Zhu Su highlights 3 altcoins showing strength and weathering the market downturn
Crypto hedge fund veteran Zhu Su gives a reason for a strong market rally despite the recent downtrend.
In a series of tweets, the CEO of the crypto hedge fund Three Arrows Capital pointed out several key factors that lead him to believe:
“It’s hard to be bearish when:
1) The supply of BTC and ETH on the stock exchanges is about to hit a new low
2) Solunavax [Solana, Terra Luna và Avalanche] show mighty power
3) The world’s largest asset allocators prefer cryptocurrencies
4) Tourists and short-term investors flock to the room. ”
When top cryptocurrencies like Bitcoin and Ethereum are not available on exchanges, it is a sign that the hodler is not interested in selling.
The three altcoins that Zhu mentioned above have all weathered the market-wide turmoil and two have actually been in the green in the past 30 days.
Terra is a public blockchain protocol that provides a range of decentralized stablecoins. The native token LUNA rose 81% last month from $ 40.23 to $ 74.
Source: TradingView
The Avalanche (AVAX) smart contract platform also rebounded at the time, rising 17% from $ 100.68 to $ 117.
Source: TradingView
Meanwhile, Ethereum rival Solana (SOL) is down 11.6% m / m after falling from $ 195.24 to $ 172.76 but is now up to $ 186 at press time.
Source: TradingView
Over the same period, BTC is down 19.8% from $ 56,930 to $ 45,700, and leading smart contract platform ETH is down 4.4% month-on-month from $ 3,998 to $ 3,825.
The CEO of Three Arrows Capital believes the recent upheaval is a necessary part of bringing about the next healthy supercycle.
Zhu also highlighted a BTC and ETH coated S&P 500 chart, which shows consistent bearish price action across multiple markets.
“Cryptocurrency markets have used macro factors as excuses to sell off, but these are mostly disjoint reasons (overvalued money, year-end buybacks, tax sell-offs, Huobi accounts closures, Logwealthers), all ironically temporary. Get ready.”
The source: Zhu Su / Twitter
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
Author
Market
Zhu Su highlights 3 altcoins showing strength and weathering the market downturn
Crypto hedge fund veteran Zhu Su gives a reason for a strong market rally despite the recent downtrend.
In a series of tweets, the CEO of the crypto hedge fund Three Arrows Capital pointed out several key factors that lead him to believe:
“It’s hard to be bearish when:
1) The supply of BTC and ETH on the stock exchanges is about to hit a new low
2) Solunavax [Solana, Terra Luna và Avalanche] show mighty power
3) The world’s largest asset allocators prefer cryptocurrencies
4) Tourists and short-term investors flock to the room. ”
When top cryptocurrencies like Bitcoin and Ethereum are not available on exchanges, it is a sign that the hodler is not interested in selling.
The three altcoins that Zhu mentioned above have all weathered the market-wide turmoil and two have actually been in the green in the past 30 days.
Terra is a public blockchain protocol that provides a range of decentralized stablecoins. The native token LUNA rose 81% last month from $ 40.23 to $ 74.
Source: TradingView
The Avalanche (AVAX) smart contract platform also rebounded at the time, rising 17% from $ 100.68 to $ 117.
Source: TradingView
Meanwhile, Ethereum rival Solana (SOL) is down 11.6% m / m after falling from $ 195.24 to $ 172.76 but is now up to $ 186 at press time.
Source: TradingView
Over the same period, BTC is down 19.8% from $ 56,930 to $ 45,700, and leading smart contract platform ETH is down 4.4% month-on-month from $ 3,998 to $ 3,825.
The CEO of Three Arrows Capital believes the recent upheaval is a necessary part of bringing about the next healthy supercycle.
Zhu also highlighted a BTC and ETH coated S&P 500 chart, which shows consistent bearish price action across multiple markets.
“Cryptocurrency markets have used macro factors as excuses to sell off, but these are mostly disjoint reasons (overvalued money, year-end buybacks, tax sell-offs, Huobi accounts closures, Logwealthers), all ironically temporary. Get ready.”
The source: Zhu Su / Twitter
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Follow the Youtube Channel | Subscribe to telegram channel | Follow Facebook page
Other Posts
Related Posts
Latest
Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?
Franklin Templeton Digital Assets and Sui Now Join Hands to Strengthen DeFi Strategy
Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges
Press Release
Best Cryptos to Buy in November 2024: What Sets Qubetics Apart from Fantom and Immutable X?
Get Insights on BlockDAG’s $136M Presale Success Revealed in Recent AMA—BTC Soars to $99K, Avalanche Trading Volume Surges
