Biggest crypto influencer and market analyst Elliot Wainman is explaining his method for finding the upcoming altcoin gems which could potentially explode this year.
In one of his new videos Wainman tells his 265.000 subscribers that currently all the focus lies on Binance Smart Chain (BSC). Many crypto traders have been escaping the congested Ethereum blockchain lately,
this is due to high gas fees which makes it difficult for smaller traders to make use of the network.
“The story of the day, the week, the month, of course, is Binance Coin (BNB) and this of course is the underlying protocol that’s powering the Binance Smart Chain movement…
Right now crypto is going viral. It’s growing its user base like it never has before and when that happens there are just so many people who need what Binance is offering which is essentially a low fee ETH virtual machine (EVM) compatible environment that allows for the amazing developments that happen on Ethereum to be ported over to Binance and essentially be cheaper and easier to use.”
As the crypto market evolves, Wainman mentions that crypto investors need to have a look at the projects and markets that have shown positive results on the Ethereum blockchain and find their Binance Smart Chain equivalent.
Making use of this method will allow investors to stay ahead of the market and spot the projects that are on the edge of sky-rocketing but have not done so yet.
“Using this framework of understanding what’s killing it on Ethereum and what’s bound to attract some eyeballs on Binance Smart Chain is your key to unlocking the future of gains. And this is how you can identify gems before they’re gems – before they go on their rocket rides.”
A couple of examples of the ‘Binance Smart Chain effect’ which Wainman cites are oracle and data retriever Berry Data (BRY) and decentralized lending protocol and bond issuer Multiplier (MXX).
Berry Data chart (February 16th – February 21st)
7d Low / 7d High
Multiplier chart (January 21st – February 21st)
30d Low / 30d High
As for the sectors of the crypto economy Wainman lays interest in, he cites that decentralized finance (DeFi) and insurance projects built on Binance Smart Chain will most likely perform well as users tend to shift over to the cheaper chain.
“Something that is inevitably going to be needed here is insurance. Just like DeFi needs data, DeFi also needs insurance because there’s a ton of scams, bugs, exploits, pretty much the threats to this incredible amount of money flowing around from smart contract to smart contract is only growing and if you really want to unlock billions or trillions of dollars in total value locked (TVL) for DeFi you’re going to need to have some kind of insurance.
Especially these big funds, these ultra-high net-worth individuals and these publicly traded companies – they’re actually required to have insurance and you cant get this stuff at Allstate.”
Lastly, Wainman tells his subscribers to pay attention to whatever insurance project pops up for Binance Smart Chain is most probably going to have loads of potential once it arrives to the bigger crowd, because as far as he can tell, there is no insurance leader on the BSC.
Source: EllioTrades Crypto
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