Bloomberg Intelligence analyst Jamie Coutts has stated that Solana (SOL) is in a strong position to outperform Cardano (ADA) in the ongoing competition with Ethereum (ETH). Coutts emphasized that SOL has a significantly higher number of daily users compared to ADA, yet its market cap is only 75% higher. Therefore, he believes that as Cardano starts to lose its share to the more active Solana ecosystem, SOL will experience an increase in value against ADA (SOLUSD/ADAUSD).
Furthermore, Coutts’ analysis includes a chart that suggests the SOLUSD/ADAUSD pair has broken above its bear market resistance and is currently following a bullish trend. With this in mind, he points out that Solana’s market capitalization is $17.30 billion at the time of writing, while Cardano’s market cap stands at $12.71 billion. This indicates that Solana is already significantly ahead in terms of market value, and according to Coutts, there is still more room for growth in this trade.
In addition to his insights on the Solana-Cardano competition, Coutts also made observations about Bitcoin (BTC). He noted that the number of addresses still holding Bitcoin after two purchases has reached a new all-time high (ATH). This suggests that a significant number of investors are holding on to Bitcoin for the long term with the anticipation of the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Coutts’ data indicates that despite a 100% rally in 2023, Bitcoin holders have remained steadfast, with the number of addresses that have bought the cryptocurrency twice and held onto it hitting a new ATH of 844,000. This is equivalent to over three million BTC or 16% of the circulating supply. According to Coutts, the strong holding pattern of these Bitcoin addresses suggests that ETF investors will have to pay a premium in the future.
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As of the time of writing, Bitcoin is trading at $34,982. This highlights the resilience of the largest cryptocurrency in the market and its potential for long-term growth and stability.
In conclusion, Coutts’ analysis provides valuable insights into the performance and potential growth of Solana, Cardano, and Bitcoin in the current market landscape. His expertise and observations shed light on the factors that could influence the value of these assets and their positioning in relation to their respective competitors.
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In conclusion, Jamie Coutts’ insights provide a valuable perspective on the current market dynamics of various cryptocurrencies and their potential for growth and long-term stability.
