PlutoChain (PLUTO) Expands Bitcoin's Capabilities by Integrating New Applications

While BTC's adoption grows, it has few applications beyond means of payment. PlutoChain (PLUTO) aims to expand Bitcoin's use cases through smart contract functionality and a cross-chain bridge.

As BTC continues to gain traction, its applications remain limited beyond a medium of exchange. Enter PlutoChain (PLUTO), a venture seeking to broaden Bitcoin’s use cases with smart contract capabilities and a cross-chain bridge.

MicroStrategy’s penchant for BTC is well-documented, with Michael Saylor leading the charge. The company’s 2020 purchase of 21,454 Bitcoin, valued at $250 million at the time, drew mixed reactions.

However, MicroStrategy’s Bitcoin-centric strategy has paid off handsomely, with the company’s stock surging by 2,721% over the past five years. MicroStrategy is also a staunch advocate for a BTC strategic reserve, predicting that the US could generate $16 trillion by investing $1 million in BTC.

Inspired by MicroStrategy’s success, Japanese investment firm Metaplanet has disclosed its acquisition of 1,000 BTC, currently valued at about $92.3 million. The company aims to raise $42 billion by 2027 through stock sales for further BTC investments.

Inflows Into BTC ETFs Surpass $30.70 Billion

Total inflows into US Bitcoin ETFs have reached $30.70 billion. BlackRock’s IBIT ETF leads the way with $31.74 billion in inflows, followed closely by Fidelity’s FBTC ETF with $11.45 billion. Notably, Grayscale’s NYSE fund has seen outflows of $20.52 billion since summer.

BlackRock’s BTC holdings now exceed $44.43 billion, which is approximately 2.51% of BTC’s market value. Together, US investment firms hold over 6% of BTC’s total market share.

Some individuals, especially those new to crypto, view traditional financial institutions’ interest in BTC as an endorsement. Moreover, ETFs offer a less volatile and more accessible way to invest in BTC than direct ownership.

If institutional adoption continues at this pace, BTC could reach $150,000 by 2025.

Technical Indicators Suggest BTC Could Hit $130,000

Despite BTC failing to break above the $100,000 resistance zone, moving averages and the Average Directional Index (ADX) indicate that its bullish momentum could continue over the long term.

On the other hand, oscillators are mixed, suggesting that BTC may experience another correction if it encounters resistance at $98,065.

Earlier this year, analysts observed a ‘cup and handle’ formation on BTC’s price chart, which has historically signaled a bullish breakout. Based on projections, BTC might soon reach $130,000.

PlutoChain: Expanding Bitcoin’s Capabilities With New Applications

While investment firms and banks are embracing BTC, their primary use case remains that of a reserve asset, and Ethereum still commands the largest share of the dApp market.

With the advent of smart contracts, Layer-2 network PlutoChain is poised to expand Bitcoin’s functionality. This network will enable developers to create native dApps on Bitcoin or seamlessly port them from Ethereum.

Solid Proof’s audit of PlutoChain’s codebase revealed no critical security vulnerabilities, indicating that PlutoChain offers a robust toolkit to potentially enhance Bitcoin’s ecosystem.

Currently, the total value locked in the Bitcoin finance (BTCFi) industry is a mere 0.13% of BTC’s $1.92 trillion market capitalization. If BTC’s price reaches $150,000, its capitalization will surpass $2.80 trillion.

Concluding Thoughts

The Bitcoin ecosystem has undergone remarkable evolution, but its development is still in its early stages. PlutoChain’s integration could be the next step in this progression. With growing adoption by developers and institutions, BTC may soon breach the $150,000 mark.

For further insights into PlutoChain and its unique offerings, follow the links below:

Official Website: https://plutochain.io X/Twitter Page: https://x.com/plutochain/  Telegram Channel: https://t.me/PlutoChainAnnouncements/

Please note that this article is for informational purposes only and not intended as financial advice. Any cryptocurrency venture involves a high degree of inherent risk, and readers are strongly advised to conduct their own thorough research and consult an appropriate financial advisor before making any investment decisions. We assume no responsibility, direct or indirect, for any actions taken based on the information provided in this article. Statements regarding the future carry inherent risks and may not reflect actual events.