A widely followed analyst and trader is leaning bullish on a decentralized finance (DeFi) project built in the Ethereum (ETH) ecosystem.
The analyst, pseudonymously known as Credible Crypto, tells his 467,000 subscribers on the social media platform X that it is “only logical” for the native token of the DeFi altcoin Curve DAO (CRV) to hit a new all-time high against Bitcoin (BTC) before the end of the cycle.
[adinserter block="1"]According to the pseudonymous analyst and trader, CRV could surge by around 1,840% from the current level to reach a price of 0.00015 BTC.
CRV is trading at 0.00000773 BTC ($0.739) at time of writing.
Credible Crypto says his bullish thesis for the Ethereum-based DeFi project focused on the trading of stablecoins is primarily informed by the improvement in the fundamentals since CRV last hit an all-time high against Bitcoin in 2021.
“Well, aside from the technicals (which look fantastic), since the last all-time high on CRV/BTC:
– Yearly inflation of CRV has dropped from approximately 20% down to 4%.
– Total amount of CRV locked (effectively burned) has increased to approximately 40% of ALL circulating CRV.
– [Total] Stablecoin market cap has increased by approximately $70 billion and climbing ($170 billion [then] vs $240 billion [now]).
– Curve launched their own native stablecoin crvUSD that currently sits at $200 million market cap.
– Curve launched their own borrowing/lending platform (like AAVE) that currently sits at $140 million in total value locked.
– Curve launched their own automated market maker (LLAMMA) to allow for novel “soft liquidations” on their lending platform mentioned above.
– Number of Curve developers has nearly doubled and developer commits are at all-time highs.”
The widely followed analyst also says it is not “unreasonable or illogical” for the Curve DAO/US dollar pair to reach double-digit price levels in the current cycle.
“Not sure what price BTC will be at when this happens but at $100,000 BTC, a new all-time high on the CRV/BTC ratio puts CRV at $15+.”
Bitcoin is trading at $96,597 at time of writing.
Follow us on X, Facebook and TelegramDon't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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 losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
