Popular Crypto Analyst Drops All His Ethereum in Favor of Cardano ($ADA)
A pseudonymous cryptocurrency analyst has revealed he is selling the remainder of his Ethereum holdings in order to buy more of Cardano’s ADA, as he believes the latter will outperform the second-largest cryptocurrency by market capitalization.
In a series of tweets the trader, known as Capo, told his over 135,000 followers that looking at the ADA/ETH chart he sees Cardano as “one of the best-looking majors” and is as such selling the rest of his ETH for it, after last month selling 75% of his Ethereum holdings.
Capo also looked at a Bitcoin price chart and noted the cryptocurrency is showing signs of strength after managing to hold its key support level at $30,000, as Daily Hodl reports. He analysts added that the longer the cryptocurrency maintains its langer, the “bigger the mark-up.”
Per the analyst’s chart, Bitcoin’s price is following Wyckoff’s accumulation schematic, suggesting that large cryptocurrency investors are building up positions while preparing for its price to surge in the near future. The chart also suggests that if BTC rises above $42,000 that level may turn into a support level.
He also noted he expects the price of bitcoin to hit new highs later this year, and is looking at the Bitcoin Dominance Index, which shows BTC’s share of the cryptocurrency market, in a bid to determine whether altcoins are set to move higher or not.
Capo claims that when the Bitcoin Dominance Index chart “reaches its bottom, it usually matches with the cycle top” and added he does not see it hit a bottom, which would be at 22.3%. Bitcoin currently has a 47% share of the crypto market.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay