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Why BlackRock Could Bet On This RWA Token: Crypto Analyst

Why BlackRock Could Bet On This RWA Token: Crypto Analyst

In an era where the boundaries between traditional finance (TradFi) and crypto continue to blur, the tokenization of real-world assets (RWAs) stands out as one of the hottest trends. This trend, which allows tangible assets like vehicles and real estate to be bought and sold as tokens on a blockchain, promises to revolutionize the efficiency and speed of asset transactions.

Just last week, BlackRock, the world’s largest asset manager, has positioned itself at the forefront of this movement with the launch of a $ 100 million tokenization fund, which has already attracted over $ 240 million in investment within its first week.

Larry Fink, CEO of BlackRock, has been vocal about the potential of tokenization, stating that RWAs “could revolutionize, again, finance.” This comment has contributed to a notable surge in the valuation of several RWA crypto tokens in recent weeks. In light of these developments, crypto analysts from Layergg have identified a specific crypto project that they believe could garner significant interest from BlackRock.

Why BlackRock Could Choose Aptos

The project in question is Aptos, which has been earmarked for its potential in the RWA space. According to Layergg’s analysis shared on X (formerly Twitter), the narrative surrounding RWA and tokenization, bolstered by BlackRock’s involvement, suggests a nascent yet rapidly growing interest in this sector.

They highlight that mid to low cap RWA projects listed on Binance have performed exceptionally well, indicating a broader market interest spurred by narrative-driven investment strategies. However, the favorite crypto project for BlackRock could be Aptos.

A closer look at Aptos reveals several factors that might make it an attractive partner for BlackRock. Firstly, Aptos is poised to make a significant announcement related to RWA in April, coinciding with the Aptos DeFi DAYS event from April 2 to 5.

Aptos DeFi Days

This announcement is speculated to involve a partnership with a global asset management firm, potentially BlackRock. “A partnership with a global asset management firm is expected to be announced. It is speculated that this may include BlackRock,” the analysts remarked.

The basis for this speculation includes Aptos CEO Mo Shaikh’s previous tenure at BlackRock, suggesting pre-existing industry connections that could facilitate such a partnership.

Aptos founder Mo Shaikh

Moreover, Aptos founder Mo Shaikh & head of ecosystem at Aptos Labs Neil H hinted at this early on. In mid-February Shaikh revealed via X: “I sat down with three of the world’s largest asset managers this week A little preview…while the year started with ETFs, it will conclude with RWA on-chain en masse, growth in Asia and all using parallelisation on Aptos See you in Hong Kong.”

On February 21, Shaikh also commented on a post on X by Dan Morehead, founder and managing partner at Pantera Capital. Morehead stated, “Tomorrow I’ll be speaking at BlackRock’s Institutional Digital Assets Summit. […] The existence of that Summit **IS** the massive change. Really excited about this.” Mo Shaikh mysteriously commented, “There’s Summit to this.”

Clues from the Aptos founder

Besides that, Adam Cader, founder of Thala Labs recently stated via X that “something is cooking for Aptos. I’m a co-founder of the largest application on the network, and here’s my list of upcoming significant ecosystem wide catalysts.” Cader referenced Shaikh’s statement and added that Blackrock, Vanguard, and Fidelity are the three largest asset managers in the world.

“If I had to guess this refers to either them using the chain in some way / integrating it into one of their products which has precedent in the TradFi world. Also note Blackrock is the most crypto-aligned of the bunch,” he said via X.

Crypto Revolution: Will APT Follow AVAX?

But that’s not all. Aptos has been hinted to explore partnerships with other major asset management firms, including Franklin Templeton, which has previously invested in Aptos (tier 3) and planned to utilize its blockchain for money market funds.

Such strategic alliances could position Aptos similarly to how Avalanche benefited from its partnerships in the Project Guardian initiative (JPMorgan and Wisdomtree), experiencing a substantial price increase post-announcement. “Avalanche saw a price increase of more than 4x following the ‘Project Guardian’ news,” Layergg noted.

They concluded, “If a partnership with BlackRock proceeds, more ‘Big partnerships’ will naturally follow.”

At press time, APT traded at $ 17.59, up 87% over the past five weeks.

Aptos price
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To Infinity And Beyond: Analyst Forecasts Bitcoin To Hit $100,000 In High-Speed

To Infinity And Beyond: Analyst Forecasts Bitcoin To Hit $100,000 In High-Speed

Cryptocurrency expert and analyst Doctor Profit has identified regions that are vital for Bitcoin (BTC) presently, which could possibly propel the crypto asset’s price to unprecedented heights at a very fast pace.

For the most part, the cryptocurrency community is concerned about the way that Bitcoin’s price has performed during the last week. Nonetheless, Doctor Profit’s latest weekly update on the crypto market and Bitcoin has provided optimism for investors within the crypto space.

Bitcoin For A Massive Leg Up To $ 100,000

In his analysis, Doctor Profit explores the Life Cycle Assessment (LCA), psychological analysis, and technical analysis (TA) of Bitcoin’s recent performance. 

Drawing attention to the previous Sunday report, the analyst predicted a sideways movement for Bitcoin in the longer term. However, the largest cryptocurrency asset is currently moving in the indicated sideways region, as he points out.

The expert claims that some people are unable to see the wider picture playing out within the sideways movement. Due to this, they fail to understand that price fluctuations in the 20% range are normal and even beneficial for moves in big market caps. 

Thus, Bitcoin is preparing for its next big move, which will push prices over $ 80,000 and hit $ 100,000 at high speed. He noted that this bullish sideways movement is referred to as an accumulation area in trading terminology. 

Bitcoin

During this stage, a convergence of profit-taking, incoming investment, and undecided money, practically leads to a mid-term consolidation. Consequently, he is bullish about the sideways trend and anticipates a looming upward surge. 

Furthermore, Doctor Profit underscored the significance of Bitcoin’s recent breakout above its previous all-time high (ATH) of $ 69,000, and the necessity of exercising patience as the coin consolidates close to its peak level.

He stated:

What many fail to understand is that Bitcoin just broke through its all-time high (ATH) in the last few weeks and is now slowly building support near the ATH region. People don’t realize that this is a process that takes weeks.

Doctor Profit asserts that before continuing to rise and entering the super cycle, the market would spend weeks in the area of the Golden Bull. “After confirmation at $ 72,500, it won’t be long until BTC rises beyond $ 70,000 and enters the super cycle,” he added.

Recent Retest Pattern Aligns With Past Trends

Doctor Profit seems to be pleased with Bitcoin retesting its previous ATH level in the $ 60,000 range. He highlights the potential of Bitcoin and the slow transformation of the $ 60,000 resistance level into a solid support point, paving the way for the upcoming super cycle similar to other ATH breakouts.

“Bitcoin now appears mature enough to withstand this pressure at $ 60,000 and maintain its above-average price without any difficulty,” he stated. Despite ongoing corrections, the analyst has urged investors to be confident, citing the Bitcoin Halving as a catalyst for an impending upward surge.

Bitcoin
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Bitcoin ETFs Bleed For One Week Straight – Can Price Recover To $73,000?

Last week was rough for Spot Bitcoin ETFs as they failed to attract strong inflows day after day. As a result, these Spot Bitcoin ETFs witnessed consecutive daily outflows every day last week, indicating the bullish sentiment among institutional traders might actually be waning. This seems to have been reflected in the price of Bitcoin, as the cryptocurrency fell to as low as $ 61,370 during the week. 

Bitcoin ETFs See Sustained Outflows

Investor interest in Spot bitcoin ETFs skyrocketed throughout February and early March amid Bitcoin’s bull run, pushing its price to an all-time high of $ 73,737.

This maximum investor interest saw the ETFs setting new trading records for exchange-traded funds in the US. However, these ETFs have now set a negative record of five consecutive days of outflows to beat a four-day outflow streak set in January.

According to data from BitMEX Research, these ETFs witnessed five days of consecutive outflows of $ 154.4 million, $ 326.2 million, $ 261.6 million, $ 93.1 million, and $ 51.6 million. At the same time, Grayscale’s GBTC set a new record for the most daily outflow.

BitMEX also reveals that the world’s largest crypto asset manager saw redemptions of 9,539.7 BTC worth over $ 642.5 million on Monday, the largest single-day outflow in GBTC’s history.

Grayscale’s outflow wasn’t particularly surprising, considering that the fund has witnessed consistent daily outflow since its launch. The surprise came from very weak inflow into other Spot ETFs like BlackRock (IBIT) and Fidelity (FBTC), whose huge inflows have always offset outflows from GBTC. 

Particularly noteworthy is the fact that Blackrock (IBIT), which has consistently been the target of the majority of inflow, established a new inflow low of $ 18.9 million on Friday, March 22. Fidelity, on the other hand, also saw its inflow fall to as low as $ 5.9 million on Monday, March 18.

Can Bitcoin Price Recover?

The big question now is whether Bitcoin can stage a strong recovery and reclaim its recent all-time high above $ 73,000. A continuation of outflows from Spot Bitcoin ETFs could further weigh on Bitcoin price. 

Interestingly, the weak inflow hasn’t really related to low trading activity, as trading volume remained significant throughout the week. Data shows that the cumulative trading volume of the 10 ETFs is now at $ 164 billion after witnessing $ 22.71 billion in trading volume last week.

After a week of deep outflows, the coming days will be crucial in determining the next major move in the price of Bitcoin. Despite the rough week, Bitcoin still has a chance to rebound back to $ 73,000 or higher, especially with the approach of the next Bitcoin halving event

Featured image from Pexels, chart from TradingView

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Ethereum Drops Below The 100-Day Moving Average – What’s Next?

Ethereum Drops Below The 100-Day Moving Average – What’s Next?

The crypto market is experiencing a pullback after Bitcoin, the leading cryptocurrency, reached a new all-time high. However, Ethereum (ETH) is not left out in this downward move.

After setting a new yearly high of $ 4,094, the price of Ethereum has been moving downward and this has led to the price trading below the 100-day Moving Average (MA) both in the 1-hour and 4-hour timeframes, but this is not so in the daily timeframe. 

Will the price continue downward or will it change direction and start moving upward? At the time of writing, Ethereum’s price was trading around $ 3,360 and was up by 0.64% in the last 24 hours.

Ethereum Indicators And What They Suggest

Looking at the chart, technically we can see that a support level of $ 3,067 and a resistance level of $ 3,681 and $ 3,591 have been formed respectively. Nonetheless, there could be more support and resistance created if the price continues to move downward.

4-Hour Moving Average: A technical observation of the chart from the 4-hour timeframe as seen in the image below reveals that the price is trending below the 100-day moving average. This suggests that the price is on a downtrend and could potentially move further downward.

Ethereum

 4-Hour RSI indicator: With the help of the Relative Strength Index indicator (RSI) we can see the RSI signal line is trending below the 50 line. This is a strong indication that the price of Ethereum is in a downward trend as observed in the image above.

MACD Indicator: Taking a close look at the MACD indicator in the 4-hour timeframe, it appears that the MACD histogram has dropped below the zero line. In addition, both the MACD line and the signal line have crossed below the zero line. 

This setup indicates that the price is still bearish and there are possibilities that it could still move downward. The image below provides more details:

Ethereum

Possible Outcome

If the price of Ethereum continues downward and breaks below the support level of $ 3,067, it could move further downward to create a new support level. However, if the price fails to break below this support level, we could see a price reversal and may start a fresh trend upward. Thus there could be a possibility that the price could break above the resistance levels of $ 3,681 and $ 3,591 respectively, and continue its bullish run.

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Fantom (FTM) Jumps 180% In 4 Weeks: Just The Beginning?

Fantom (FTM) Jumps 180% In 4 Weeks: Just The Beginning?

Over the past 24 hours, Fantom (FTM) has emerged as the standout performer among the top 100 cryptocurrencies by market capitalization, registering a remarkable 13.5% gain. This surge is part of a broader rally that has seen the FTM price soar by 180% over the last four weeks, propelling it from $ 0.42 to $ 1.20. This upward trajectory has significantly boosted Fantom’s market capitalization to $ 3.3 billion, positioning it as the 41st largest digital asset worldwide. Here’s why this might be just the beginning:

#1 Sonic Upgrade: The Catalyst for Fantom’s Rally

The anticipated Sonic upgrade is central to Fantom’s recent success. Designed to enhance the Fantom technology stack, Sonic introduces major scalability improvements without necessitating a disruptive hard fork. Key components of the Sonic upgrade include:

  • Fantom Virtual Machine (FVM): Aims to significantly boost transaction throughput.
  • Carmen Database: Promises to reduce storage requirements by up to 90%.
  • Optimized Lachesis Consensus: Improves upon the existing consensus mechanism for enhanced performance.

With these enhancements, Fantom targets a throughput of over 2,000 transactions per second (TPS), marking a substantial leap in scalability. Importantly, the upgrade ensures that existing Fantom Opera smart contracts and tools remain fully compatible with the Sonic mainnet, which is scheduled to launch in Spring 2024.

Recent testnets have demonstrated Sonic’s potential. The closed testnet, focused on ERC-20 swaps, achieved an impressive ~4,000 TPS with ~1.3-second finality. Furthermore, a reconfiguration to process only ERC-20 transfers led to a groundbreaking ~10,000 TPS at ~1.6-second finality, showcasing the capabilities of next-generation decentralized exchanges (DEXs) and wallets.

Reflecting on Sonic’s impact, Reflexivity Research highlighted, “Fantom Sonic unlocks new possibilities for the Fantom ecosystem, particularly in decentralized finance (DeFi) platforms, blockchain games, high-frequency applications, and the Internet of Things (IoT).”

The research firm added that another cornerstone for Fantom is its exemplary 99.9% uptime. “Fantom’s novel solutions position it as a frontrunner in the development of decentralized networks,” Reflexivity Research stated.

#2 Andre Cronje: The Innovator’s Promise

Andre Cronje, the founder of Fantom and one of the brightest minds in the crypto industry, has been instrumental in driving innovation within the ecosystem. Cronje recently underscored his commitment to advancing the crypto space, stating, “The number 1 dex on Base, and the number 1 dex on Optimism are both built with code I wrote and pioneered. Stick to where the innovators are, post Sonic I will be adding some new primitives to crypto.”

#3 Coinbase Announcement: A New Milestone

Another factor driving today’s price rally is probably today’s Coinbase International announcement that it will launch Fantom perpetual futures on Coinbase International Exchange and Coinbase Advanced, set to commence on or after 9:30am UTC on March 28, 2024. This move by Coinbase is expected to further enhance Fantom’s liquidity and accessibility, contributing to its growing appeal among investors.

#4 Technical Analysis: FTM/USD

The bullish momentum of Fantom price is apparent in the weekly FTM/USD chart on Binance, signified by the latest candlestick closure above the key exponential moving averages (EMAs) of 20, 50, 100, and 200 periods. This week’s candlestick represents a notable increase of approximately 50% from the intra-week low.

Fantom’s ascent has propelled its value beyond the 0.382 Fibonacci retracement level, situated at $ 0.9176. This bullish breakout suggests the market may target subsequent Fibonacci levels, with $ 1.38 (0.382 Fib) acting as an intermediate psychological and technical resistance, followed by $ 1.76 (05 Fib), and potentially extending towards the golden ratio at $ 2.13, which corresponds with the 0.618 Fibonacci level.

On the flip side of this bullish scenario, should a correction occur across the broader crypto market, immediate support for FTM can be anticipated at the $ 0.92 level. Stability at or above this threshold could reaffirm bullish market control. Conversely, a downward breach could intensify selling pressure, possibly leading to a retest of support around the $ 0.56 mark.

Fantom FTM price
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Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April

Analyst Bullish On Polkadot (DOT), Predicts $17 Price Target Before April

Polkadot (DOT) is gaining positive momentum and could be poised for a significant price surge, according to crypto analysts.

Michaël van de Poppe, an expert in the field, has identified encouraging market dynamics for Polkadot, suggesting a potential upward trajectory in the next few days or weeks.

Polkadot Analyst Insights: Promising Momentum

Polkadot on the USDT pair showed a regular pattern of higher highs and lower lows, according to Van de Poppe, suggesting an increase in bullish momentum. He also pointed out that Polkadot’s Bitcoin pair is still around a cycle low, indicating a possible trend reversal. Van de Poppe theorised that Polkadot might be returning to its peak in the upcoming months based on these facts.

At the time of writing, Polkadot’s price stands at $ 9.26, with a 24-hour trading volume of $ 1.24 billion and a market capitalization of a little over $ 9 billion.

DOT price up in the last 24 hours. Source: Coingecko

Cryptocurrency experts have been closely monitoring Polkadot’s price fluctuations since the beginning of 2023. Drawing insights from historical data and market trends, these analysts anticipate an average DOT rate of $ 13.70 by March 2024.

However, they acknowledge a range of potential outcomes, with minimum and maximum price estimates standing at $ 10 and $ 17, respectively.

