A high-profile pseudonymous crypto trader says that one emerging smart contract platform may pose a more enticing long-term investment than top blockchain network, Ethereum.
The analyst and trader known in the industry as The Crypto Dog, is spotlighting scalable layer 1 blockchain project Solana (SOL) amid the crypto market breakdown.
The Crypto Dog believes that both Bitcoin and Solana have advantages over Ethereum as long-term investments. BTC, notes the trader, is a safer bet than ETH, and SOL has more upside potential.
“BTC is a safer, more boring long-term bet than ETH. Flippening, unlikely in my opinion and if it does happen, I’ll be here long ETHUSDTPERP (perpetual contract). Happy either way.
SOL is higher upside, more exciting long term bet than ETH. It’s the layer one with the best shot at number two.”
Additionally, the analyst bets that Solana will be one of the first assets to reach new all-time highs, as crypto traders and investors patiently wait for the market to recover.
“SOL will be one of the first to make new highs.”
At time of writing, Solana is trading at $35.85, down approximately 38% off its high of $58.03 in May, according to CoinGecko.
As for Bitcoin, The Crypto Dog is betting on a strong move up for the top cryptocurrency by market cap. The trader notes that BTC appears strong on the daily timeframe, and that he put in a leveraged trade at the $33,000 level.
“BTC 1D (daily timeframe) looks phenomenal to me. I’m holding the most spot I’ve had in years, and I’m also levered from $33,000.
I think this is the most long Bitcoin notional I’ve ever been.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Aiolhoz