Arbitrum and Optimism Stay Strong Amid ETH Decline; Analysts Pick This Presale Token For 100x Gains
Published
3 months agoon
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adminThe recent market downturn sent shockwaves into the crypto community, sparking a cascading selloff. Bitcoin (BTC) and Ethereum (ETH), the leading cryptocurrencies, along with the rest of the market, plummeted. However, Layer-2 tokens on Ethereum, notably Arbitrum (ARB) and Optimism (OP), have shown remarkable resilience.
Meanwhile, DTX Exchange (DTX), the rave of the moment, has captured the attention of analysts. The novel exchange-based token stands at the crossroads between TradFi and DeFi, setting it up for adoption and massive growth.
DTX Exchange (DTX): Poised for a 100x Jump Post-Launch
DTX Exchange (DTX) has been stirring quite a buzz in the ICO world, linked to its solid fundamentals and significant upside potential. It sets itself apart from established players by combining the best elements of centralized and decentralized exchanges.
In light of the above, it will be a hybrid protocol and a novel financial ecosystem, aiming to shake up the $10 billion global trading market. Further, it allows the trading of different asset classes, from traditional ones (stocks, bonds and forex) to DeFi tokens.
Top analysts project a 100x jump in value after its launch, making it a new project to keep on the radar. Meanwhile, at a token price of $0.04 in the second round of the ICO, it offers a good entry point and promises more gains than top coins like Arbitrum and Optimism.
Arbitrum (ARB): Reclaiming the $0.5 Support
Arbitrum (ARB), an Ethereum Layer-2 scaling solution, is one of the market’s top altcoins. It employs optimistic rollups, which improve speed, scalability and cost-efficiency.
However, it experienced a scare as the crypto market nosedived and Ethereum tumbled below $2,300. However, the Arbitrum price didn’t lose as much gain, showcasing remarkable strength. With bullish momentum back in the crypto space, ARB has reclaimed the $0.5 support.
The Arbitrum token is set to hit $1 in quarter three, placing it on the list of the best cryptos to invest in. This puts it within striking distance of its all-time high of $2.40, which it can potentially reclaim before the year’s end.
Optimism (OP): Eyes on a New Peak
Optimism (OP), one of the biggest scaling solutions for Ethereum, is a key player in the layer-two ecosystem. Besides its solid fundamentals, it is also a top altcoin. Similar to Arbitrum, it uses optimistic rollups to help scale Ethereum.
Despite the overall market downturn, it was one of the most resilient. And with a bounce unfolding, Optimism crypto resumes its upswing, maintaining the $1 support and gearing up for further gains. It is no surprise that savvy investors have been expanding their portfolios, already ahead of the curve.
Industry experts are bullish, predicting the Optimism token will rally past its March high of $4.85 at the peak of this bull cycle. Sweetening the deal is its current price, which presents a good entry.
Conclusion
Despite the notable decline in ETH’s price, Arbitrum and Optimism held strong. With a bounce unfolding, they have resumed their upswing. Meanwhile, analysts tip DTX Exchange for a 100x rally after its market debut.
Visit the official DTX Exchange (DTX) website for the latest updates and information.
Disclaimer
This article is a paid publication and does not have journalistic/ editorial involvement of CoinGape. CoinGape does not endorse/ subscribe to the contents of the article/advertisement and/or views expressed herein. Do your market research before taking any actions . The author or the publication does not hold any responsibility for your personal financial loss.
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SynFutures launches Perp Launchpad with $1m grant for new tokens
Published
26 mins agoon
November 6, 2024By
adminSynFutures, a decentralized derivatives trading platform, has launched its Perp Launchpad, designed to help crypto projects establish perpetual futures markets.
The platform’s objective is to increase trading access for lesser-known tokens, offering more opportunities for users to engage with a diverse range of digital assets, according to a SynFutures press release.
This launchpad stands out as it specifically focuses on perpetual futures markets, a type of derivatives market. Perpetual futures are contracts that remain open indefinitely and are often used for leveraged trading.
This launchpad is also unique because most launchpads in the crypto space focus on spot trading, or direct asset trading.
$1 million grant for token projects
As part of the initiative, SynFutures is introducing a $1 million grant program to support token projects by providing financial backing, liquidity, and marketing assistance, helping new projects increase visibility and attract users.
By expanding derivatives access, SynFutures enables these projects to list tokens and offer additional ways for communities to engage through trading and liquidity provision.
Initially, the Perp Launchpad will operate on Base, an Ethereum (ETH)-based layer 2 network, allowing projects to create perpetual trading pairs for their tokens. SynFutures has already partnered with established projects like Lido and Solv Protocol, significantly growing its ecosystem since July 2024.
SynFutures’ launchpad also caters to individual traders, giving access to a broader range of tokens, including popular memecoins. The platform offers incentives to encourage trader engagement in on-chain derivatives markets, such as trading competitions.
