A Well-Known Cryptocurrency Analyst SellsAll of His Ethereum in Favor of Cardano (ADA) A pseudonymous cryptocurrency expert claimed that he is selling the remainder of his Ethereum holdings to increase his position in Cardano’s ADA, believing the latter would outperform the second-largest cryptocurrency by market capitalization.
The trader, known as Capo, told his over 135,000followers in a series of tweets that after examining the ADA/ETH chart, he believes Cardanois “one of the best-looking majors” and is thus selling the remainder of his ETH for it, after selling 75% of his Ethereum holdings last month.
Capo also examined a Bitcoin price chart and remarked that the cryptocurrency is exhibiting indications of resilience after holding its critical support level at $30,000, according to DailyHodl. According to analysts, the longer a cryptocurrency retains its value, the “larger the mark-up.”
According to the analyst’s chart, Bitcoin’s price is following Wyckoff’s accumulation schematic, indicating that institutional investors are accumulating positions in anticipation of a price explosion in the near future. Additionally, the chart indicates that if BTC rises above$42,000, that level may act as a support.
He also stated that he expects bitcoin to reach new highs later this year and is monitoring the Bitcoin DominanceIndex, which measures BTC’s market share, to see whether altcoins are poised to rise or fall. Capo asserts that when the Bitcoin Dominance Indexchart “reaches its bottom, it typically coincides with the cycle top,” adding that he does not anticipate it reaching a bottom at 22.3 percent. Bitcoin presently controls 47%of the cryptocurrency market.