BTC price
5 Altcoins To Watch as BTC Price Eyes $70K
Published
2 months agoon
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adminThe BTC price surged 3.2% during the U.S trading session on Friday, nearly retesting the $60000 psychological level. A potential breakout from this resistance could accelerate the ongoing recovery and drive a rally to $70000. Here are five altcoins to watch amid a renewed bullish trend.
5 Altcoins Poised for Gains as BTC Price Eyes $70K
The BTC price daily chart shows a V-shaped reversal from $52500 to $59900— a 13.5% increase within two weeks. The bullish turnaround can be attributed to the market expecting a potential 50 BPS interest rate cut at the Sept. 18 FOMC meeting. If it happens, Bitcoin could chase $70000 and fuel bullish momentum in these below altcoins.
- XRP
- Cardano (ADA)
- Tron (TRX)
- Polygon (POL)
- Sui
Xrp (XRP)
XRP, the native cryptocurrency of the global payment solution company Ripple, witnessed a massive inflow on Thursday following Grayscale Investments’ relaunching of its XRP Trust. This development suggests growing institutional confidence in XRP and could potentially lead to the introduction of a new crypto exchange-traded trust (ETT) focused on XRP.
The XRP price currently trades at $0.57, registering a 7% jump in the last 48 hours. Consequently, the market cap was boosted to $32.18.
According to the santiment data, the XRP Whales wallet, holding 10 million to 1 billion coins, has shown steady accumulation since January 2022, carrying 6.94 billion XRPs. This indicates rising interest from large holders, bolsters a potential reversal and stable rally.
Cardano (ADA)
Coinciding with other altcoins, Cardano coin showcased a notable bounce from $0.31 to $0.359, accounting for 14.5% growth. If the bullish turnaround sustains, the ADA price could surge another 7% before challenging the overhead trendline intact since May 2024.
A potential breakout from this barrier will signal a change in market sentiment and accelerate the bullish momentum.
In September, the Cardano coin experienced a steady rise in large transaction volumes, currently at 19.37 billion ADA. The consistent increase in large transactions suggests that whales and institutional investors drive the accumulation.
TRON (TRX)
Defying the recovery momentum from fellow altcoins, the TRX price is down 2.1% today to currently trade at $0.148. Several analysts have marked this reversal as a temporary cool-off after the August rally following the launch of the Sunpump meme coin generator.
According to Intotheblock analytics, TRON has seen a significant rise in long-term holders over the past year. The number of long-term holder addresses increased by 237%, reaching nearly 90 million. This trend reflects growing confidence in TRON’s future as more investors opt to hold TRX for extended periods.
Polygon (POL)
Polygon’s native token, POL (formerly MATIC), surged nearly 15% today after Binance announced plans to integrate it into several key products, including Earn, Buy Crypto, Convert, Margin, and Futures.
By press time, the POL price had traded at $0.418 and maintained a market cap of $2.98 billion. The bullish momentum was further accentuated by a sudden spike in the 24-hour active addresses to 1400, according to Santiment data. This indicates a surge in user engagement and activity on the network following the recent migration from MATIC to POL.
Sui (SUI)
Like XRP, the SUI price recently garnered investors’ attention following the launch of Garyscale’s SUI Trust Fund. This new investment vehicle has sparked optimism for SUI’s future, as it opens up institutional access to the asset, increasing potential liquidity and market participation.
The SUI price reacted strongly bullish on Thursday’s announcement and surged around 11.35% to reclaim the $1 mark. According to DeFiLlama, the Total volume locked (TVL) in SUI surged past $700 Million, indicating the investors are actively locking their assets in SUI-based decentralized finance (DeFi) platforms, which could boost the liquidity and sustainability of the protocol.
If bullish momentum is precious, the SUI price could attempt $1.1, and resistance coincides close to an inverted head and shoulder neckline. For a detailed analysis, check the best altcoins to buy article.
Frequently Asked Questions (FAQs)
If BTC price breaks the $60K resistance and continues toward $70K, it could create a bullish market environment, driving increased demand for altcoins
Cardano saw a 14.5% price increase from $0.31 to $0.359, with rising large transaction volumes suggesting increased whale and institutional activity.
TRON’s long-term holders grew by 237%, reaching nearly 90 million addresses, signaling investor confidence in TRON’s long-term potential.
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin Miner MARA Buys Another 5771 BTC As Price Nears $100k
Published
2 hours agoon
November 22, 2024By
adminBitcoin miner MARA Holdings has expanded its cryptocurrency portfolio by purchasing an additional 5,771 BTC for $572 million. The acquisition was completed at an average price of $95,554 per Bitcoin, according to the company.
With its 0% convertible note offering, the company has achieved a 35% BTC yield per share and now owns a total of approximately 33,875 BTC, currently valued at $3.4 billion based on Bitcoin’s spot price of $99,000. This move follows Bitcoin’s ongoing rally, with the cryptocurrency nearing the $100,000 milestone amid increasing institutional demand and limited supply.
