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Rich Dad Poor Dad Author Robert Kiyosaki Sees Bitcoin as the Easiest Way to Become a Millionaire
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Litecoin Sees Massive 75% Surge In Major Metric – Can This Trigger A Rally To $200?
Daily active addresses on the Litecoin blockchain have seen a drastic uptick despite days of uninteresting price action. The substantial rise in active Litecoin addresses and overall interest suggests a price rally could be on the horizon.
Litecoin’s price movement has generally been left behind in the past month, with the cryptocurrency struggling to retain a positive price in the past 30 days. However, this could change very soon, as on-chain data suggests volatility could be happening very soon. The positive on-chain data, which comes in the form of daily active addresses, suggests increased network activity, which could increase the price of Litecoin.
Litecoin Active Addresses See Massive 75% Surge
Increases in active addresses are generally a precursor to price rallies, especially when they occur in a short period of time. According to on-chain data from IntoTheBlock, Litecoin has seen a massive surge of over 75% in its number of daily active addresses, pushing the metric to its highest point since January. Particularly, this surge saw the number of daily active addresses reach above 602,000 at some point during the week, over 100,000 more than those recorded on Ethereum.
Interestingly, this activity has come amidst a corresponding decrease in the price of Litecoin. The altcoin has seen its value drop by 3.5% in the past seven days in a wider decline in the price of many altcoins.
Similarly, IntoTheBlock noted an increase in the number of Litecoin transactions. Particularly, the number of transactions reached 426,000 on Thursday, which is its highest point this month. However, it is important to note that the majority of these transactions were worth less than , and over 174,000 transactions were worth less than .
Litecoin Activity is Spiking!
Yesterday, the number of active @litecoin addresses surged by 75%, reaching the highest level since January and surpassing Ethereum by over 100,000.
Similarly, the number of $LTC transactions hit 426,000 yesterday.
While most of the increase is… pic.twitter.com/YiSmHZGnP5
— IntoTheBlock (@intotheblock) June 7, 2024
Impact On The Price Of Litecoin
Overall, the huge uptick in Litecoin addresses is a very positive sign for the network and hints at the potential for an exciting price rally. However, the the positive momentum could end as soon as it started, especially considering the small transaction sizes.
On the other hand, the increased activity could extend and translate into bullish momentum in the new week. This in turn could kickstart a price run up and Litecoin outperforming many altcoins. The first resistance level to overcome is just above . Getting above would set a free move to , which would then suggest that the bulls are back in control. However, Litecoin’s rally to 0 remains bleak at the moment, as move of that magnitude seems unlikely given the recent sluggish price action.
Recently, the Litecoin network reached another significant milestone by successfully completing 250 million transactions.
Featured image from TechCrunch, chart from TradingView
Bitfarms Sees 42% Revenue Drop in May Post-Bitcoin Halving
Bitfarms, a Bitcoin mining firm, reported a 42% drop in crypto mining revenue in May, the first full month following the Bitcoin halving in mid-April, which reduced their Bitcoin production from 263 BTC in April to 156 BTC in May. The company attributed part of the decline in production to “unusually cold temperatures” at its […]
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JPMorgan’s JPM Coin Sees Transactions ‘Explode’ With Programmability Features
Global investment bank JPMorgan’s JPM Coin has seen a significant surge in transactions, according to Umar Farooq, head of Onyx by JP Morgan. During a session at the Consensus conference, Farooq stated, “We’ve seen the number of transactions explode by factors of 10, if not hundreds. Fewer larger transactions, lots of smaller transactions.” He noted […]
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Bitcoin-Based DOG Token Climbs to 9th Largest Meme Coin, Sees 216% Rise in 30 Days
A meme token named DOG•GO•TO•THE•MOON, created by Leonidas, the founder of Ord.io, has reached a new peak and is now the ninth-largest meme coin by market capitalization. At the time of writing, the token’s market value stood at 5 million. The Top 10 Meme Coins Now Have Bitcoin-Centric Member A new meme coin has entered […]
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QCP Capital Sees Bitcoin Reclaiming $74K Highs – Here’s Why BTC Could Continue Its Rally
QCP Capital, a prominent institutional-focused firm, has recently projected that Bitcoin could revisit its peak price levels, potentially reaching up to ,000 shortly.
This prediction follows the latest United States Consumer Price Index (CPI) data, which has significantly boosted risk assets.
