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Cryptocurrency News Articles
Bitcoin BTC/USD Breaks Above $66,000, 10x Research Predicts a Swift Move Towards $70,000 and New All-Time Highs
Sep 28, 2024 at 12:02 am
The uptrend is supported by accelerating stablecoin minting, with nearly $10 billion issued in recent weeks, surpassing Bitcoin ETF flows.
Bitcoin BTC/USD rose above $66,000 on Friday morning. A swift move towards $70,000 and new all-time highs is likely, fueled by accelerating stablecoin minting, monetary stimulus in China and renewed altcoin activity, 10x Research predicts in their latest report.
Since the Federal Reserve's September rate cut, Bitcoin and Ethereum ETH/USD have surged 5% and 11%, respectively. Some altcoins also experienced more impressive gains. For instance, Ethena ENA/USD, Sei SEI/USD and Shiba Inu SHIB/USD reported gains of 54%, 51%, and 36%, respectively.
Here are some of the factors highlighted by the analysts that are driving the uptrend:
Stablecoin Minting Surges
The uptrend is being supported by accelerating stablecoin minting. Nearly $10 billion in new stablecoins have been issued in recent weeks, which is even more than the Bitcoin ETF flows.
Interestingly, Circle, the company behind USDC and known for catering to regulated institutions, has accounted for 40% of recent stablecoin inflows. This seems to indicate increased interest in stablecoins from larger market players.
Overall, year-to-date stablecoin inflows have amounted to $35 billion, pushing the total value of outstanding stablecoins to $160 billion.
Altcoin Activity Spikes
A DeFi renaissance is also being observed. Following a drop in bond yields, Aave’s lending platform fees reached $43 million in August, which is higher than the previous peak of $42 million in March 2024.
Bitcoin’s dominance has waned post-FOMC meeting, while Ethereum gas fees have spiked due to increased altcoin activity.
Retail Trading Trends
In South Korea, retail crypto trading has seen daily volumes of around $2 billion. Shiba Inu once again reclaimed the top spot in trading volume, signaling rising speculation.
Meanwhile, Chinese over-the-counter brokers have reported consistent quarterly inflows of $20 billion for the last six quarters, which totals around $120 billion.
China Stimulus Plan to Trigger ‘Parabolic Rally’
The $278 billion Chinese stimulus plan, combined with potential capital outflows from China, could trigger a “parabolic rally” in cryptocurrency prices, the report suggests.
10x Research predicts Bitcoin will reach $70,000 in the next two weeks, with new all-time highs expected by late October.
It's also worth noting that Bitcoin’s 30-day realized volatility has dropped to 41%, which could allow institutional traders to take larger positions.
The report concludes that the likelihood of a Q4 rally is “exceptionally high,” with gains likely front-loaded and FOMO returning to the altcoin market.
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Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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