Bitcoin excited investors by rising above $65,000 yesterday. This rise also mobilized other cryptocurrencies called altcoins. However, it lost momentum after the US Securities and Exchange Commission (SEC) issued a Wells notice to Robinhood over its cryptocurrency services. At this point, though, Il Capo of Crypto, an analyst known for his bearish predictions, explained his various expectations. In particular, the analyst focused on two altcoin projects and stated that he opened a long position in them. Here are the details…
Il Capo shared his altcoin comments
Despite these fluctuations, the analyst named Capo of Crypto, who is known for his views in favor of the bear market and is frequently criticized by investors, maintained his belief that the rise in Bitcoin will continue. Stating that the short-term correction has ended, il Capo said, “We expect the rise to continue soon.” said. Based on this view, the analyst announced that he opened a long position, that is, a buy position, in some altcoins such as ZCX and Solana (SOL).
He stated that he only shared his long positions in other altcoins with a market value below 100 million dollars with his friends, instead of sharing them with his followers, and that he did not want to positively affect the prices of these coins. il Capo added that he was in profit on his long position in Solana.
About ZCX and SOL
Unizen (ZCX) is a decentralized exchange (DEX) protocol. This protocol allows users to exchange cryptocurrencies directly with each other without intermediaries. ZCX works similarly to other DEX protocols such as Uniswap and SushiSwap. The native token of ZCX is ZCX. This token can be used to participate in the management of the platform and pay transaction fees.
Solana is a high-performance Blockchain platform. Solana is known for having the capacity to process more than 60,000 transactions per second. This makes Solana much faster than other blockchains such as Bitcoin and Ethereum. Solana’s native token is SOL. SOL can be used to pay transaction fees, staking, and other applications on the platform.
Expert opinions differ
Despite the upward trend of il Capo, there are also different opinions in the market about the direction Bitcoin will move from now on. Some analysts argue that the SEC’s increased regulations on cryptocurrencies will continue to pressure the market and Bitcoin will experience more volatility in the short term. Other analysts agree with il Capo and predict that the short-term correction is over and Bitcoin will enter an uptrend in the coming period.
Because the long position opened by the analyst indicates an upward expectation. A long position means that an investor believes that the price of a particular asset will increase and buys that asset. The investor expects the price of the asset to rise and then hopes to make a profit by selling it at a higher price. Considering these fluctuations in Bitcoin and altcoins, it is important for investors to be careful and do their own research when making their investments.
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