Microstrategy Continues BTC Accumulation at Historic Rates; This SOL Alternative Could Be Set for 100x Gains
The post Microstrategy Continues BTC Accumulation at Historic Rates; This SOL Alternative Could Be Set for 100x Gains appeared on BitcoinEthereumNews.com.
The cryptocurrency market is again seeing traction after a long time of correction. In the last 24 hours, Bitcoin (BTC) has increased 3.29% after breaking the $63,500 resistance level. According to fund house analysts, the coming election can increase the positive sentiments towards the crypto market. Meanwhile, DTX Exchange (DTX), the first hybrid online trading platform, has gained significant attention by raising more than $4.6 million in less than two months of presale launch. It is also called the alternative to Solana (SOL) and may surpass SOL’s market cap in 2025. BTC Price Reverses After Double Bottom Formation BTC regained the $65,000 mark as investors brushed aside concerns about slightly higher inflation. Instead, they shifted their focus to China’s upcoming fiscal policy update. On Saturday, China’s Finance Minister, Lan Fo’an, announced more support for the struggling property sector and heavily indebted local governments. BTC’s price made its first bottom on 3rd October and second bottom on 10th October, forming a double bottom reversal pattern. However, in the breakout, the volume in BTC price volume action is very low, which might indicate lower participation. The important resistance is the upper zone of the wedge pattern, which is a potential breakout point for BTC. USDe Stablecoin Development In Solana (SOL) Ethena Labs has proposed adding Solana (SOL) as a backing asset for its decentralized stablecoin, USDe. The plan suggests using SOL with a hedging mechanism already used for Bitcoin and Ethereum perpetual futures. In 2024, Solana (SOL)’s favorable funding rates and liquidity provide a strategic benefit. If Ethena’s independent Risk Committee approves, the platform will gradually introduce Solana (SOL) as collateral for USDe. The initial target for SOL’s allocation is between $100 million and $200 million, accounting for around 5-10% of Solana (SOL)’s global open interest. Expert Gives 4,650% Projection For DTX…
Filed under: News - @ October 15, 2024 9:20 pm