354

Su Zhu, co-founder and CEO of hedge fund Three Arrows Capital, recently stated that the Bitcoin dominance metric only applies to billionaires. He also revealed two altcoin projects he would have bet on if he were new to the cryptocurrency space. He said that he also maintains his bullish outlook in BTC and ETH.

Su Zhu: I bet on these 2 altcoin projects

Earlier this year, meme tokens like Dogecoin gained popularity as retail investors sought astronomical gains as a result of speculative frenzy. Zhu said he would personally bet on Solana and Avalanche (and their ecosystem) if he were to enter the field today. Still, it remains bullish on both Bitcoin and Ethereum in terms of cryptocurrencies. He predicts that BTC will surpass the market cap of gold, while ETH will eventually reach $25,000.

Cryptocoin. com, he made an interesting prediction in February that Bitcoin will reach $ 2.5 million in the long run. But some believe that the leading cryptocurrency does not have many advantages. St Alex Krüger recently tweeted that crypto investors looking for “extraordinary” returns should put their money elsewhere.

Bitcoin dominance on the brink

After hitting a multi-month high of 49.25 percent on July 30, Bitcoin’s dominance reversed course and dropped below the 40 percent mark on September 10. The fact that El Salvador officially recognized the cryptocurrency as legal currency did not help increase the value of Bitcoin. It turned out that individual investors are hoarding their money in Solana.

JPMorgan analysts recently noted that the shrinking market share of the flagship cryptocurrency is a sign of extreme “bubble” in the cryptocurrency market. At the time of writing, Bitcoin dominance is 41 percent. Meanwhile, the cryptocurrency, which is in the first place with its market value, experienced a decrease of 2 percent in the last 24 hours and fell below $ 48,000. BTC is trading at $47,791. There is a 26.1 percent drop between its current level and its record-breaking April 14, 2021, when it reached $64,804.


Like it? Share with your friends!

354
Michael Lewis

0 Comments

Your email address will not be published.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