As a seasoned investor with decades of experience in commodity trading and a keen interest in the cryptocurrency market, I find myself intrigued by Peter Brandt’s latest predictions. Having closely followed his insights on Bitcoin, it’s refreshing to see him expressing a preference for Solana over Ethereum.
Renowned veteran commodity trader, Peter Brandt, openly expresses his preference for Solana over Ethereum when it comes to trading assets. Moreover, he has expressed optimistic expectations about the potential growth of the Solana-Ethereum exchange rate (SOL/ETH).
“SOL should gain 100% on ETH“
Brandt released a graph comparing Solana (SOL) and Ethereum (ETH), showing an initial decline of Solana relative to Ethereum, followed by a recovery that restored its previous level.
The chartist stated that he considers SOL a “clear winner” against ETH, which came inevitably. Brandt believes ETH to be “cumbersome, expensive, flawed, claims to be decentralized when its not”, while SOL is “user friendly, great foundation.”
In the coming months, Brandt anticipates a potential 100% increase in the value of Solana (SOL) relative to Ethereum (ETH). Beyond Solana, Brandt has consistently expressed favorable views towards Bitcoin, as evident from numerous tweets he’s made this year and in the past.
Initially this year, Peter Brandt voiced concerns about Ethereum, labeling it as centralized. Despite these reservations, he maintains a positive view of it as a valuable asset due to his profession as a trader. In late June, the seasoned trading expert projected a bullish outlook for Ethereum, estimating that the second-largest cryptocurrency would surge past $5,600.
Binance invests in Solayer
As an analyst, I’ve noticed that Binance has been showing a growing interest in Solana and projects associated with it. In fact, Binance Labs, the venture arm of Binance, has recently made an investment in Solayer, a prominent restaking network developed on the Solana blockchain, as reported by Chinese cryptocurrency blogger and journalist Colin Wu in his latest tweet.
In just under two months since its beginning, Solayer has rapidly climbed to be among the largest protocols on the Solana network, according to information provided by DeFiLlama. The network now holds over $150 million in total value locked and has attracted more than 70,000 distinct deposit wallets.
According to a recent tweet from the @lookonchain analytics account, Binance has seen a massive influx of funds since August 5th. Specifically, it’s attracted about $2.4 billion, with approximately $1.33 billion being USDT and around $519 million being USDC.
Following the market decline on August 5, #Binance has witnessed an accumulated deposit of approximately $2.4 billion. This inflow comprises $1.33 billion in USD Tether (USDT) and $519 million in US Dollar Coin (USDC). It seems that some investors are displaying confidence in the market, as they are taking advantage of this dip to purchase assets.
— Lookonchain (@lookonchain) August 8, 2024
As a seasoned investor with years of experience under my belt, I find it fascinating to witness such rapid inflows into a company, as was recently demonstrated by CEO Richard Teng’s announcement about receiving $1.3 billion in just 24 hours. In my career, I have seen numerous instances where a sudden surge in capital can significantly impact a company’s growth trajectory and overall success. This kind of event underscores the power of investor confidence and the potential for exponential growth when that confidence is harnessed effectively. It serves as a reminder to stay attentive and adaptable in the ever-evolving world of finance.
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2024-08-08 15:52