The firm noted that the positive surge in the market is partly due to the renewed buy-side demand, as evidenced by the buying patterns that resemble those of Exchange-Traded Fund (ETF) market makers.
Institutional Inflows And Market Indicators Point To A Bitcoin Bullish Trend
In a detailed analysis shared through their Telegram channel, QCP Broadcast, the firm stated: “We expect bullish momentum here that could take us back to the highs of 74k.”
Substantial institutional interest in Bitcoin supports this sentiment, as large asset managers like Millennium and Schonfeld have allocated about 3% and 2% of their Assets Under Management (AUM), respectively, to spot BTC ETFs.
The optimism surrounding Bitcoin is not just theoretical but backed by significant market activity. For instance, inflows into spot Bitcoin ETFs in the US reached a two-week high of 3 million as of May 15th, signaling a robust renewal of institutional confidence.
Fidelity’s FBTC fund led this influx with 1 million, followed by Bitwise’s BITB fund, which saw million, marking its highest since early March. Grayscale’s GBTC, which had experienced outflows for four months, reversed this trend with a million inflow.
Yesterday, May 15, the total net inflow of Bitcoin spot ETFs was 3 million. Grayscale ETF GBTC had a single-day net inflow of .0466 million, Fidelity ETF FBTC had an inflow of 1 million, and Bitwise ETF BITB had an inflow of .2578 million. https://t.co/npjWVH3bMi
— Wu Blockchain (@WuBlockchain) May 16, 2024
Further underlining this bullish sentiment, Millennium Management holds a roughly billion Bitcoin ETF portfolio, making it the largest holder of specific Bitcoin ETFs like BlackRock’s IBIT and Fidelity’s FBTC.
Other hedge funds, including Paul Singer’s Elliott Capital and Apollo Management Holdings, have also disclosed significant holdings in Bitcoin ETFs, showcasing the growing institutional interest in Bitcoin.
Market Performance And Future Outlook
Bitcoin’s market performance has been quite notable. It has increased nearly 10% over the past week, including a 2.7% rise in the last 24 hours alone.
QCP Capital attributes this trend to several factors, including significant “sovereign and institutional adoption, easing inflation concerns, and the upcoming US elections,” all of which contribute to a favorable market outlook.
The positive sentiment is also partly due to the CPI data released on May 15th, which met expectations and eased concerns about inflation.
This is crucial as lower inflation rates influence the Federal Reserve’s decisions on interest rates, making riskier assets like Bitcoin more attractive to investors seeking higher yields.
James Coutts, Chief Crypto Analyst at Realvision, also cited the Global Money Supply (M2) index as a critical indicator of Bitcoin’s price movements.
According to Coutts, the M2 money aggregates, which include cash and checking deposits and are easily convertible near money, are central to understanding liquidity flows within the global financial system.
He noted, “The money stock often moves in one direction, with significant drops like those seen in 2022 being rare and typically brief.”
Coutts predicts that any significant break above Bitcoin’s all-time highs could pave the way for it to reach around 0,000 in this cycle. He remarked, “Watch the 101/102 level on DXY. If that breaks, then we should see ~0k BTC this cycle,” emphasizing the interplay between liquidity and market cycles.
Featured image from Unsplash, Chart from TradingView
Peter Schiff: Gold, Silver ‘Ready to Explode Higher’ — Sees ‘Biggest Precious Metals Bull Market in History’
Gold advocate and economist Peter Schiff has predicted an explosive rise in gold and silver prices. While encouraging investors to “Take advantage of what could be the biggest precious metals bull market in history,” Schiff calls bitcoin “dead money,” expecting outflows from spot bitcoin exchange-traded funds (ETFs) to “soon put significant downward pressure on bitcoin.” […]
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Warren Buffett Sees No Alternative to US Dollar as Reserve Currency — Berkshire Holding $188 Billion in Cash
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NFT Market Sees Over 30% Decline in Weekly Sales
From April 27 to May 4, 2024, non-fungible token (NFT) sales amassed 4.4 million, reflecting a 30.16% decrease compared to the previous week. Leading the field in blockchain sales, Bitcoin-based NFT sales totaled .81 million, experiencing a 41.57% drop from the preceding week. Bitcoin and Ether Lead in Volatile NFT Market; Weekly Sales Down 30% […]
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