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Analyst: Skip Bitcoin FOMO, Altcoins Offer Better Gains Now
Despite Bitcoin’s (BTC) astonishing surge to nearly $119,000, a prominent analyst has cautioned investors against joining the frenzy and instead urged them to explore alternative opportunities in altcoin space. According to CrediBULL Crypto, the current market conditions favor altcoins like Ethereum (ETH), Cardano (ADA), and Hyperliquid (HYPE) for their potential to deliver higher returns.
The analyst emphasized that buying Bitcoin at its current price would not be a rational investment decision, given the risks associated with the flagship cryptocurrency’s recent rally. “If you can’t identify a trade setup then there is no reason to buy Bitcoin at these levels as there are much better opportunities in alts from a R/R perspective at current levels,” CrediBULL stated.
The analyst’s warning comes amid concerns about Bitcoin’s sustainability, as several key metrics, including the MVRV ratio, SOPR, and MPI, hint at a potentially unsustainable rally. Additionally, exchange balances have plummeted by over 21% in just four months, suggesting that holders are not rushing to exit their positions.
Meanwhile, altcoins like ETH, ADA, and HYPE are starting to outshine Bitcoin in terms of weekly gains. ETH has seen a whopping 18.9% increase over the past seven days, surpassing Bitcoin’s 8.9% rise during the same period. This trend is expected to continue as institutional investors increasingly shift their focus towards Ethereum-based decentralized finance (DeFi) protocols.
ADA and HYPE have also experienced significant growth, with ADA boasting a remarkable 23.7% gain over the past week and HYPE setting a new all-time high at $46.25 while targeting the $50 psychological threshold.
Solana’s SOL has also seen a substantial surge, climbing above $164 and showcasing potential for further gains beyond $180.
The analyst believes that these altcoins have stronger fundamentals and are better positioned to generate superior returns in the current market environment.
Source: cryptopotato.com
