These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
DOGE is among the poorest performers now.
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DOGE is among the poorest performers now.
An inverse-head-and-shoulder pattern is developing on the XRP weekly chart, awaiting a breakout toward $1.
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The 1inch team continues to show strong confidence in their project by purchasing 7.96 million $1INCH tokens, valued at $1.75 million. This significant buy caused the price of $1INCH to break through $0.27, marking a rise of over 20%. As of 12:30 AM on September 5, 2024, the tokens price […]
CryptoPunk #6915, one of only 24 Apes, saw offers earlier this year of over $6 million, marking a 78% drop in value.
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Over the past seven months, the price of Bitcoin has moved in a range between $73,777 and $49,000, significantly depressing sentiment across the market. In a new analysis published via X, Will Clemente III, co-founder of Reflexivity Research, addresses the prevailing sentiment of impatience and uncertainty among investors, sharing why he still remains bullish. Clementes bullish sentiment draws from a long-term perspective over the next decade. Drawing upon his expertise in portfolio construction and asset allocation, Clemente emphasized the importance of identifying major economic trends likely to unfold over the next decade. “Been thinking a lot about portfolio construction lately and position sizing. I keep coming back to there’s nothing I’d rather go into a coma for 10 years and hold than Bitcoin,” Clemente stated, emphasizing his confidence in Bitcoin as the superior long-term asset. His analysis is grounded in the anticipation of certain macroeconomic trends. Clemente suggests that investors should consider what the biggest trends are likely to be over the next decade and adjust their portfolio accordingly. This involves either significantly increasing investment in the highest confidence trend or spreading investments across several promising trends based on their potential impact. Related Reading: Critical Bitcoin Indicator: Analyst Foresees Major 75% Correction Ahead He personally favors focusing on the most probable trend, which he identifies as the ongoing growth of the US deficit and the subsequent need for the government to debase the currency to service this debt. This scenario, according to Clemente, offers a more predictable outcome than other technological trends like AI or space exploration. Compared to other technological trends, the debasement one is pure math. In addition, the way to bet on other technological trends, for example AI or space, isn’t as clear as debasement, given there’s not a way to position for it as clear as Bitcoin, Clemente writes. How High Can Bitcoin Go In 10 Years? Clemente’s bullish stance on Bitcoin is reinforced by his analysis of potential capital inflows from sovereign wealth and pension funds. He estimates that if these entities were to allocate just 1% of their capital to Bitcoin, it would result in approximately $460 billion of new investments into BTC, potentially doubling its market cap and driving prices to between $150,000 and $200,000 per Bitcoin. He further speculates on the impact of an increased allocation, suggesting that if concerns over the deficit intensify, these institutions might allocate as much as 3%, translating into $1.4 trillion entering Bitcoin. And the upside potential is even larger. What happens if it eats into the $10t-$15t of gold’s monetary premium? How about the combined monetary premium in treasuries/equities/real estate that’s currently parked into these assets as SoV to protect against currency debasement? Clemente pondered. Related Reading: Will Bitcoin Repeat History? Analyst Sees This 2019 Pattern In Current Market Concluding his analysis, Clemente reasoned that a $1 million price per Bitcoin by 2034 is not out of the realm of possibility when factoring in the reduced purchasing power of the dollar. Also would like to sprinkle on top that this is not factoring in dollars being worth significantly less in the future due to debasement, so $1mm BTC in 2034 is not as crazy as $1mm BTC in 2024, the analyst remarked. However, Clemente also acknowledged, I do think Bitcoin’s days of 100%+ CAGR are gone, but that’s not to say it won’t outperform equity indices by a lot — and on a confidence-adjusted basis, I don’t see anything as compelling in the marketplace today. At press time, BTC traded at $56,481. Featured image created with DALL.E, chart from TradingView.com
Californias Senate passed Assembly Bill 1836, prohibiting unauthorized AI-generated replicas of deceased personalities without prior consent to protect performers rights and likenesses.
Farm yield from your crypto holdings on the crypto exchange licensed and regulated by the Bangko Sentral ng Pilipinas.
NFT transactions dropped 32% from 7.3 million in August to 4.9 million in September.
Elon Musks xAI has launched Colossus now the most powerful AI training system setting a new benchmark in the AI race with a 100,000 H100 training cluster that will soon double in size.
Ethereum’s Layer-1 network revenue has seen a staggering decrease of 99% since March 2024, even though monthly users and transaction volumes on Layer-2 solutions have increased. Token Terminal data shows that the network fees reached a high of $35.5 million on March 5, 2024, but the Dencun upgrade release just eight days later significantly cut […]
It aims to bring institutional-grade security to wrapped BTC.
Major assets like XRP, TON, and ADA also experienced a decrease in whale activity, signaling a broader trend across the market.
XRP and DOGE are among the few altcoins in the green today.
BlackRock, ARK 21Shares and Fidelitys Bitcoin products led the way with $499 million, $289.5 million and $206.1 million in inflows, respectively.
Options trading for spot Bitcoin ETFs could increase liquidity in the ecosystem but also spike the paper supply of BTC as investors avoid the spot market.
SHIB has been skyrocketing lately, adding 42% of value in a week.
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