in

Crypto Analyst Who Called BTC’s Bear Market Bottom Goes ‘All In’ on DeFi and ETH

Crypto Analyst Who Called BTC’s Bear Market Bottom Goes 'All In' on DeFi and ETH


A cryptocurrency analyst and influencer known on social media as “SmartContracter” has revealed he is “basically all in” on decentralized finance (DeFi) tokens and Ethereum now, and has “literally 0 BTC.”

The analyst revealed his position on the microblogging platform Twitter amid a series of tweets revealing he is bullish on Ethereum and some decentralized finance tokens including Aave’s AAVE, which he believes could move up significantly, and SushiSwap’s SUSHI.

SmartContracter has on Twitter revealed numerous times he believes that we’re entering a “DeFi Summer,” essentially a period in which decentralized finance tokens outperform the rest of the market.

Analyzing AAVE, SmartContracter revealed he believes the cryptocurrency’s approaching new all-time high is significant because it paves the way for the rest of the DeFi sector, and because breaking through its previous resistance after consolidating for months could see it up move significantly, even “upwards of $2,000.”




The DeFi space has been growing exponentially over the last few months. A year ago, a total of $960 million were locked in the space, while now the figure is at $79.5 billion according to DeFiPulse data. Similarly, a year ago 2.6 million ETH were locked in the space, while over 10 million are now locked n it. Projects like Maker, Compound, Aave, and Uniswap have billions in total value locked.

As CryptoGlobe reported, the cryptocurrency influencer has been betting on AAVE since at least February and the price of the cryptocurrency increased from $450 to &644 at press time during that period, according to CryptoComapre.

The analyst is widely followed because back in 2018, when the price of bitcoin started dropping from its then $19,000 all-time high, he accurately called its bottom of $3,200 in June. By December 2018, BTC traded close to the $3,000 mark before it started recovering.

DISCLAIMER
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
IMAGE CREDIT
Photo by Alesia Kozik from Pexels





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

How Has Covid-19 Contributed To The Rise In Bitcoin’s Price?

How Has Covid-19 Contributed To The Rise In Bitcoin’s Price?

Cryptopolitan

NFT uptrend: Riga to host the Street art NFT exhibition