Blockchain Data Accessibility Revolutionized

Meanwhile, in a move that promises to revolutionize crypto data analysis for Polkadot and Kusama, Dune Analytics has announced a groundbreaking partnership with Colorful Notion. This collaboration marks a significant leap forward in accessibility, bringing a wealth of on-chain data from these blockchains to the fingertips of Dune users for the very first time.

Previously, analyzing on-chain activity within the Polkadot and Kusama ecosystems presented a challenge. However, this partnership empowers users with the ability to examine a rich pool of data, including decoded Substrate block data tables, extrinsics, calls, events, and transfers.

This integration signifies a crucial step towards demystifying the complexities of blockchain data within the Polkadot ecosystem. By making this information readily accessible and fostering user-friendly analysis tools, the partnership between Dune Analytics and Colorful Notion holds immense potential for developers, researchers, and anyone with a vested interest in understanding the health and activity of the Polkadot network.

Featured image from Pexels, chart from TradingView

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FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move

FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move

In the lead-up to the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, March 20, the Bitcoin and crypto market is experiencing a severe downtrend. BTC price has plunged roughly -10% in the past two days, and Ethereum (ETH) is down -12% in the same period.

The anticipation surrounding the Fed’s stance on interest rates has heightened in the wake of recent economic indicators, including unexpected spikes in the  US Consumer Price Index (CPI) and Producer Price Index (PPI), stirring volatility across markets, including digital assets.

The consensus, with a 99% probability according to the CME FedWatch tool, suggests interest rates will hold steady. Nonetheless, the spotlight turns to the Fed’s dot plot, a graphical representation of the individual members’ expectations for future interest rates, which could provide crucial insights into the monetary policy outlook for the coming months and years.

CME FedWatch Tool

Anna Wong, Chief US Economist for Bloomberg, remarked via X (formerly Twitter), “Another reason why FOMC [is] not ready to cut: members not yet of broad agreement of that need. Here’s visualizing the dispersion of FOMC views with the help of our new weekly NLP Fed spectrometer. “

How Will Bitcoin And Crypto React?

Macro analyst Ted, expressing his perspective on X, underscores the nuanced relationship between macroeconomic trends and the crypto market at the moment. Ted elucidated that spot Bitcoin ETF flows have taken the backseat while macro factors came to the foreground.

He stated via X, “If BTC is to be considered digital gold, it’s expected to mirror gold’s market movements, albeit with a higher degree of volatility. In the current climate, with the market bracing for the Fed’s upcoming meeting, macroeconomic factors momentarily take precedence, driven by recent developments in PPI and CPI figures.”

He further speculates that “Despite the eventual remarks from [Fed Chair] Powell, the market has already adopted a hawkish stance in anticipation of a ‘higher for longer’ interest rate scenario.”

Michaël van de Poppe, a noted figure in the crypto analysis domain, provided his insights on the recent downward price movement of Bitcoin via X, citing a mix of factors including the anticipation of the FOMC meeting and significant capital outflows from Grayscale‘s Bitcoin Trust. Van de Poppe advises, “It’s typically in these pre-FOMC periods, perceived as risk-off intervals, that the savvy investor finds opportunities to ‘buy the dip’.”

In a reflection of market sentiment adjustments, analyst @10delta on X pointed out the strategic positioning of investors in anticipation of the Fed’s rate decisions. “The market is currently pricing in a reversal to the November ’23 interest rate levels, a clear indication that investors are adjusting their expectations based on the Fed’s potential pivot signaled in the previous dot plot,” he noted.

Accordingly, he argues that the FOMC & dot plot will be a “buy the news” event as the market expectations are being properly adjusted. “The macro worries […] should dissipate & crypto idiosyncratic bullish factors, such as the ETF inflows […] as well as the BTC halving take hold. All considered I think there’s a good R/R for ‘buying the dip’ heading into the March 20 event,” the analyst added.

Goldman Sachs Predicts (Only) 3 Rate Cuts This Year

Goldman Sachs Research recently provided a detailed analysis in their March FOMC Preview. The report highlights the nuanced balance the Fed seeks to achieve between controlling inflation and supporting economic growth.

“Our revised forecast now anticipates three rate cuts in 2024, a slight adjustment from our previous prediction, primarily due to a modest uptick in the inflation trajectory,” Goldman Sachs analysts elucidated. They further speculate, “While the immediate focus is on maintaining current rate levels, the trajectory for rate cuts will hinge on inflation dynamics and economic performance indicators.”

