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A widely followed analyst and trader is leaning bullish on a decentralized finance (DeFi) project built in the Ethereum (ETH) ecosystem.
The analyst, pseudonymously known as Credible Crypto, tells his 467,000 subscribers on the social media platform X that it is “only logical” for the native token of the DeFi altcoin Curve DAO (CRV) to hit a new all-time high against Bitcoin (BTC) before the end of the cycle.
According to the pseudonymous analyst and trader, CRV could surge by around 1,840% from the current level to reach a price of 0.00015 BTC.
CRV is trading at 0.00000773 BTC ($0.739) at time of writing.
Credible Crypto says his bullish thesis for the Ethereum-based DeFi project focused on the trading of stablecoins is primarily informed by the improvement in the fundamentals since CRV last hit an all-time high against Bitcoin in 2021.
“Well, aside from the technicals (which look fantastic), since the last all-time high on CRV/BTC:
– Yearly inflation of CRV has dropped from approximately 20% down to 4%.
– Total amount of CRV locked (effectively burned) has increased to approximately 40% of ALL circulating CRV.
– [Total] Stablecoin market cap has increased by approximately $70 billion and climbing ($170 billion [then] vs $240 billion [now]).
– Curve launched their own native stablecoin crvUSD that currently sits at $200 million market cap.
– Curve launched their own borrowing/lending platform (like AAVE) that currently sits at $140 million in total value locked.
– Curve launched their own automated market maker (LLAMMA) to allow for novel “soft liquidations” on their lending platform mentioned above.
– Number of Curve developers has nearly doubled and developer commits are at all-time highs.”
The widely followed analyst also says it is not “unreasonable or illogical” for the Curve DAO/US dollar pair to reach double-digit price levels in the current cycle.
“Not sure what price BTC will be at when this happens but at $100,000 BTC, a new all-time high on the CRV/BTC ratio puts CRV at $15+.”
Bitcoin is trading at $96,597 at time of writing.
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Generated Image: Midjourney
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