Smart Contracter, a popular crypto analyst, has predicted that Optimism (OP), an Ethereum-based altcoin, is poised to reach new all-time highs after experiencing a 190% increase since the beginning of the year. The pseudonymous trader noted that OP’s breakout from weeks of consolidation is a beautiful ascending triangle pattern, and he believes the coin is making corrective three-wave moves. As of writing, OP is trading at $2.64 with an 8.16% gain for the day.
Moving forward, Smart Contracter set his sights on Litecoin (LTC), a peer-to-peer payment network, and expressed regret over missing out on Bitcoin’s recent rally due to selling during low volatility. Nonetheless, the trader is looking to accumulate LTC as he believes the altcoin is flashing a bullish signal against Bitcoin. The LTC/BTC pair is currently trading at 0.003148 ($95.64).
Smart Contracter then turned his attention to Ethereum, stating that the fear surrounding the platform’s new Shanghai update, which allows users to withdraw their staked ETH, is unwarranted. The trader drew comparisons to Bitcoin’s price action in 2019, noting a similarity in the 300% surge in just a few months. At the time of writing, ETH is trading at $2,095 with a nearly 1.5% decrease in the last 24 hours.
The crypto market has been experiencing a surge recently, with Bitcoin reaching an all-time high of over $64,000 in mid-April. However, the price of the world’s largest cryptocurrency has been shakier since then, bouncing between $50,000 and $60,000. Meanwhile, Ethereum reached an all-time high of $4,380 in early May before experiencing a dip.
Despite the volatility, there are many who remain bullish on the long-term prospects of the crypto market. Goldman Sachs, for instance, recently said it plans to offer ether options and futures trading in the coming months. Similarly, Coinbase, the largest crypto exchange in the US, has plans to add more tokens to its platform, following its recent release of Dogecoin. The company’s CEO, Brian Armstrong, has said it wants to become the top crypto venue, with the most comprehensive offering of assets.
In addition to institutional interest, individual investors have also been pouring money into cryptocurrencies. According to a report by CoinShares, the first quarter of 2021 saw record-breaking inflows of $4.5 billion into crypto investment products. This suggests that more and more investors are becoming comfortable with alternative assets like cryptocurrencies.
However, as with all investments, there are risks associated with cryptocurrencies. The crypto market can be incredibly volatile, with major price swings occurring in a matter of hours. Crypto regulations also remain murky in many parts of the world, leaving investors uncertain about the legal status of their investments. Nonetheless, for those willing to take on the risk, the potential rewards of investing in cryptocurrencies can be significant.
In conclusion, Smart Contracter sees huge potential in Optimism, Litecoin, and Ethereum. With the crypto market heating up once again, it will be interesting to see whether the analyst’s predictions come true. As always, investors should be cautious and do their own research before making any investment decisions.