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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Pseudonymous Crypto Trader Trashes Major Altcoins: “Tides Have Turned” To DeFi

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read
crypto defi trash beach altcoin major xrp ltc

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There’s no denying that DeFi is the hottest trend in crypto, bar-none. This sub-set of decentralized finance-focused altcoins have been on fire as of late, beating out Bitcoin and other top crypto assets by a large margin.

It has prompted one pseudonymous crypto trader to trash major altcoins like XRP, Litecoin, Bitcoin Cash, and other highlights from the last bull run. They claim the “tides have turned” too hard toward DeFi, and these other coins can all get “thrown in the bin.”

Molten DeFi Trend Steals The Fire Out From Under Other Top Crypto Tokens

“One man’s trash is another man’s treasure,” is how the saying goes. This is because beauty is in the eye of the beholder. All of these old adages are also true for investing and trading.

Some of the altcoins that one investor holds dearly, expecting lifechanging results, could be labeled a “shitcoin” from the community. XRP is a perfect example of a polarizing token that is both loved and hated.

Related Reading | Be Wary Searching For The Next DeFi Star Warns Crypto Advisor

A recent scenario was shared on crypto Twitter consisting of two, similar-aged investors – one investing in XRP, while the other put the same amount of money in Chainlink. The investor in XRP has held the token for years at breakeven, buying in around 30 cents per token and thinking they caught the bottom of the fall from over $3.

Meanwhile, the investor in Chainlink is 25 years old and is now retired in the same timeframe that Ripple went nowhere.

This type of negative sentiment surrounding major altcoins from yesteryear, still dominating the top ten by market cap, has caused one trader to refer to major altcoins as “trash.”

Major Altcoins “Trash” Claims Trader, Tides Have Turned Toward Bitcoin, Ethereum, and Decentralized Finance

According to one outspoken pseudonymous crypto trader, the “tides have turned” on major crypto altcoins like XRP, Litecoin, EOS, Bitcoin Cash, and Cardano. These tokens were once the talk of the industry, each considered more disruptive than the next.

Now, there is barely a murmur of these coins online, unless its to bash these tokens, just as this trader has joined in on. They claim these tokens are better off “in the bin” and says DeFi is where the money is now, alongside Bitcoin and Ethereum.

And that’s certainly how the narrative has turned. Crypto investors everywhere are seeking the next DeFi superstar. Each new project seems more successful than the next, even if several of them have zero use cases and openly admit to being “worthless.”

Related Reading | Economist On DeFi: Crypto Insiders Aware Tokens Are Worthless, Speculate Anyway

Crypto insiders don’t seem to care and are risking money anyway. Some are striking it rich, while others are getting burned.

The most important thing to remember, however, is that one man’s trash is another man’s treasure, and typically when sentiment is the lowest, is when assets turn around and surprise you.

In no time at all, the tides could once again turn, labeling DeFi projects as a scam, and advocating investors stick to tried and true coins that have been around for years.

But this is crypto, and projects don’t have to offer real value or make sense. The hot and shiny new hyped thing is what will drive trends and draw speculation. And in a speculative asset class, that, and money, are really all that matters.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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