25 February, 2024

Next Market Bull Run Seems Decisive for BTC; Says Crypto Analyst

9 months ago

14 Nov, 2023

The crypto analytical platform, Crypto Capital Venture’s (CCV) founder Dan Gambardello has asserted that the open-source and decentralized public blockchain platform Cardano’s native token ADA and the leading cryptocurrency Bitcoin (BTC) are offering a second chance in the next bull run.

In a May 21 video that he posted on his CCV YouTube channel, Dan shared his approach for the next crypto cycle. He commented that while the market is mostly stagnant right now, the Cardano and Bitcoin ecosystems are starting to provide momentum.

He stated that in the last bull run, Ethereum (ETH) presented promising opportunities and movements. In the next bull run, Cardano and Bitcoin ecosystems would follow suit.

Dan informed his followers about the potential of ADA in the next crypto market bull cycle by tweeting:

Similarly, Dan noted that though BTC is entering its next halving soon, in the pre-halving phase, there could be more pain in the downside and sideways before the next bull cycle. Informing his community about the potential of BTC in the next bull run, Dan tweeted:

Source: Dan Gambardello

Dan then referred to the open marketplace for Bitcoin NFTs, Gamma, to give more context to his Bitcoin ecosystem optimism. He specifically mentioned Ordinals (the Bitcoin Non-Fungible Tokens or NFTs) hitting the Binance NFT Marketplace, and the experimental BRC-20 (Bitcoin Request for Comment 20 tokens).

He noted that the already existing wallets would soon be able to trade and purchase Bitcoin NFTs on the Binance NFT Marketplace. Dan added that an Ordinals Marketplace is also being worked out on Binance.

Further, Dan continued the analysis by referring to his other venture Bitcoin Wire’s BRC-20 webpage that explores the BRC-20 space. He noted that the market cap of the Sats token stood at 18,898.53 BTC with 10,718 holders. 

Notably, Dan referred to a tweet by an Ordfluencer and the builder of Ord.io, Leonidas, that stated that Ordinals flipped all chains but Ethereum in only four months. In sales volume, BTC stood at $6 million, whereas ETH stood at $11 million.

Source: Leonidas

Dan then mentioned a tweet wherein the MicroStrategy founder and chairman Michael Saylor lauded the appeal of Ordinal inscriptions and BRC-20 on the most immutable database on planet Earth. Saylor noted that Bitcoin is the commodity and asset without the issuer, the network that regulators would not shutdown.

Lastly, Dan referred to a tweet by Bitcoin Wire that stated that BitcoinFrogs NFTs just flipped the acclaimed Bored Ape Yacht Club (BAYC) for the largest 24-hour traded collection.

As for the Cardano ecosystem, Dan noted the parallels between Bitcoin and Cardano, NFTs, BRC-20 tokens, Cardano altcoins, Ordinals, are all in the identical space in a pre bull market. Dan said that he would be exploring the cross-chain collaboration, storytelling, and innovation that would ensue across the crypto space in general and in Cardano and Bitcoin in particular.

At press time, ADA is trading at $0.3679 and BTC is trading at $26,871.00, as per CoinMarketCap (CMC).