Solana’s SOL token and Ether were up nearly 5% in value over the last 24 hours, while Bitcoin held steady. In Terra’s native token, LUNA, Trades surged by more than 13% as investors rushed to take advantage of incentive programs.
The head of the US Federal Reserve indicated that monetary policy could be tightened sooner than expected after Jerome Powell, which could harm speculative assets like cryptocurrencies and stocks. Trading conditions were bumpy throughout global markets.
Some analysts, despite short-term price fluctuations, remain optimistic about bitcoin.
Investors are confident that BTC will end the year tremendously bullishly. A $70,000 BTC price objective for Rudenia has been set by the end of the year.
Other experts expressed concern about bearish bitcoin options activity. Investors are putting a premium on put options to hedge current positions or speculate on further declines. There has been an increase in short-term put purchases, as mentioned by Genesis Volatility themselves in a recent tweet.
The Bitcoin hegemony is eroding
As of September, Bitcoin’s market capitalization dominance ratio to the total crypto market capitalization had dropped to its lowest since the beginning of the year. The current rise of other cryptocurrencies can be noticed in the decline of BTC’s market share (altcoins).
Some analysts interpret investors’ shift from bitcoin to alternative cryptocurrencies as a sign of a rising willingness for risk.
Ethereum, the second-largest cryptocurrency by market capitalization, struck an all-time high of $4.800 on Monday after gaining 5%. Over the same period, the value of BTC remained relatively stable. There is a strong correlation between Ether’s price and bitcoin’s price.
An effort to break out of a five-month trading range can be seen in the ETH/BTC ratio. If ETH/BTC manages to close two days in a row above 0.080, there may be additional gains so that you can buy Ethereum.
Mallers promote Bitcoin as a payment option in the United States
When Strike CEO Jack Mallers announced that his company had struck partnerships allowing BTC to be used as payment at online shops utilizing Shopify and several physical retailers across the United States on Thursday, it was a big event.
For the network to remain “permissionless,” it is critical that stores embrace bitcoin, according to well-known macroeconomist and investment analyst Lyn Alden of the Lyn Alden Investment Strategy.
When it comes to saving BTC, some people are naturally opposed to using it. However, Alden stated in a Twitter thread that “the more shops that accept BTC at point of sale (on-chain or Lightning or elsewhere), the more permissionless the whole network is.
However, several cautioned that the news might not be as good as it appears, adding that the ability to pay with BTC will rely on whether a given store has activated its payment system’s Lightning interface.
Robinhood, a prominent stock trading app, also announced massive news at the conference, saying it has rolled out a crypto wallet solution to over 2 million consumers on a waitlist.
Suppose Aparna Chennapragada, Robinhood’s Chief Product Officer, has her way. In that case, customers who have joined up on the platform’s waitlist can now send and receive any of the crypto assets that are currently available. Lightning Network support is also being worked on, she noted.
Retail investors in the United States love Robinhood because it offers commission-free stock trading for its 31 million consumers nationwide.
At the Bitcoin development firm, a former Chief Strategy Officer, BlockstreamSamson Mow,
who says he is currently working on nation-state acceptance of bitcoin, also announced important news.
According to Mow at the conference, two designated economic free zones in Honduras and Portugal are set to “accept bitcoin” as a payment method.
An additional Mexican senator has announced that she plans to present legislation to the senate to make bitcoin legal cash in the country if the legislature approves it.
“This is what I’ve accomplished in one month, and I’m only one guy,” Mow concluded his presentation at the conference.
According to Ben Caselin, the Head of Research and Strategy at crypto exchange AAX, Bitcoin’s price has “typically dipped a bit” during the conference held in San Francisco. Last year, he added that El Salvador made it lawful to use bitcoin.
He said that many long-term investors should have trust in the recent announcements made by Jack Mallers and others.
Other than that, Casein added, the releases “do not influence near term price action.”
