One widely respected cryptocurrency analyst says it looks like one cryptocurrency sector will outperform another in the coming years.
Anonymous cryptocurrency trader Crypto Capo told his Telegram audience in a new thread on Telegram that the artificial intelligence (AI) sector will continue to outperform the rest of the digital asset industry.
According to Capo, price action in decentralized cloud computing platform Phala Network (PHA) hints at a breakout in AI cryptocurrencies, leading to an accumulation of hidden AI-based tokens like Phoenix (PHB) and Streamr (DATA). .
“The incredible performance of PHA can be a leading indicator for the next step in the AI story. Increased low-volume AI exposure by adding PHB, DATA, and a few others. Lots of interesting charts. I think AI season is coming.”
As of this writing, PHA is trading at $0.354, down 2.7% in the last 24 hours.
The strategist says he expects the emergence of AI-based cryptocurrencies “in the future.”
Moving on to the Ethereum (ETH)/Bitcoin (BTC) pair, Capo says that if ETH/BTC can surge above the 0.041 level, it would be a bullish signal for ETH and altcoins.
“Basically, the pair has been holding the same key higher timeframe support level for several weeks. It appears to be forming a bottom locally, which could indicate a potential reversal. A break above 0.041 could be a very positive sign for ETH and altcoins.”
As of this writing, the value of ETH/BTC is 0.0357 ($3,438).
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