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November 7, 2023

Solana Poised to Outperform Cardano: Bloomberg Analyst

Aria Mitchell
Written byAria MitchellWriter
Researched byNikos PapadopoulosResearcher

Introduction

Bloomberg Intelligence analyst Jamie Coutts believes that Solana (SOL), a competitor of Ethereum (ETH), is well-positioned to perform stronger against fellow ETH rival Cardano (ADA).

Solana Poised to Outperform Cardano: Bloomberg Analyst

Solana's Advantage

According to Coutts, Solana has a significant advantage over Cardano in terms of daily users. While Solana has a larger user base, ADA's market cap is still about 75% of SOL's market cap.

Market Share Shift

Coutts predicts that Cardano will start losing market share to the more active Solana ecosystem, which will drive up the value of SOL against ADA.

Bullish Trend

Coutts points out that the SOLUSD/ADAUSD chart shows a bullish trend, with the pair breaking above its bear market resistance.

Market Cap Comparison

As of now, Solana's market cap stands at $17.30 billion, while Cardano's market cap is $12.71 billion.

Bitcoin Holders

Coutts also highlights the increasing number of Bitcoin addresses that are holding the cryptocurrency after making two purchases. This number has reached a new all-time high (ATH). Coutts suggests that these investors are anticipating the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).

Bitcoin Price

At the time of writing, Bitcoin is trading at $34,982.

Conclusion

In conclusion, Bloomberg analyst Jamie Coutts believes that Solana is well-positioned to outperform Cardano. With a larger user base and a bullish trend, Solana is expected to gain market share against ADA. Additionally, the increasing number of Bitcoin holders indicates a positive sentiment towards the cryptocurrency, driven by the anticipation of a Bitcoin ETF approval.

Disclaimer: This article is for informational purposes only and should not be considered as investment advice. Readers should conduct their own research and consult with a financial advisor before making any investment decisions.

About the author
Aria Mitchell
Aria Mitchell
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From Rotorua's scenic landscapes, Aria Mitchell shines as New Zealand's leading expert in localizing online casino content. Marrying Kiwi essence with global gaming insights, she's the name trusted nationwide.

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