Solana Poised to Take Market Share from Cardano Despite Lower Market Cap, Bitcoin Hodlers Show Strong Conviction Ahead of Potential ETF
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Solana (SOL) poised to take market share from Cardano (ADA) despite lower market cap, according to Bloomberg analyst Jamie Coutts.
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Coutts notes SOL has much higher daily active users than ADA but its market cap is only 75% of ADA's.
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He believes ADA will cede market share to more active Solana ecosystem.
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Bitcoin addresses holding after 2+ purchases hit all-time high, indicating strong hodler base ahead of potential spot BTC ETF approval.
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Coutts says despite 100% BTC rally in 2023, holders are not selling, with 16% of supply held by addresses that bought twice but haven't sold.