News
ByAuthor J.D. SmithPosted on
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Top Crypto Analyst Says He Plans To Build Large Position in This Relatively Unknown Altcoin

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A prominent crypto strategist and technical analyst is revealing his plan to build a big position in an under-the-radar altcoin. 

In a new tweet, the pseudonymous analyst known as Cantering Clark tells his 53,000 followers that he’s looking to accumulate a new breed of crypto asset that targets both users of the decentralized finance (DeFi) space and portfolio managers.

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“Another project I am very keen on building a larger position in over the next year. DEXTF.”

DEXTF is an asset management protocol designed to make it easy for users to diversify their investments. The little-known project uses the XTF fund token which functions like an index fund but instead follows the performance of certain crypto assets.

Source: Medium

Fund managers can create and mint new XTF fund tokens that track the performance of various cryptocurrencies, allowing users to get exposure to a broad range of coins in one investment. According to the protocol’s website, holders can trade their XTF token funds on-chain just like exchange traded funds.

DEXTF is backed by a non-anonymous team of seasoned finance and investment professionals, including economist Alex Krüger who acts as an advisor for the project.

Krüger, bullish on the protocol, tells his 65,000 Twitter followers that DEXTF will be launching structured products or pre-packaged investment vehicles “very soon” with the goal of eventually becoming a massive revenue source of DEXTF holders once on-chain options markets pick up more steam.

At the time of writing, DEXTF is trading at $2.73 with a market cap of $39.3 million.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/ jamesteohart

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Every uptrend witnesses periodic bouts of profit-booking as short-term traders tend to unwind positions either on adverse news or at critical technical resistance levels. This occurred with Bitcoin (BTC) today as the price momentarily dropped below $48,000 and traders scrambled to close or top up positions before being liquidated.

Elon Musk’s tweet on Feb. 20 that said Bitcoin prices “seem high” and the U.S. Treasury Secretary Janet Yellen’s warning today on Bitcoin being “extremely inefficient” could have dampened short-term sentiment.

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