Even with Bitcoin prices facing pressure from sellers, Willy Woo, an on-chain analyst, thinks the coin will reach new highs thanks to the launch of new Bitcoin exchange-traded funds (ETFs). In a post on X, Woo said the coin could soar to as high as $91,000 in a bear bottom but soar to as high as $650,000 in a bull market top. However, Bitcoin will only soar to these mega valuations, assuming that leading asset managers will fully deploy their recommended allocations to the world’s most valuable crypto asset. Bitcoin In A Wide Range At spot rates, Bitcoin looks shaky. Even after the surge to all-time highs of over $73,000 in mid-March 2024, the coin has been under pressure. So far, prices are within a range. There are caps at $73,800, or an all-time high, on the upper end and around $61,000 on the lower end of its current range. Related Reading: Shiba Inu Insider Reveals Top 5 Shibarium Investment Rules As long as prices are inside this zone, the uptrend remains. This preview considers the formation established in the better part of Q1 2024 after the first spot of Bitcoin ETFs in the United States was approved. In the post on X, the analyst should note that the rise to $91,000 and $650,000 are long-term targets and not for the current market cycle. Most importantly, Woo added, it will depend on how fast and aggressively asset managers like BlackRock add BTC to their diversified portfolios. Even so, this projection excludes inflows from non-custodial wallets. Capital flows from these wallets are projected to be higher due to rising crypto adoption. Here’s How BTC Will Soar In The Coming Years In Woo’s assessment, asset managers manage around $100 trillion globally. If they decide to invest 2% of their holdings in Bitcoin as Fidelity recommends, the asset could receive around $2 trillion. Additionally, considering the coin’s value, based on on-chain movement, worth around $561 billion, the total investment would reach $2.56 trillion. Using the Market Value to Realized Value (MVRV) ratio, Woo said BTC could soar to a market high of $650,000 in a bull cycle. The MVRV is a metric that compares market capitalization to on-chain investment. Conversely, BTC could reach a swing low of $91,000 if the crypto market crushes. The MVRV ratio is typically 5X in bull market tops and 0.7X in bear market bottoms. Related Reading: Toncoin Defies Market Turmoil, Surges 25% To Tally All-Time High – Details Woo thinks Bitcoin, like gold, is ready for a 12-year bull run. Even so, adoption and emerging regulations in Europe and Asia will shape the path to $91,000 and $650,000. Feature image from Canva, chart from TradingView
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XRP Price Prediction As Cryptocurrencies Bleed: Will XRP Reach $1 Again?
The crypto market is precariously balancing in limbo — with most investors not knowing whether to sell now or wait for a breakout. As is the case with Bitcoin price, XRP price prediction shows that further losses are likely to occur this week. On the other hand, investors see the setback in the trend from The post XRP Price Prediction As Cryptocurrencies Bleed: Will XRP Reach $1 Again? appeared first on CoinGape .
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Nethermind has announced Starknet Grants Program
Nethermind has taken the initiative to further its mission of bringing improvements to its system in order to serve its users. It has brought the Starknet Grants program to developers. The initiative is aimed at providing grants to those developers who can bring innovative, user-facing products to the ecosystem. The amount allocated for this purpose
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Circle’s USDC dominates stablecoin transactions, overtakes Tether (USDT)
Visa Inc. data shows Circle’s USD Coin outperformed the bellwether Tether (USDT) in transaction volume so far in 2024. Recent starts show that USDC’s market share has grown steadily since early January. The stablecoin saw $456 billion in transactions over the last week, eclipsing Tether’s $89 billion. Furthermore, USD Coin captured around 50% of all stablecoin transfers
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