Analysts suggest making income in BTC as Cardano, Solana and Terra lead new alternate season – irish mirror on-line

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  • The bitcoin price rally is taking a breather as analysts recommend hedging profits before a trend reversal.
  • Analysts expect the Solana rally to rise further and expect the market cap to be three times its current $ 34 billion.
  • Traders rotate capital between layer zero and layer one solutions like Solana, Luna, Avalanche and Fantom in search of the next Bitcoin or Ethereum.

Analysts suspect that current Bitcoin price development is not as reliable and expect a second pullback to $ 44,300. Bitcoin’s fear and greed index is on the verge of “greed” and “extreme greed”. It is unclear where the cryptocurrency will go next.

Traders prefer Cardano, Solana, and Terra as the Bitcoin rally cools off

The “Altcoin Season Index” from blockchaincenter.net is an indicator that signals whether Altcoins will do better than Bitcoin in a certain year. If 75% of the top 50 altcoins by market capitalization outperform Bitcoin over a year, this is an “Altcoin Year”.

The index is currently showing a bias towards altcoins for the past 30 days. Altcoins still have more leeway in the annual chart to catch up with Bitcoin.

30-day chart of the Altcoin Season Index.

August is an “Altcoin Month” and the current Altcoin price action supports this result.

Cardano, Solana and Terra are leading the alternative season with double-digit increases in the past two weeks. Analysts expect the Cardano price to make a strong comeback and a new all-time high ahead of the Alonzo Hard Fork, due to hit the mainnet on September 12, 2021.

Cardano, the cryptocurrency analyst and partner at The Spartan Group behind the Twitter handle @ SpartanBlack_1, set higher goals and forecast a tripling of Solana’s market cap from current levels.

If $ 90B is the correct valuation for $ ADA, then $ SOL is easily triple that from here.

– SpartanBlack (@ SpartanBlack_1) August 31, 2021

Solana’s price rally continues and the altcoin is up 21% in the past 24 hours. As the “Ethereum killer” continues its uptrend, traders have begun posting profits in tranches and referring to this as “no regrets”.

Pseudonymous analyst on Twitter behind the handle @ dkcrypto13 tweeted:

Euphoric day for all $ SOL holders. We see a brief surrender. Just be aware that while it can last longer than you think possible, it is often forcibly reset. I am selling 25% of my #solana here, which is not a regret. Best chain out there but I have to manage the risk.

– DK (@ dkcrypto13) August 30, 2021

The latest updates on the Solana network have made the project more lucrative for the crypto trading community. Altcoin’s “wormhole” is a bidirectional bridge that supports the exchange of assets between the Ethereum and Solana blockchains. Traders are waiting for another exciting update to the “wormhole,” which would enable a three-way transfer of assets and support the Terra blockchain.

Last month, LUNA (Terra’s reserve currency) caught the attention of several investors when its market cap topped $ 13.7 billion. The adoption of LUNA and the Terra network is increasing with the burning of LUNA tokens worth $ 185 million and the expectation of a major network upgrade called Columbus-5.

The upgrade is intended to drive the start of further projects in the Terra network and increase the demand for LUNA in the long term.

In the institutional arena, investors follow a similar pattern to retailers. Bitcoin investment products saw outflows totaling $ 3.8 million for the eighth week in a row, while altcoin funds continued to report new inflows.

According to CoinShares, a digital asset investment firm, it injected $ 24 million in capital into crypto funds in the week that ended August 27. Of all the altcoins, Cardano funds accounted for over $ 10 million in inflows, sparking bullish outlook among traders and analysts.

The cryptocurrency analyst @AltcoinSherpa describes the current market as “Layer 1 season”. He points to the rotation of capital in Layer 1 solutions on the blockchain and points out how traders are looking for an early entry and a short term uptrend.

Shift 1 season it seems. As others have said, we are seeing a large rotation of capital from L1 to L1. Why is this happening? ie. $ SOL-> $ LUNA-> $ AVAX-> $ FTM

-Better options for new DeFi protocols (better APY)
– $ incentives (300 mm for FTM)
– Be “earlier” = better to the top pic.twitter.com/X27v6UMMJI

– Altcoin Sherpa (@AltcoinSherpa) August 30, 2021

Adrian K. Zduńczyk, certified technical analyst and founder and CEO of The Birb Nest, warned traders not to be cautious about Bitcoin price corrections. The analyst suggests that traders secure profits before a trend reversal in Bitcoin.

In his most recent “Bitcoin and Altcoin market update”, Zduńczyk is quoted as saying:

Knowing that there has been a massive rally for bulls in the past 5-6 weeks, I’ll be using this weekly doji as another reason to take some profits while we’re in the high 40s – JUST IN CASE.


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