- Bitcoin now trades at $54,124, however, Blue Line Capital founder is investing in two altcoins that hold much promise.
- He sees the two altcoins as a better alternative owing to their recent market trend.
Bitcoin price has pumped above a major psychological level, $50,000, and made a new multi-week ATH of around $55k. Per our data, the cryptocurrency’s price was $54,124 at writing time, having gained 5 percent in 24 hours. The spike may be attributed to dissipated fears of US regulatory interference. Both SEC Chair Gary Gensler and Treasury Secretary Janet Yellen recently confirmed having no intentions of banning crypto trading.
Bill Baruch, president of Blue Line Capital, had plans to raise his Bitcoin exposure between June and September. Initially, he planned on buying in at the $32,000 level and adding more coins if prices fell to $20,000.
“It didn’t get there. I didn’t get my full position on but what that ultimately did is it got me doing more research and trying to find where else could I invest this money that I want to be in crypto,” Baruch told CNBC’s “Trading Nation” on Wednesday.
Analyst looks to Solana (SOL) and Algorand (ALGO)
The crypto enthusiast is now rerouting his focus on Solana (SOL) and Algorand (ALGO).
Solana is actually my highest holding right now, got in that at a good time and that has risen pretty sharply. I think that has legs to go as well from here… and Algorand to me feels like Solana two to three years ago,
Algorand, per his perspective, has a constructive chart and is indicating a buying opportunity so long as it holds above $1.50. The digital asset traded at $1.84 as of this writing, 0.5 percent up in the hour according to our data. Solana, on the other hand, traded at $156.39, having rallied 15.2 percent in the day.
Delano Saporu, the founder of New Street Advisors, said increased Bitcoin adoption could further fuel upward strides for the digital asset. In the same segment he stated;
You’re looking at more institutions getting involved. We saw US Bank is going to offer institutional custody services. We’re also seeing Bank of America implementing research on Bitcoin as well so I think there is still more room to run,
Bitcoin still poised for gains
Additionally, he thinks more constructive headlines on the cryptocurrency ecosystem would set off a domino effect, drawing in more funds to the space. Saporu said;
I think that could push us a little bit higher here … so I’m still buying. I think it’s an opportunity for investors to really do some more due diligence and see if it makes sense for them as well,
Earlier this week, CoinShares produced a report showing that institutional investors had shown a greater liking for Bitcoin in the past three weeks. The asset’s tracking products have also been dominating the past two weeks, a position initially held by Solana.