Crypto Markets To Boom In 2023, New Prediction Says

The latest prediction about the crypto market is an optimistic one for this year. Check out the latest reports below.

A popular crypto analyst has just revealed 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 said recently that he has his radar locked on Convex Finance (CVX).

Convex Finance is a DeFi platform that ahs been created to let 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.

The analyst stated the following:

“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.”

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

The same analyst continued and said:

“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…”

He also said that he plans to ride this massive wave and then sell when CVX trades in the triple digits.

Stay tuned for more news and make sure to check out the markets as well.