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Bloomberg Intelligence analyst Jamie Coutts suggests that Solana (SOL), a strong rival of Ethereum (ETH), is positioned to outperform Cardano (ADA), another competitor of ETH.
Comparison of Solana and Cardano
Senior cryptocurrency analyst Jamie Coutts points out that Solana has a much larger daily user base than Cardano, but the market value of ADA is still approximately 75% of SOL’s market value.
He believes that Cardano will gain market share in the more active Solana ecosystem and elevate itself against SOL. The analyst stated the following:
Despite Cardano only having 16% of the daily users, Solana still holds a market share of about 75%. There is still a long way to go for Cardano.
Additionally, the senior analyst, referring to the shared charts, claims that the SOL/USD and ADA/USD pairs have surpassed bear market resistance and are trending upwards. At the time of writing, Solana’s market value was $17.30 billion, while Cardano’s was $12.71 billion.
Critical Metric in Bitcoin!
Jamie Coutts also highlights that the number of addresses holding Bitcoin (BTC), the leading cryptocurrency, has reached an all-time high (ATH) after two consecutive purchases. He suggests that investors are holding onto their Bitcoin in the long term as they anticipate the approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The senior analyst emphasized the following:
Despite the 100% rally in 2023, the situation remains strong thus far. The addresses that have been purchased twice and not sold have reached a new ATH of 844,000. This represents over three million BTC or 16% of the circulating supply. Holders will make ETF investors pay the price for this.
