Bitcoin
Santiment Analyst Says Bitcoin’s Health Remains a Crucial Factor for Altcoin Rally
Brian from Santiment recently appeared on Thinking about the latest episode of Cryptowhere he shared his views on the altcoin rally. Brian talked about the top 50 meme coins by market cap and said that Dogecoin appears to be dead, while Shiba Inu has shown little change in the last 30 days. Some of the biggest gainers include MAGA (up 178%), Pepe (up 70%), and Floki (up 73%).
Brian confirmed that changes in social volume and prices are critical indicators. While most coins have seen price increases, some have declined. Social volume is particularly important for speculative sectors like meme coins. Mentions of Dogecoin have decreased, while Pepe is being discussed more than twice as frequently as last month, which could lead to greater volatility.
The host then said that Bitcoin is again seeing a rise in ETF flows, with interest from big players like BlackRock and Fidelity. Bitcoin is trying to climb to reach a new all-time high, although it is currently pulling back a bit.
Reacting to the same, Brian said that regardless of whether you are trading meme coins, AI or any other sector, the health of Bitcoin is crucial. If Bitcoin collapses, other currencies will likely follow suit. On the other hand, if Bitcoin reaches a new all-time high and advances towards $80,000, other altcoins will also benefit.
An important metric for Bitcoin is the activity of whale wallets, especially those holding 10 to 10,000 BTC, which account for about two-thirds of the supply. These wallets can indicate the direction of Bitcoin’s price. However, the recent consolidation of portfolios related to the Mt. Gox administrator has skewed this data. Now, looking at wallets with 10 or more BTC, there is a clearer picture: as these wallets accumulate, the price tends to rise, and as they are distributed, the price tends to become more volatile.
Since the end of 2023, the accumulation of BTC by these large wallets has been constant, leading to price increases. However, since the end of May, there has been a slight decrease in accumulation, causing some concern. Looking at the last four years, a similar decline was observed starting in February 2022, which preceded a challenging year for crypto due to rising interest rates and other factors. Despite these fluctuations, since the beginning of 2023, accumulation has resumed, leading to a fourfold increase in Bitcoin Pricewhich is significant.
Read too: Shiba Inu Community Nears 10,000 Signatures for SHIB ETF Petition
Bitcoin has lost out on an asset rally fueled by positive comments from the Federal Reserve, while a tight US election race casts doubt on whether Donald Trump will get the chance to implement his pro-crypto agenda.
The digital asset fell 2.4% on Wednesday, following a Fed-fueled surge in an index of megacap tech stocks Magnificent Seven by one of the largest margins in 2024. The token retreated further on Thursday, changing hands at $63,750 as of 6:10 a.m. in London.
Bitcoin
‘This is huge’ — Billionaire Mark Cuban issues ‘incredible’ Bitcoin and crypto prediction amid price slump
Bitcoin
Bitcoin
came back with a vengeance this year when former President Donald Trump Cryptocurrency boosts US presidential election in November with ‘revolutionary’ plan.
The price of bitcoin has surged to more than its all-time high in recent months, surpassing $70,000 per bitcoin and triggering a wave of mega-optimistic predictions about the price of bitcointhough it fell again this week, falling below $65,000 after the Federal Reserve kept interest rates steady.
Now, as Elon Musk suddenly breaks his silence on bitcoin and cryptocurrenciesBillionaire investor Mark Cuban called a California plan to digitize 42 million car titles using blockchain an “incredible step forward” and “huge” for cryptocurrencies.
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Mark Cuban, famous Shark Tank investor and billionaire owner of the NBA team Dallas Mavericks, has… [+] called a cryptocurrency update “amazing” amid bitcoin’s price slump.
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The California Department of Motor Vehicles (DMV) has digitized 42 million car titles using blockchain, it was reported by Reuters, through technology company Oxhead Alpha on the Avalanche blockchain and designed to detect fraud and facilitate the securities transfer process.
“This is an incredible development for crypto,” Cuban, best known as an investor on TV’s Shark Tank and owner of the Dallas Mavericks NBA team, posted on X, joking that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler could sue the state as part of his hostility toward cryptocurrencies and blockchain technology.
“The reason this is huge for crypto is because people who hold the tokens will have an app with an Avalanche wallet,” Cuban said. “Tens of millions of Californians having and using a crypto wallet in the next five years, or however long it takes, normalizes the use of wallets and crypto.”
John Wu, president of Avalanche developer Ava Labs, told Reuters that California’s DMV is “creating a wallet that you can download on your phone.”
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Bitcoin’s price has rallied this year, triggering a wave of bullish bitcoin price predictions from… [+] people like billionaire Mark Cuban.
Forbes Digital Assets
Last month, Cuban predicted that if the US dollar falls as the global reserve currency, bitcoin could become “a global ‘safe haven’” and a “global currency.” potentially sending the price of bitcoin to a much higher level.
According to Cuban, bitcoin could become what its most ardent supporters “envision” — a means “of protecting our economies… This is already happening in countries facing hyperinflation.”
The price of bitcoin has skyrocketed over the past year, largely due to the world’s largest asset manager, BlackRock, leading a bitcoin attack on Wall Street.
Bitcoin
Bitcoin (BTC) miner Riot Platforms (RIOT)’s second-quarter loss widens to $84.4 million as costs rise
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At a national bitcoin conference in Nashville, Donald Trump finally laid out some of his crypto policy proposals, including a long-awaited part of his plan — building a strategic bitcoin reserve. CNN’s Jon Sarlin explains what it is and why the crypto industry wants it.
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