Last night's "roller coaster" with both bullish and bearish explosions must have been very exciting for many people. Within an hour, the market fluctuated by nearly 5%, with voices saying the bulls are back, then the bulls are gone.
Is the bull run real or a false breakout? US stocks and the crypto market usually have a correlation, but why can BTC rise independently while US stocks are falling?
In fact, if the dense accumulation zone between $64,000 and $69,000 is not broken, BTC's price will remain relatively stable. After experiencing this six times, $60,000 has gradually become a bottom consensus. It is currently attempting to break through the key resistance zone of $68,000-$70,000, and the BTC market cap dominance has risen again, while the market caps of other Altcoins have been further compressed. Over the past half year, funds seem to only love BTC, allowing it to maintain a high position, while other coins have been quite miserable, with many leading Altcoins halving in value. It is very clear that BTC is shining alone, while Altcoins are not showing any signs of movement.
Current positive factors
First, the news of the delayed Mango Markets payout, which may mean the selling pressure from the payout is delayed. Previously, news about Mango Markets has caused BTC to plummet several times, and the market is quite sensitive to this kind of news.
Second, Harris has clearly expressed her support for cryptocurrencies. Currently, her approval rating is far behind Trump's, so she may be trying to gain votes through this as a last-ditch effort. After all, there is not much time left before the election, and she may "play a bigger card" in this area in the future, which is worth watching.
Third, the start of taxing overseas investments of the super-rich, with a possible tax rate of up to 20%, which indirectly increases the demand for cryptocurrencies, especially BTC, from the wealthy.
Fourth, Musk donated $75 million to support Trump, according to Federal Election Commission documents, Musk donated $75 million to a political action committee supporting Trump.
Fifth, BTC is seen as a hedge asset, with South Korea being a major factor, and most people choose BTC as a hedge tool against geopolitical conflicts.
Top MEME coins with the potential to rise 100 times! Get in early!
1. PEPE
PEPE is a deflationary token based on the hugely popular "Pepe the Frog" meme. As it continues to be burned, its scarcity and uniqueness are constantly increasing. In 2023, PEPE's market cap soared to a staggering $1.6 billion high! However, the prosperity did not last long, and PEPE subsequently experienced a correction, with a drop of 37%, causing many holders to choose to cash out. Nevertheless, PEPE's future is still full of infinite possibilities and worth looking forward to.
Forecasts show that by 2025, PEPE's average price is expected to reach $0.0000365, and it could even surge to $0.0000413 at the highest. If the development team continues to push forward with the token burning plan, PEPE's appreciation potential will not be underestimated!
2. WLD
WLD's price is still at the bottom, the pattern looks good, and with almost zero-cost mining, the mechanism is quite complete. This drop can be seen as an opportunity. After experiencing several wash-outs, it has dropped by 90%, but for a coin that is highly controlled by the big players, the rise and fall are basically decided by the big players.
In the last round, it went from 1 to 10, which was a decent 10x gain. This round will most likely also see a good increase, such as from 2 to 16, which is also possible. WLD is quietly accumulating in a small exchange, and it will likely explode by the end of the month. Although MEME coins are mainstream, institutional coins that are due to rise will still rise.
3. ENA
Ethena has a solid foundation to expand USDe to a scale of tens of billions or even hundreds of billions of dollars. As cryptocurrency stablecoins gain more market share in international cross-border payments, reaching a trillion dollars is not impossible.
The total amount of stablecoins stored on centralized exchanges is currently about $38.6 billion, which is 15 times the current supply of USDe. Even if only 20% (a small portion) of the supply believes that earning 5-10% returns on USDe is more profitable than giving it up, this will mean that the addressable market for USDe will almost quadruple from this point. When we will reach this goal is unknown, but Ethena is my bet on the next great dream in the crypto space during this cycle.
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