Features Crypto News by Thebittimes.Com

Polkadot (DOT) has been one of the top performers this week. Despite the entire market’s slow down, the altcoin recorded a 12.67% throughout the last seven days. The asset went from trading at a low of $4.02 all the way to a high of $4.55. This came as a major respite for the DOT market which has been struggling for a while now. Despite its slight rise in the final months of 2024, the asset’s annual price change stands at a negative 50%. But, the Securities and Exchange Commission’s latest move could bring in great gains for the asset. Also Read: Nvidia (NVDA) Stock Forecast: 69.5% Growth by December 2027? Polkadot’s Current Market Source: The Coin Republic DOT had a fairly bullish day as it went from trading at $4.33 all the way to $4.55. This comes after a 1.97% rise over the past 24 hours. At the time of writing, the asset was trading at $4.53. It should be noted that DOT has been trading 91% below its all-time high. The altcoin hit a peak of $55 about three y...

Bitcoin has surged to $65,747 at press time, reaching a two-month high and lifting the broader altcoin market along with it. With this momentum, many market participants are now eyeing the $70,000 level as the next target for Bitcoin. As a result, the altcoin market has seen widespread gains, with many tokens showing positive trends on their price charts.  Investors are now looking for cryptocurrencies with strong growth potential, seeking to capitalize on these market shifts. This Analysis will focus on identifying the best cryptocurrencies to invest in right now that could offer solid investment opportunities based on current trends and market behavior. Best Cryptocurrencies to Invest in Right Now XRP is currently priced at $0.6274, reflecting a 2.29% rise in the last 24 hours and a 6.12% increase over the past week. These upward movements have prompted some analysts to adopt a more optimistic outlook for the token. Meanwhile, VeChain’s mainnet has seen a significant u...

Polkadot has been accused of ‘lighting money on fire’ after it spent $36.7 million on advertisers, influencers, and conferences at a rate that has reportedly left it with just two years worth of funds remaining. Polkadot shared a June 28 treasury report revealing it has $245 million worth of assets left and spent $87 million in the first half of 2024. According to the report, over 42% of this year’s spending was on ‘outreach.’  This spending includes $4.8 million on Influencer s, $10 million on sponsorships, $4 million on digital ads, and $4.4 million on conferences.  The report also noted its treasury revenue dropped from 414,291 DOT to 171,696 DOT during the second half of 2023 and the first half of 2024.  According to Polkadot’s report, over 42% of this year’s spending was on outreach (via Polkadot). Its author, head ambassador Tommi Enenkel, said, “At the current rate of spending, the Treasury has about two years of runway left, although the vola...

Bitcoin and altcoins lose more ground after comments from the Federal Reserve suggest that the regime of interest rate hikes could continue into 2024. Federal Reserve Chair Jerome Powell spoke today and in his Jackson Hole speech he cautioned that inflation remains too high and that the central bank remains open to raising rates further if needed. The remarks by Powell strengthen the narrative that interest rates are likely to remain higher for longer.  However, a positive sign is that after a brief sell-off, the United States equities markets have recovered from their intraday lows. With the event having passed without any major price movement, traders are back to guessing as to what could move the markets next. Daily cryptocurrency market performance. Source: Coin360 Pantera Capital believes that Bitcoin’s (BTC) price action will continue to follow its previous halving cycles. If that happens, Bitcoin could rise to $35,000 by April 2024 when the next halving is expected to occur. Af...

Turmoil in China, concerns over the global economy and BlockFi’s bankruptcy filing are all weighing on crypto markets this week. China witnessed a spike in Covid cases and that has resulted in strict lockdown restrictions in several parts of the country. This triggered widespread protests in China and has possibly pulled the global stock Markets lower.  In addition to the turmoil in China, the cryptocurrency markets, which are already in a bear grip, are reeling under pressure from the Chapter 11 bankruptcy filing by BlockFi and its subsidiaries. Bitcoin (BTC) is down 21% in November, on track to its worst November performance since 2018. Daily cryptocurrency market performance. Source: Coin360 The sharp fall in Bitcoin’s price has drastically reduced the number of wallets holding more than $1 million worth of Bitcoin. There were 112,898 millionaire wallets on Nov. 8, 2021, but Glassnode data shows that as of Nov. 25, only 23,245 wallets boast of a Bitcoin balance worth $1 million or ...