Analyst Says Cardano Could Be Ready To Outperform Ethereum As ‘Reliable’ Indicator Flashes Bitcoin Bottom Signal
A popular crypto analyst is providing insights about what could be on the horizon for two of the largest digital assets.
In a new strategy session, the anonymous host of InvestAnswers tells his 443,000 YouTube subscribers that he’s been keeping an eye on decentralized blockchain protocol Cardano (ADA) in relation to top smart contract platform Ethereum (ETH).
“Everything bleeds against Ethereum right now, but here the ADA/ETH pair is down 68% in one year. Sometimes it’s important to zoom out and see exactly what’s going on. It looks like it’s putting in a pretty solid bottom very close to that 0.00025 level. That should be kind of the bottom for Cardano.”
The analyst says that it will be important to see what happens with Cardano’s upcoming Vasil hard fork, which was recently delayed from its initial launch date in June.
“The pair trade here, the option if the hard fork for Cardano is successful and adoption comes back, that’ll be a good time to basically flip your ETH into Cardano if it goes for a run.”
At time of writing, Cardano is down 3% and trading for $0.54 while Ethereum is off by less than a percent and priced at $1,860. The ADA/ETH trading pair stands at 0.00029 ETH ($0.54).
The crypto analyst next employs the Puell Multiple to gauge if Bitcoin (BTC) has hit its bear market bottom. The metric is determined by dividing the daily issuance value of BTC by a 365-day moving average of its daily issuance value.
The host shows a graph highlighting three previous Bitcoin bottoms in 2015, 2019 and 2020.
Of the Puell Multiple, the host says,
“It has signaled all the key bottoms that we had in the past that correspond to blue, which is the Bitcoin price and the Puell Multiple. This metric again looks at the supply side of Bitcoin’s economy, i.e. Bitcoin miners and their revenue. You can see this has been a very reliable bottom indicator in the past.”
Bitcoin is down 1.35% and changing hands for $23,336.
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