Bitcoin

How Bitcoin’s Technological Expansion Could Boost Price Growth 5x in 2 Years

Published

8 months ago

1 June, 2024

SatoshiTimes Staff

How Bitcoin's Technological Expansion Could Boost Price Growth 5x in 2 Years

The Bitcoin blockchain is slowly becoming more than just a buying and holding platform.
Developers have been expanding its functionality, which could lead to new demand.
Ethereum went through a similar trend, leading to its big rally in 2021, Bitget CEO Gracy Chen told Business Insider.

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Bitcoins 2024 catalytic converters may seem like a thing of the pastbut programmers are fueling future advantages behind the scenes.

For most of its existence, the flagship cryptocurrency has captured the market’s attention as a buy-and-hold asset, and this store-of-value appeal has led to explosive gains. Furthermore, blockchain has not offered investors much else to do.

“Despite bitcoin’s diverse use cases, it is primarily viewed as ‘digital gold’ for inflation mitigation or an alternative currency that allows participants to transact in a decentralized, peer-to-peer (P2P) environment,” he said. a note from Chainalysis in March. “It’s not typically seen as the blockchain you can build on.”

This puts bitcoin a step behind certain competing networks, especially Ethereum. On this platform, investors have the freedom to trade different cryptocurrencies or gain exposure to non-fungible tokens and DeFi.

And with Ethereum’s native cryptography now approved for its own set of spot ETFs, some analysts expect these technological advantages to trigger a bull run towards it.

But bitcoin is recovering.

Although programmers have tried for years to expand its functionality, the launch of the Ordinals protocol last year provided new momentum. This system is what allows the blockchain to finally host digital data beyond the bitcoin token, such as NFTs.

Then came the BRC-20 tokens. Built on the Ordinals engine, the protocol allows tokens to be minted and traded directly on the blockchain, and new cryptocurrencies have hit Bitcoin in droves.

“The Ordinals protocol has enabled the growth of memecoins on the bitcoin blockchain, leading to an increase in liquidity within the BTC ecosystem in record time. Since the protocol’s inception, tens of thousands of BRC-20 tokens, with a combined market capitalization exceeding to $2 billion, were issued,” Gracy Chen, CEO of cryptocurrency exchange Bitget, told Business Insider in an email.

Memecoins and NFTs may, for now, appeal more to fun-seekers, but this is good news for price-conscious investors as well, she said. Added to this are bitcoin’s forays into scaling and DeFi solutions, helping to increase demand for transactions.

While key technical differences still remain between bitcoin and ethereum, she said, replicating their functionality could see bitcoin rise fivefold in just a matter of years, Chen said.

This is based on the total value locked, or the amount of assets staked in the bitcoin protocol. Currently, this metric is roughly in line with Ethereum’s position just before it hit a parabolic boom between 2020 and 2021.

In the case of Ethereum, new DeFi functions and new coin launches triggered the seismic rise, and ether jumped 3,702% from peak to trough. For bitcoin, the growing adoption of BRC-20 could be the basis for its own rise – albeit less amplified:

“Despite bitcoin’s higher capitalization, it may not experience as meteoric growth as ETH in 2020, given the absence of a low base effect and stricter regulatory conditions. However, even a rise twice as weak could still result in a fivefold increase in the main cryptocurrency,” Chen wrote in a note.

Since its creation in March, close to 67 million BRC-20 registrations It has been done.

The explosive popularity has increased the profits of cryptominers, who receive a certain fee for minting these assets. While transaction fees have rarely been the main source of revenue, the increase in activity is changing the industry’s mindset, said Brian Wright, co-head of mining at Galaxy.

“We see these events occur, you know, probably not sustainably, but throughout the year, there will be some periods where miners may be more profitable than they thought they would be, just as a result of transaction fees,” he said. O Cerebro Galáxia Podcast in April.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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