Nicholas Merten from Data Dash discussed Bitcoin’s probability to go further up to $50,000 over the three days as well as the raging rally in altcoins.
Nicholas says we got that vertical push as predicted back at $34,000 a lot quicker than expected due to Tesla. He believes the Tesla is a big factor that is going to change the game for the broad of cryptocurrencies overall as a whole.
Nicholas believes there is a lot of room for Bitcoin to continue possibly growing past 50 as well as altcoins with increased liquidity and optimism in the crypto space.
Altcoins got the historical support rebound on the weekly chart and on the daily chart, altcoins have gained their momentum back after Bitcoin vertical break out and valuations are soaring high like we have never seen in the cryptocurrency space.
We have also blown past the cryptocurrencies market cap all time highs, Nicholas believes we havent hit the peak just yet and believes we have a lot more market potential from here because unlike the last bull run, there is actually some sense of fundamentals especially in the DeFi ecosystem.
Nicholas further discussed some DeFi projects that will change the crypto ecosystem and first is Warp Finance token launch (WARP), a DeFi Protocol that allows users to deposit liquidity provider (LP) tokens and receive stablecoin loans in exchange. Warp Finance is token generation event is Thursday the 11th at 18:00 UTC and will be listed on Uniswap.
Second is PancakeSwap (SWAP), a decentralized exchange built on the Binance Smart Chain for swapping BEP20 tokens. It is technically the second largest automated market maker (AMM) and has been a massive boost for the BNB token and it’s price surge. Nicholas says hope to see if till sustain its current range and see more liquidity coming in.
Third is Cardano (ADA), a decentralized public blockchain that runs a public blockchain platform for smart contracts. Nicholas says it seems there is a lot of anticipation more than he would have guessed for Cardano mainnet launch and claims this is probably the closest competition Ethereum has but it’s still fractional in ETH valuation.
Nick warns investors should be cautious and don’t get caught into the FOMO as approach resistance [chart]. He advised everyone to observe the mainnet launch, if the projects that come over can give it the substantial momentum to break through.
This episode premiered on February 11th, 2021.