A widely followed crypto analyst, APT, MATIC, says the next “massive cycle” in ETH has just begun.
Analyst made short comments about BTC and ETH
Crypto trader Michaël van de Poppe tells his 646,700 Twitter followers that we will all be laughing at current BTC and ETH prices in just a few years. In the shorter term, Van de Poppe is watching the $1,450-1,600 range for Ethereum.
The analyst says that when it comes to king crypto BTC, Bitcoin is not interested in long-term transactions at current price levels. Analyst ‘Today’s question will be whether GDP will push the price back to new highs or below $22,900, which means lower prices to come.’ said.
Analyst mentioned FTM, APT and MATIC
Moving on to altcoins, Van de Poppe says ETH rival Phantom (FTM) and ETH Layer-2 solution Polygon (MATIC) are currently booming. Indeed, FTM is trading at $0.49 at the time of this writing, up 18% in the last 24 hours.
MATIC, on the other hand, increased by 13% in the same period. With FTM and MATIC outpacing most markets, Van de Poppe points to some of the hypocrisy in trading psychology by citing FTM, MATIC and Aptos (APT) as examples. The analyst said in a statement:
“People are very eager to take positions at APT, FTM and MATIC right now. But a month ago, these same people were so eager to sell all their crypto that we were going to go up to $10,000.”
cryptocoin.com As we mentioned, Aptos is trading at $ 17.92, down 4% in the last 24 hours.
Phantom rises with expected rises
Phantom (FTM) is recording a big breakout today as its price jumped 14.2% to $0.4649 at the time of this writing. While such large price breaks are not unusual for the digital currency, sustained growth since the start of the week indicated the possibility of FTM setting a new agenda this year.
Unlike other known digital currencies, Fantom was designed not as a regular blockchain but as a Directed Acyclic Graph (DAG) smart contract platform that provides Decentralized Finance (DeFi) services to developers using its own bespoke consensus algorithm. The phantom protocol has become as unique as its design and its capabilities are even about to be expanded.
Heading off from the launch of the Phantom Ecosystem Vault earlier this month, the protocol’s Chief Marketing Officer Simone Pomposi highlighted a number of upgrades coming to Fantom as per the revised roadmap. Some of these upgrades include profiling and bottleneck identification from Go-Opera, a brand new database called Carmen.
This database allows for customization and faster cryptographic hashes. As explained by Simone, Fantom will increase mainnet performance by eight times and reduce storage by approximately 98% at the same time as acquiring a new virtual machine called Tosca.
Talking about why Aptos is increasing
Numerous indicators show that Aptos’ rise in the market was not expected by the majority of analysts. Still, APT has positioned itself as one of the strongest performers in the market, with a price increase of more than 150% since the start of the recovery. Here are the contributing factors.
Aptos has been one of the most actively liquidated assets on the market in the last 48 hours, which is a remarkable sign considering the trading volume compared to giants like Bitcoin and Ethereum.
Short positions worth almost $15 million were absorbed by the bulls, which caused a short squeeze and sent the price to the new ATH without any pause. But even after a significant price increase, the bears did not give up and opened even more short positions and still outnumbered the bulls in the market.
If the same happens in the market, we will likely see another short squeeze that will likely have a greater impact on the cryptocurrency given that there is no solid resistance level above the current ATH for the price. The massive increase in selling pressure can also be justified by the long lockdown period of contributions to investors and core developers until November 2023.
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