Trader Names One of His Highest Conviction Altcoin Plays, Says Crypto Markets Going Much Higher
A popular crypto analyst is detailing the fundamental reasons why a decentralized finance (DeFI) altcoin is one of his highest conviction plays for the next bull rally.
The pseudonymous analyst known as Credible Crypto tells his 339,000 followers that he has his radar locked on Convex Finance (CVX).
Convex Finance is a DeFi platform designed to allow users of stablecoin exchange Curve Finance to boost their rewards. Convex Finance gives liquidity providers on Curve various incentives and allows users to stake CVX, its native token.
Says the analyst,
“CVX remains one of my highest conviction bets for this next bull wave and here’s why:
Locking your CVX pays you out anywhere from 20-40% APR (annual percentage rate) in bi-monthly payments, and this percentage typically stays the same with rising prices. Meaning as your stack grows, you’re earning these rates on the newer, higher value of your stack – not the original principal investment.
To illustrate, I bought CVX at $5 and have been locking ever since. After one year of locking, I had earned over $7 per vlCVX (vote locked CVX)which translates to an APR of over 100% – allowing me to recoup my entire initial investment in a year. CVX went on to 12x as well from my original investment price before the markets crashed…
I plan to ride this on to new all time highs and ultimately sell when CVX trades in the triple digits.
PS. CVX currently trades at around $6. Nearly 80% of all CVX that will ever exist is in circulation – of which a majority of that is locked in four-month increments. This means available supply is low.”
As for the broader crypto markets, Credible believes that the asset class as a whole is gearing up for a burst to the upside.
We’re going higher. Much higher. Most still sitting on the sidelines, funding still relatively flat. This is disbullief depicted on a chart. https://t.co/jUUbZPsBzZ
— CrediBULL Crypto (@CredibleCrypto) April 15, 2023
Credible recently stated that he’s expecting Bitcoin (BTC) to run to all-time highs much sooner than other market participants believe. The analyst is forecasting a market cycle peak sometime at the end of 2023.
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