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Elizabeth Warren Wins Third Senate Term Over Crypto Ally John Deaton
Published
1 hour agoon
November 6, 2024By
adminMassachusetts’s Democratic Senator Elizabeth Warren has been re-elected for the third time after defeating the Republican candidate and the cryptocurrency advocate John Deaton on Tuesday.
Senator Warren’s win was confirmed by the Associated Press, which allows her to keep on being one of the leading advocates for financial reform and cryptocurrency regulation in the Senate. Warren, an outspoken opponent of the cryptocurrency industry, defeated Deaton, who ran with the backing of key players in the crypto space.
Elizabeth Warren Wins Senate Term Over John Deaton
As a politician, Warren has been consistently critical of the cryptocurrency industry fearing its potential to facilitate fraud and dodge regulation. She has been quite vocal on advocating for policies that enhance monitoring of the digital assets.
Warren has been a big advocate of an anti-money laundering bill that aims to expand the BSA, including KYC measures, to the cryptocurrency industry players including miners, validators, and wallet providers. This regulatory effort is to enhance compliance of the crypto industry to the normal finance, a thing she has emphasized in the debates and other rallies.
In an October debate, Warren brought up Deaton’s connections to the crypto industry and said that the industry was spending 90% of its budget to try to unseat her in Massachusetts. Warren used her opponent’s relationships with the industry to push her argument that crypto must be subject to traditional finance rules.
John Deaton’s Campaign and Crypto Industry Support
John Deaton, a lawyer and an expert on cryptocurrency, gained much sympathy from key stakeholders in the cryptocurrency markets. Other industry supporters of Deaton include Ripple CEO Brad Garlinghouse, Ripple co-founder Chris Larsen, and crypto investors the Winklevoss twins and Scaramucci.
Such industry leaders supported Deaton’s campaign by contributing money to it; some of the payments were made to the Commonwealth Unity Fund, a PAC which works for the promotion of pro-crypto politicians.
Deaton, an attorney who has previously taken on the US Securities and Exchange Commission (SEC) over some aspects of cryptocurrency, aimed to paint himself as a Republican in tune with modern Democratic thinking on the cultural issues. He, as a result, promised to continue the efforts of legalizing Roe v. Wade if elected, sought to expand his base in a state that was largely Democratic. However, some of the largest crypto PACs that have previously focused on opposing the industry’s enemies, including Ohio Senator Sherrod Brown, have not gotten involved in the Massachusetts campaign.
Implications for Crypto Regulation
Elizabeth Warren’s re-election means that the crypto industry will remain under close watch in Congress, particularly by the Senate Banking and Senate Finance Committees, which she will remain a member of.
This shows that more stringent policies will continue to be implemented in the future with regards to the regulation of virtual currencies.
John Deaton had stated that Warren was wrong to focus on crypto, since there were other questions that needed answering, such as inflation and border control. However, the Massachusetts voters chose Warren’s strategy and endorsed her comprehensive view of financial supervision and consumer advocacy.
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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Altcoins
Analyst Benjamin Cowen Says Grand Finale for ‘Altcoin Reckoning’ Already Underway – Here’s His Timeline
Published
2 hours agoon
November 6, 2024By
adminAn analyst who continues to grow his following with timely crypto calls believes that altcoins are about to witness a final capitulation event.
Crypto strategist Benjamin Cowen tells his 876,600 followers on the social media platform X that the altcoin market looks poised to plummet against Bitcoin (TOTAL3/BTC).
TOTAL3 serves as a proxy for the altcoin market as it tracks the market cap of all crypto excluding Bitcoin, Ethereum (ETH) and stablecoins.
According to Cowen, TOTAL3/BTC appears to follow a price pattern witnessed in 2019 when the pair slumped to a key support level before a reversal and a strong uptrend.
“It looks like the grand finale of the altcoin reckoning has finally arrived.
The altcoin reckoning should be over by December 2024 (2nd week of January 2025 at the latest).
It has been a long journey, and many gave up along the way, but this process was always going to play out.”
A bearish TOTAL3/BTC chart suggests that Bitcoin is primed to significantly outperform the altcoin market.
Zooming in on the altcoin market, Cowen takes a closer look at the OTHERS chart, which tracks the market cap of all crypto assets excluding the 10 largest coins and stablecoins. According to Cowen, OTHERS against Bitcoin (OTHERS/BTC) just lost a key support level, suggesting that lower-cap altcoins are about to lose a lot of value against Bitcoin.
“I warned that OTHERS/BTC would sweep the lows, rally to the BMSB (bull market support band) then get rejected and put in new cycle lows.
This is now playing out, while those that promote memecoin garbage will pretend like this is not happening.
Don’t lose all your money chasing garbage memecoins, the people that promote them non-stop will not care if you lose all your money trading them, and you will find they will move on to promoting different projects in just a few months.”
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