Goldman Sachs further predicts that the Fed will still target a first cut in June. “This combined with a default pace of one cut per quarter implies that the most natural outcome for the median dot is to remain unchanged at 3 cuts or 4.625% for 2024,” the banking giant remarked.

As the crypto market and broader financial ecosystems await the outcomes of the FOMC meeting, the prevailing sentiment is one of cautious anticipation. Market participants are closely monitoring the Fed’s commentary for indications of future monetary policy directions via the dot plot.

The question for the Bitcoin and crypto market is whether there will be an unpleasant surprise or whether market participants were right with their “higher for longer” policy assumption.

At press time, BTC found support at the $ 62,400 price level, trading at $ 63,118.

Bitcoin price
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Bitcoin Approaches Risky Territory As Halving Event Draws Near

Bitcoin Approaches Risky Territory As Halving Event Draws Near

The price of Bitcoin has been on a downward trend since it reached a new all-time of $ 73,000, ushering in a wave of speculations regarding the crypto asset’s next direction in the short term.

In the past few days, Bitcoin’s recent dip has triggered a general crypto market retracement. With the Bitcoin Halving event fast approaching, many crypto analysts are anticipating a further decline in BTC’s price in the near future.

Bitcoin Poised For “Danger Zone” Ahead Of Halving Event

Popular cryptocurrency trader and analyst Rekt Capital has shared a gloomy prediction for Bitcoin with the crypto community on the social media platform X. His forecast examines BTC’s potential to drop even further prior to the halving event while noting the entrance to a risky area he dubbed the “Danger Zone.”

The analyst’s forecast came in light of BTC experiencing a notable decline in the past few days. According to the expert, two days from now, Bitcoin will formally venture into the danger Zone (orange). 

This is the starting area of past retracements seen ahead of the BTC Halving, which is expected to take place in April. Prior to the halving, these retracements have constantly indicated intervals of substantial market corrections for the digital asset. 

Bitcoin

Rekt Capital further pointed out that the pre-halving retracements have historically been observed in BTC 14-28 days before the event. Bitcoin’s price witnessed a pullback of about 40% in advance of the 2016 halving occurrence. 

Meanwhile, in 2020, the crypto asset fell by over 40% before the occasion. Presently, we are less than 30 days before this year’s BTC halving takes place; however, the price of the coin has declined by over 11% in the past week, suggesting further correction in the coming weeks. 

The post read:

In 2 days, Bitcoin will officially enter the “Danger Zone” (orange) where historical Pre-Halving Retraces have begun. Historically, Bitcoin has performed Pre-Halving Retraces 14-28 days before the Halving. In 2020, this retrace was -20% deep, and in 2016, this retrace was -40% deep. Currently, BTC is 30 days away from the Halving and has pulled back -11% this week.

It is noteworthy that the crypto analyst had previously pinpointed the timeframe BTC is expected to top out in this bull cycle. Rekt Capital believes the asset will peak within 280-350 days. Specifically, this could occur around mid-December this year, or in mid-February of next year.

4 Distinct Halving Phases

So far, the crypto analyst has highlighted several different phases for the upcoming Bitcoin Halving; these include the Pre-Halving Rally, Final Pre-Halving Retrace, Re-accumulation, and Parabolic uptrend.

According to Rekt Capital, there usually is a pre-halving rally approximately 60 days before the event takes place. For the final pre-halving retrace, it usually develops around 14 to 28 days ahead.

Furthermore, after the Pre-Halving pullback, a multi-month re-accumulation period follows. Lastly, the parabolic uptrend begins once Bitcoin exits the area of re-accumulation.

Bitcoin
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Introducing Book Of Meme (BOME), The Latest $1 Billion Crypto Sensation

Memecoin project Book of Meme (BOME) has emerged as the latest shining star in the crypto market over the last few days. Following its official launch this week, BOME has attracted much investor interest, acquiring a market cap of $ 1 billion within 48 hours of trading.

BOME’s sudden emergence can be regarded as a silver lining in the crypto space in the last week amidst Bitcoin’s 4% decline, which resulted in the maiden cryptocurrency falling to around $ 65,345.14. Meanwhile, Ethereum is also down by 10%, while prominent memecoins Dogecoin and Shiba Inu also recorded losses to the tune of 24.23% and 16.69% over the last seven days. 

What Is The Book Of Meme?

