Popular Crypto Trader Says While Bitcoin Takes A Nap, These 2 DeFi Coins Show Great Upside – Bitcoin – United States Dollar ($BTC)


Apex cryptocurrency Bitcoin (CRYPTO: BTC) is likely to see more choppy trading, while decentralized finance (DeFi) tokens Avalanche (CRYPTO: AVAX) and dYdX (CRYPTO: DYDX) continue to trend higher, according to pseudonymous cryptoanalyst “Altcoin Sherpa.”

What Happened: Altcoin Sherpa told his 129,000 followers on Twitter that, while Bitcoin will likely see more volatility between the $40,000 and $50,000 levels, it will surge once it breaks through the $50,000 level.

The crypto analyst said he sees a bullish market structure for Avalanche — a smart contract platform that operates in the DeFi space — and continues to target the altcoin touching $100 in the coming weeks.

See Also: How To Buy Avalanche (AVAX)

Altcoin Sherpa also lamented that he missed the entire run in DYDX, which is continuing to trend higher despite discussions surrounding the altcoin’s utility.

See Also: JPMorgan CEO Jamie Dimon: Bitcoin Could 10X In 5 Years, But I Don’t Care

Why It Matters: AVAX is the native token of the Avalanche blockchain, which raised $230 million in a private token sale earlier this month. The altcoin is now the eleventh largest cryptocurrency in terms of market capitalization, according to CoinMarketCap data.

Avalanche’s year-to-date gains are an impressive 1,753.6% but the cryptocurrency is down 14.1% from its all-time high of $79.52 reached last week.

dYdX is a decentralized exchange that saw higher trading volume on its platform than public cryptocurrency exchange Coinbase Global Inc. (NASDAQ:COIN) on Monday amid China’s regulatory crackdown on cryptocurrencies. The platform’s native token is currently down almost 13.6% from its all-time high of $22.85 reached on Monday.

Price Action: Bitcoin is down 4.2% during the past 24 hours, trading at $41,981.37 at press time, while Avalanche is down 2.6% during the 24-hour period to $66.91.

dYdX is down 5.4% during the 24-hour period to $19.43.

Read Next: As Bitcoin Crashed On ‘Ban’ News, Many Chinese And Institutional Investors Used The Opportunity To Fill Their Coffers

Photo: Courtesy of Jernej Furman via Flickr





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