Popular crypto trader Kevin Svenson, who has amassed over 126,000 followers on Twitter, is extremely bullish on altcoins. In particular, altcoins that focus on blockchain gaming are doing well at the moment, according to the analyst. “Don’t be surprised to see altcoins suddenly go really fast,” said an optimistic Svenson.
Almost any coin is good?
If we are to believe Svenson, almost every altcoin is currently about to burst. “Many of those currencies are just now coming off their lows. SO MANY ALTCOINS represent a pump. Throw a dart at the board and you’ll probably hit something,” said a VERY optimistic Kevin Svenson.
We have yet to see it with this kind of advice. Especially the smaller altcoins have been extremely volatile over the years and few coins have performed well for several cycles in a row.
In that respect, be very careful about where you decide to invest your hard-earned savings. Simply betting on a few altcoins, as Svenson seems to advise here, is not the best advice on the face of it.
You can really make a huge hit with that strategy, but it can of course also fall completely the other way.
What’s on Svenson’s radar?
Svenson himself has the Ethereum-based Gala (GALA) on his radar as a project with strong fundamentals and high demand from investors. “One of the altcoins that I keep an eye on in particular is GALA. There is huge demand for it and it is doing well now. I am long. I already warned two weeks ago that alt season is coming. Get ready for some epic pumps!” said Svenson.
Personally, I can’t help feeling that Svenson is trying here to pump a coin like GALA through his followers. The project had an all-time high of around $ 0.75 and is now at $ 0.033.
In that respect, it remains to be seen whether this project will ever come out on top. It is of course possible that it just starts pumping, but that will more likely be due to figures like Svenson who choose this coin and then unabashedly promote it.
Altseasons are fun, but don’t be fooled by these types of guys who promote bad coins with the main goal of becoming very rich themselves.