The Book of Meme was founded by DarkFarms, the creator of another popular memecoin Pepecoin. BOME functions as an experimental project aimed at incorporating memes, decentralized storage solutions, degen shitcoin trading, and gambling on a single platform in a bid to create a novel web3 experience. 

Following a successful presale that raised 10,131 SOL, BOME debuted in the crypto market on March 14 with an initial price of $ 0.0000496. Over the next two days, Book of Meme swiftly rose to a price region of $ 0.012 while achieving a market cap value of $ 1 billion. 

Unsurprisingly, BOME’s expeditious rise has earned the coin listings on major crypto platforms, including KuCoin, Gate.io, MEXC, HTX, Crypto.com and Binance. In particular, BOME’s listing on Binance on March 16 is believed to have spurred the token to a 243% price gain within a day, allowing the memecoin to gain a peak market cap of $ 1.55 billion. 

In a similar fashion with other highly successful memecoins, some investors have benefitted the most from BOME’s rise. Data from LookonChain reveals that a certain investor already sold all 347 million BOME for 34,647 SOL valued at $ 6.58 million, recording a 340x gain on 102 ($ 19,000) investment at the presale. Meanwhile, the largest BOME holding personal address known as sundayfunday.sol currently holds 1.242 billion BOME, valued at $ 29.8 million. 

BOME Price Overview

At the time of writing, Book of Meme currently trades at $ 0.02139 with a 58.08% gain on the last day. Meanwhile, the coin’s daily trading volume is up by 125.05% and is valued at $ 5.18 billion. BOME’s current market cap stands at $ 1.18 billion, allowing the memecoin to rank as the 85th largest cryptocurrency. 

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Euphoria Or False Dawn? Why The Ethereum $4,000 Party Might End Soon

Amidst the tumultuous seas of the crypto market, Ethereum (ETH) finds itself navigating through waves of uncertainty after a period of bullish fervor. Investors who once rode high on the tide of optimism now brace themselves for potential stormy weather ahead.

The Bearish Shadow Looms

The once bright horizon for Ethereum has dimmed as indicators point towards a shift in sentiment. A surge in interest in put options hints at growing apprehension among traders, seeking refuge from potential losses in speculative ventures.

The rise in demand for these protective measures serves as a cautionary tale, signaling a departure from the exuberance that once characterized the Ethereum landscape.

Ethereum’s Dencun Upgrade

As the Ethereum community anticipates the much-awaited Dencun upgrade, optimism clashes with apprehension. Scheduled to deploy on the Ethereum mainnet, the upgrade promises to usher in a new era with EIP-4844, colloquially known as “protodanksharding,” poised to lower transaction costs on Layer 2.

While this advancement holds promise, echoes of past disappointments linger, reminding investors of the unpredictability that accompanies major network upgrades.

Influx of Capital Amidst Uncertainty

Despite the looming shadows of uncertainty, the crypto market witnesses a significant influx of capital, with Bitcoin and Ethereum commanding the lion’s share of the pie.

An infusion of approximately $ 83 billion into the market underscores the enduring allure of cryptocurrencies, even in times of ambiguity. Yet, amidst the influx, Ethereum’s fate hangs in the balance, teetering between the forces of optimism and apprehension.

The Ethereum ETF Conundrum

Now, the looming specter of Ethereum ETF approval casts a shadow over the market, with odds dwindling according to Bloomberg ETF analysts. Despite waning prospects, the prospect of an ETF remains a beacon of hope for Ethereum enthusiasts, promising increased adoption and legitimacy.

Yet, as the odds fluctuate, uncertainty pervades, leaving investors on edge, unsure of what the future holds.

Analyst’s Insight

In the midst of uncertainty, popular crypto analyst Ali Martinez offers insights into the shifting currents of the market. Martinez reveals a massive influx of roughly $ 83 billion, with Bitcoin and Ethereum accounting for $ 75 billion of the total money inflow, according to Glassnode.

Current Market Snapshot

Ethereum’s price charts reflect the ebb and flow of market sentiment. With a 2% increase in the past 24 hours,  stands at $ 3,966, a testament to the resilience of the cryptocurrency amidst turbulent times.

Yet, fluctuations persist, with trading volume surging by 20% in the last 24 hours, underscoring the volatility that defines the crypto market.

Meanwhile, new addresses were still becoming interested in Ether. Alongside that, the overall count of holders who were amassing ETH had also increased, as shown in the chart above.

Featured image from Polina Tankilevitch/Pexels, chart from TradingView

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