented. I think the Chinese made the correct decision, which is to simply ban them. My country – English-speaking civilisation – has made the wrong decision”.

Legendary investor Warren Buffett and Munger’s partner at Berkshire Hathaway have also showered strong criticism on Bitcoin in the past calling it ‘rat poison squared’. After Buffet’s comments back in 2018, Bitcoin has just continued to grow higher.

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