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Cryptocurrency News Articles
Sui Network Poised to Challenge Solana in the Layer-1 Blockchain Arena
Sep 20, 2024 at 03:55 am
According to a recent K33 Research report released on Sept. 18, the Sui Network is poised to become a formidable contender against Solana in the layer-1
Bitcoin (BTC) price action has shown resilience amid the recent market downturn, outperforming other major cryptocurrencies and equities. As a result, BTC is now trading at a premium to other assets, presenting a unique opportunity for traders.
Analyst: BTC Price Premium May Attract Arbitrageurs
Analyst David Zimmerman noted that BTC is currently trading at a 30% premium to ether (ETH) and a 100% premium to Solana (SOL). This premium is also evident when comparing BTC to the S&P 500, which is down 20% year-to-date, while BTC is up 25%.
According to the analyst, this price premium may attract arbitrageurs, who can capitalize on the price differential between centralized and decentralized exchanges (CEXs and DEXs, respectively).
For instance, if BTC trades at a higher price on a CEX than on a DEX, traders can purchase BTC on the DEX and immediately sell it on the CEX to capture the price difference. This strategy can be employed to move large amounts of capital quickly.
Zimmerman highlighted that BTC’s outperformance is likely due to its status as a “safe haven” asset during periods of market distress. Traders often flock to BTC when other markets are declining, leading to increased demand and higher prices for the top cryptocurrency.
However, the analyst cautioned that BTC’s premium valuation may not be sustainable in the long term. As other markets, such as equities, begin to recover, traders may shift their capital away from BTC, potentially leading to a sell-off in the cryptocurrency.
Bitcoin Price May Face Resistance at $22.5K, Key Support at $17.5K
Meanwhile, BTC price action appears to be forming a bullish ascending triangle pattern on lower time frames. This technical setup is characterized by a series of higher lows and a flat resistance line above.
A breakout from an ascending triangle pattern typically occurs to the upside, suggesting that BTC may attempt to rally further after forming this pattern. However, the strength of the breakout will depend on the volume and momentum behind the move.
At the time of writing, BTC price faces immediate resistance at the $22,500 level, followed by the crucial $25,000 zone. On the downside, support levels are seen at $19,500, $18,000, and $17,500.
The lower support level at $17,500 is critical as a daily close below this price could invalidate the bullish ascending triangle pattern and increase the likelihood of further sell-offs.
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!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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- SG Forge Launches Its Euro-Backed Stablecoin, EURCV, on Solana
- Sep 20, 2024 at 09:30 pm
- SG Forge, a subsidiary of Societe Generale, is launching its euro-backed stablecoin, EURCV, on Solana, following its initial release on Ethereum last year.
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- Dormant Bitcoin Wallets With More Than 105 BTC Reactivated After 13 Years. What’s Behind This?
- Sep 20, 2024 at 09:30 pm
- After more than a decade of dormancy, a Bitcoin (BTC) address has come back to life. The Bitcoin wallet, which was created when crypto was not yet popular
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- Bitcoin Beat: This Week in Bitcoin News
- Sep 20, 2024 at 09:30 pm
- MEET48, Together with MEET48 GIPR2 Top7 Idols, Ignited Singapore TOKEN2049. How Web3 is transforming gaming experiences with true player ownership
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- 15-Year-Old Bitcoin Wallets Suddenly Awake, Moving $15.8M
- Sep 20, 2024 at 09:30 pm
- Between block height 862,079 and 862,087, a group of five vintage bitcoin wallets from 2009 came out of hibernation, spending a total of 250 BTC
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- Jupiter Expands with Cross-Chain Focus, Unveils New Products Including Jupiter Mobile, Metropolis, and Ape.Pro
- Sep 20, 2024 at 09:30 pm
- Decentralized exchange aggregator Jupiter announced two pivotal acquisitions at the Solana Breakpoint event in Singapore on September 20, 2024.
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- Homnifi: A Gateway to a New World of Innovation
- Sep 20, 2024 at 09:30 pm
- In a world abundant with ideas, the primary challenge lies not in generating new concepts but in securing the necessary support to bring these ideas to fruition.
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- RCO Finance (RCOF) Presale: The Next NEIRO (NEIRO) as Crypto Whales Bridge DeFi and TradFi with AI
- Sep 20, 2024 at 09:30 pm
- Ethereum remains a hub of crypto innovation, generating a variety of tokens that intrigue investors. Recently, NEIRO has captured the spotlight with an impressive 800% value spike in just one month.
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- Phantom Introduces Embedded Wallet to Enhance User Experience in the Solana Ecosystem
- Sep 20, 2024 at 09:30 pm
- This new wallet format boasts a full-featured user interface, enabling users to swap tokens, view balances, and monitor transactions directly within the application.
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- Ethereum (ETH) Price Warms Up for a Major Surge Ahead of Key Upgrade: FXGuys ($FXG) Token Shows Promise
- Sep 20, 2024 at 09:30 pm
- Experts are oozing optimism about Ethereum's future, particularly as the blockchain gears up for the highly anticipated Based Rollups upgrade.