November 7, 2023
Bloomberg Intelligence analyst Jamie Coutts believes that Solana (SOL), a competitor of Ethereum (ETH), is well-positioned to perform stronger against fellow ETH rival Cardano (ADA).
According to Coutts, Solana has a significant advantage over Cardano in terms of daily users. While Solana has a larger user base, ADA's market cap is still about 75% of SOL's market cap.
Coutts predicts that Cardano will start losing market share to the more active Solana ecosystem, which will drive up the value of SOL against ADA.
Coutts points out that the SOLUSD/ADAUSD chart shows a bullish trend, with the pair breaking above its bear market resistance.
As of now, Solana's market cap stands at $17.30 billion, while Cardano's market cap is $12.71 billion.
Coutts also highlights the increasing number of Bitcoin addresses that are holding the cryptocurrency after making two purchases. This number has reached a new all-time high (ATH). Coutts suggests that these investors are anticipating the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
At the time of writing, Bitcoin is trading at $34,982.
In conclusion, Bloomberg analyst Jamie Coutts believes that Solana is well-positioned to outperform Cardano. With a larger user base and a bullish trend, Solana is expected to gain market share against ADA. Additionally, the increasing number of Bitcoin holders indicates a positive sentiment towards the cryptocurrency, driven by the anticipation of a Bitcoin ETF approval.
Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Readers should conduct their own research and consult with a financial advisor before making any investment decisions.
Ethan Lim, a native of the Lion City, is Singapore’s rising star in the domain of online casino guide localization. He masterfully blends his intimate knowledge of local culture with international gaming standards to produce content that resonates deeply with Singaporeans.