The crypto market is recovering following the latest price crash of Bitcoin. Now, the king coin manages to trade above $49k, and the optimistic predictions continue to pour into the crypto space.
It’s been just reported that the crypto analyst Nicholas Merten analyzes two layer-1 digital assets stacked up against the Ethereum (ETH) trading pair.
AVAX and SOL price predictions are out
In a new strategy session, he addresses smart contract platforms Avalanche (AVAX) and Solana (SOL)’s prices.
As the online publication the Daily Hodl notes, according to Merten, it is better to compare both coins to ETH rather than the US dollar or Bitcoin (BTC). He believes that Ethereum’s greater success in recent years makes it a better barometer than Bitcoin.
“If you’re really looking to see if your play is outpacing others in the market, you want to take a look against Ethereum. It is the second-largest cryptocurrency in this space and it has been outpacing Bitcoin around 380% to 400% in this cycle alone since 2019.”
He continued and said:
“So we want to be able to find plays that are outpacing Ethereum because Ethereum is a really solid bet. It’s a really good medium-risk, medium-reward play.”
The analyst is also looking at Avalanche and he said that a local top could be in for AVAX against ETH.
“Avalanche has done phenomenally well against Ethereum. If you take a look back here since August, it’s up 422% against Ethereum. Great rally, even after the [recent] pullback here…”
He continued and made the following point as well:
“I think that again we might see some kind of repetition, or at least a revisit down to the previous support range [0.014 ETH or $57.32], which means that’s it probably going to go down a little over 35% to 40% against Ethereum. A pretty decent decline.”
Stay tuned for more crypto-related news and make sure to keep an eye on the crypto market as it recovers.