Bitcoin Miner MARA’s 0% Convertible Notes Drive Bitcoin Accumulation
MARA Holdings has leveraged its 0% convertible senior note offering to fund its Bitcoin acquisitions and other corporate activities. The company raised $1 billion from its latest offering, generating $980 million in net proceeds after fees and discounts. MARA revealed that a portion of these proceeds has been used to purchase 5,771 BTC at an average price of $95,554 per Bitcoin.
This recent acquisition reinforces MARA’s strategy to accumulate Bitcoin as a corporate asset. The company now holds approximately 33,875 BTC, solidifying its position as one of the largest Bitcoin-holding miners globally. In a statement, the company reported a 35% BTC yield per share, underscoring the financial benefits of its aggressive Bitcoin accumulation strategy.
By issuing zero-coupon convertible notes, MARA has been able to access funds without the immediate burden of interest payments, allowing the company to focus on expanding its Bitcoin reserves and scaling its mining operations.
Bitcoin Rallies Toward $100k
Bitcoin continues to surge, with its price reaching $99,742 earlier today and nearing the highly anticipated $100,000 milestone. This price rally has fueled optimism across the cryptocurrency market, with Bitcoin’s total market capitalization now surpassing $1.9 trillion.
Galaxy Digital CEO Mike Novogratz described Bitcoin’s price movement as “a big moment,” highlighting the resilience of the crypto community during volatile times. “Shoutout to the crypto community. You’ve endured years of uncertainty and headwinds,” he noted in a recent social media post.
The rally has been driven by several factors, including rising institutional interest, expectations of regulatory clarity, and Bitcoin’s upcoming halving event in 2024, which is expected to reduce supply while demand continues to grow. However, some analysts have warned of potential short-term BTC price corrections as the market faces increased leverage and speculative activity.
Marathon Digital’s Growth Strategy Mirrors Saylor’s Playbook
MARA’s latest Bitcoin purchase aligns with strategies popularized by MicroStrategy’s Michael Saylor, who has championed Bitcoin as a corporate reserve asset. Saylor has often advocated for accumulating Bitcoin during dips, leveraging corporate debt to acquire the asset for long-term growth.
MARA’s use of convertible notes to fund its Bitcoin acquisitions mirrors this approach. The company has strategically positioned itself to benefit from Bitcoin’s price appreciation, viewing the cryptocurrency as a store of value and a hedge against inflation.
In addition to acquiring Bitcoin, MARA plans to allocate funds from its convertible note offering to expand mining operations, pursue strategic acquisitions, and repay debt. This diversification ensures the company remains financially stable while increasing its exposure to Bitcoin’s growth potential.
Regulatory Developments and Institutional Demand Support Bitcoin’s Momentum
The increasing corporate interest in Bitcoin comes amid growing optimism surrounding regulatory clarity and the potential approval of a U.S. spot Bitcoin ETF. Spot ETF inflows are expected to make Bitcoin more accessible to traditional investors, further boosting demand.
Meanwhile, U.S. Senator Cynthia Lummis recently suggested that Bitcoin could play a role in reducing national debt over the next 20 years, sparking interest in its long-term economic potential. As institutional and corporate players like MARA continue to strengthen their Bitcoin positions, the cryptocurrency’s path toward $100,000 could serve as a catalyst for further adoption.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Bitcoin
The Case For A Future Valuation Of $1 Million
Published
3 days agoon
November 20, 2024By
adminSince November 5, the day President-elect Donald Trump secured another term in office, Bitcoin has experienced a remarkable uptrend, reaching a new all-time high of $93,300.
Since then, BTC has been trading within a narrow range between $89,000 and $92,000, positioning for a potential move toward the $100,000 milestone. This raises an intriguing question whether a price of $1 million per coin is feasible over the next decade.
A Long-Term Vision For Investors
Market expert VirtualBacon has conducted an in-depth analysis of these possibilities, delving into the numbers, trends, and catalysts that could propel Bitcoin to experience a surge of nearly 1,000% from its current price levels.
Within the current market cycle, the expert forecasts that Bitcoin could hit $200,000 in the next one to two years. However, he notes that while this milestone is significant, altcoins may offer higher returns at a greater risk, often crashing by 80% to 90% in bear markets.
In contrast to altcoins, which face increasing regulatory scrutiny, Bitcoin stands out as a safer long-term investment. VirtualBacon argues that Bitcoin’s potential is not just confined to the next few years but spans a decade or more.
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To understand why Bitcoin’s price could reach $1 million, VirtualBacon asserts that investors need to consider its fundamental utility as a store of value. Bitcoin’s fixed supply of 21 million coins, its global accessibility, and its resistance to censorship and manipulation make it a compelling alternative to traditional financial assets.
The expert suggests that if Bitcoin is to become recognized as the digital gold of the 21st century, reaching a market capitalization that rivals gold’s estimated $13 trillion is not merely a theoretical possibility but “a logical outcome.”
