Venture capitalist Chris Burniske recently took to Twitter to share his thoughts on alternative cryptocurrencies that he believes have significant room for growth. Among them is Stacks (STX), which Burniske is particularly bullish on.
Boosting Bitcoin’s Utility
STX is a project that aims to enhance the utility of Bitcoin. Burniske notes that while Ethereum’s layer-2 ecosystem has received significant attention and investment, Bitcoin has lagged behind in this area. However, with little competition, STX could potentially reap the benefits.
Burniske points to MATIC, the largest layer-2 on Ethereum, with a fully-diluted network value of $12.4 billion, as a point of comparison. STX, on the other hand, has a value of $1.36 billion or just 0.28% of BTC’s fully-diluted network value.
Burniske argues that if STX were to reprice on par with MATIC, a potential repricing of roughly 23x could be in store.
He also named other altcoins that he finds interesting, including Dogecoin (DOGE), Toncoin (TON), Lido DAO (LDO), Internet Computer (ICP), Algorand (ALGO), Flow (FLOW), Decentraland (MANA), and Axie Infinity (AXS).
DOGE’s Popularity Surge
Dogecoin is at the top of Burniske’s list, but it’s hard to say why for certain. Cryptocurrency has seen a meteoric rise in popularity over the past year, partly due to the attention of celebrities like Elon Musk. Its use as a payment option for certain merchants has also helped to boost its credibility.
At the time of writing, DOGE is worth $0.0809 and has been steadily decreasing for the past three days. TON is worth $2.41, LDO is at $3, ICP is valued at $6.03, ALGO is at $0.25, FLOW is worth $1.2, MANA is changing hands at $0.64, and AXS is valued at $9.98.
