Analyst Highlights ATOM, Saying Altcoins Season Is Here

YouTuber Scott Melker, going by the pseudonym 'The Wolf Of Wall Streets' retweeted an old tweet about altcoins season.

The post features one of his YouTube videos posted on August 17. In the video, Melker announced altcoins season, highlighting potential trade ideas on ATOM, AVAX, EGLD, and SUSHI.

The crypto analyst retweet comes amid a series of new record highs from altcoins and a drop in the Bitcoin dominance metric. Looking at this Melker was satisfied that an altcoin season had begun.

In addition, Bitcoin’s (BTC) 65% return from about $29,000 on July 20, to above $52,000 on September 7, helped bring new bullish momentum back to the crypto market.

What is more, as the BTC rally has stalled out around the $47,000 price level, the analyst noted that this state of sideways trading enables altcoins to step forward.

According to Scott Melker, decentralized finance (DeFi) projects are the leading altcoin gainers for a couple of weeks. Specifically, projects like Cosmos (ATOM), Avalanche (AVAX), Elrond (EGLD), and SushiSwap (SUSHI) hit all-time highs.

However, the crypto expert highlighted Cosmos (ATOM) as an example. Even more, he shared a chart displaying the ATOM token bullish trend.

According to CoinMarketCap, the ATOM token reached a new all-time high of over $41 in the past 24 hours. This means ATOM jumped by over 12% in the last 24-hour and by over 22% in the last 48 hours.

Furthermore, Cosmos (ATOM) is trading at $39.26, at the writing time, on CoinMarketCap. In a nutshell, Cosmos defines itself as a platform that resolves the “hardest problems” facing the blockchain space.