Bloomberg Intelligence analyst Jamie Coutts says that Ethereum (ETH) competitor Solana (SOL) is well-positioned to perform stronger against fellow ETH rival Cardano (ADA).
Coutts says that Solana has a lot more daily users than Cardano but that ADA’s market cap is still about 75% of SOL’s market cap.
He believes Cardano will start market share to the more active Solana ecosystem, driving SOL up against ADA (SOLUSD/ADAUSD).
“Cardano still commands a market cap of 75% of Solana despite only having 16% of the daily users. This trade has more to go.”
Looking at his chart, the trader suggests that SOLUSD/ADAUSD broke above its bear market resistance and remains in a bullish trend.
Solana’s market cap is $17.30 billion at time of writing, while Cardano’s is $12.71 billion.
Coutts also notices that the number of Bitcoin (BTC) addresses still holding the king crypto after making two purchases has reached a new all-time high (ATH).
He suggests the investors are holding for the long term as they anticipate approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
“Despite a 100% rally in 2023, so far it’s been firm hands. Bitcoin addresses that have bought twice and not sold hits new ATH 844,000. This amounts to over three million BTC or 16% of the circulating supply. HODLers (hold on for dear life) will make ETF investors pay up.”
Bitcoin is trading for $34,982 at time of writing.
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