Key drivers for this potential growth include increasing participation from asset managers, corporate treasuries, central banks, and wealthy individuals. Recent data indicates that Bitcoin ETFs have seen record inflows, with $1 billion invested last week, reflecting growing institutional confidence.
Additionally, discussions among corporations, such as Microsoft considering Bitcoin reserves, further enhance its strategic value. Wealthy individuals are also beginning to adopt Bitcoin as a standard portfolio allocation, with even a modest 1% investment becoming commonplace among billionaires.
What Does Bitcoin Need To Reach $1 Million?
For Bitcoin to reach the $1 million mark, two critical factors must be analyzed: global wealth growth and portfolio allocation. VirtualBacon notes that in 2022, total global wealth was estimated at $454 trillion, and projections suggest this could grow to $750 trillion by 2034.
Currently, gold holds approximately 3.9% of global wealth, while Bitcoin is at a mere 0.35%. If Bitcoin’s allocation in global portfolios rose to just 3%, still significantly below gold’s share, its market cap could soar to $20 trillion, pushing the price to $1 million per coin.
Historically, gold’s market cap saw significant growth following the launch of exchange-traded funds in 2004, with its portfolio allocation increasing from 1.67% to 4.74% over the next decade.
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If Bitcoin follows a similar trajectory, its allocation could rise from 0.35% to 1.05% or more, translating to a market cap of approximately $7.92 trillion, equating to about $395,000 per Bitcoin. Therefore, reaching $1 million doesn’t require Bitcoin to surpass gold; it must capture about 57% of gold’s projected market cap by 2034.
With gold representing 4.7% of global portfolios compared to Bitcoin’s 0.35%, a modest increase in Bitcoin’s share of global wealth to 3%—just 60% of gold’s allocation—could “easily” result in a $20 trillion market cap and a $1 million price point.
At the time of writing, BTC is trading at $92,240, up 7% every week.
Featured image from DALL-E, chart from TradingView.com
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Bitcoin
BUIDL Fund Goes Multi-Chain Across These 5 Blockchainsc
Published
1 week agoon
November 14, 2024By
adminCrypto ETF issuer and asset manager BlackRock announced on Wednesday the expansion of its USD Institutional Digital Liquidity Fund (BUIDL) to include five new blockchain ecosystems: Aptos, Arbitrum, Avalanche, Optimism, and Polygon.
Initially launched on the Ethereum network in March 2024, BUIDL rapidly gained traction among investors, becoming the largest tokenized fund globally regarding assets under management (AUM) within just 40 days.
BNY Mellon To Custody BUIDL
The expansion will allow BUIDL to interact with more blockchain-based financial products and infrastructures. BlackRock aims to enhance accessibility for investors, decentralized autonomous organizations (DAOs), and digital asset firms, enabling them to leverage BUIDL within the ecosystems of their choice.
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Carlos Domingo, CEO and co-founder of Securitize, the firm responsible for tokenizing BUIDL, emphasized the importance of this multi-chain approach in Wednesday’s press release by saying:
Real-world asset tokenization is scaling, and we’re excited to have these blockchains added to increase the potential of the BUIDL ecosystem. With these new chains we’ll start to see more investors looking to leverage the underlying technology to increase efficiencies on all the things that until now have been hard to do.
With the addition of these blockchains, BlackRock aims to provide increased options and access for investors, allowing developers to build applications that integrate seamlessly with the BUIDL fund.
BNY Mellon, which recently received a Bitcoin and crypto custody license for institutional services, will play a key role in this initiative as the fund administrator and custodian for BUIDL.
BlackRock Bitcoin ETF Achieves Unprecedented Growth
On the crypto ETF front, BlackRock’s Bitcoin ETF, IBIT, has reached a remarkable milestone, surpassing the $40 billion mark in assets under management (AUM) just two weeks after hitting $30 billion.
This achievement comes in a record 211 days, shattering the previous record of 1,253 days held by the iShares Core MSCI Emerging Markets ETF (IEMG).
IBIT is now positioned in the top 1% of all ETFs by assets and at just 10 months old, it has outperformed all 2,800 ETFs launched in the past decade, according to ETF expert Eric Balchunas.
Balchunas further highlighted that Bitcoin ETFs collectively have crossed the $90 billion asset threshold, following a significant $6 billion surge in the past few days.
This increase comprises $1 billion in new inflows and $5 billion in market appreciation. The growing popularity of Bitcoin ETFs indicates that they are now 72% of the way toward surpassing gold ETFs in total assets.
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The rise in Bitcoin ETF assets has coincided with a surge in investor confidence, particularly following Donald Trump’s recent victory over Kamala Harris in the presidential elections.
This political shift has positively influenced market sentiment, contributing to a broader uptick in cryptocurrency prices. Bitcoin, in particular, has experienced a substantial rally, climbing over 24% to reach a record high of $93,000 in the past week alone.
Featured image from DALL-E, chart from TradingView.com
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