Recently, new generation crypto projects such as Pyth Network (PYTH) have gained popularity and attracted the attention of investors and analysts. In particular, many experts and investors emphasize that PYTH has great upside potential even after reaching its all-time high (ATH). One of these opinions belongs to Altcoin Sherpa, a popular cryptocurrency analyst.
Altcoin Sherpa is known as an analyst who is known for his analysis and is an influential figure in the cryptocurrency world. It was noteworthy that he stated that PYTH still has a great upward potential even after breaking the price record quite recently. However, this claim is not only speculative but also based on data.
According to the analyst, PYTH is currently in the midst of price discovery. The term price discovery refers to a situation where a cryptocurrency is trading at levels never seen before in its history. In this case, when the price of a cryptocurrency such as PYTH reaches its all-time high, a new record is set. However, this also marks a point where uncertainty and risks increase.
According to Altcoin Sherpa, cryptocurrencies trading in the price discovery zone tend to enter a strong uptrend, often without any known resistance.
“PYTH: I’m considering buying this for a few reasons:
-Price discovery right near the ATH is always magical.
NEWS CONTINUES BELOW-There hasn’t been a real boom yet (in my opinion) for a new cryptocurrency.
-To be honest, the narration-plot is terrible, but API3 is also progressing rapidly.”
The analyst is also bullish on Injective (INJ). Altcoin Sherpa said that despite trading in a wide range, INJ remains in a long-term uptrend.
“INJ: Entering somewhere around this range is good for the next uptrend. Trend is your friend; this will probably go to ATHs (record highs) (don’t know when). “This is a trade where you probably won’t get 2x quickly, but at the same time, it’s a safe, solid, high probability trade.”
Finally, the analyst argues that the total crypto market cap is still small compared to the value of the tech giants traded in the S&P 500. progress. Altcoin Sherpa claims that the cryptocurrency’s total market cap will explode when institutional investors return.
“The total crypto market cap is still significantly lower than Apple’s. We’re playing on a small playing field and we’re already experiencing incredible wins/losses/opportunities. Wait until the masses arrive. Think big.”
You can follow the current price movement here.
