Bitcoin Clocks $110,000, Ethereum, Dogecoin Extend Gains: Well-Known Trader Peter Brandt Says BTC Could Gain Another 37% As Soon As August Benzinga
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Bitcoin miner Marathon Digital attained a major milestone last year clocking an impressive 168% Bitcoin hashrate growth and expanding its position as an industry leader. This aligns with Donald Trump’s vision of making America the hub for BTC production. However, despite this growth, the MARA stock is down 17% on the year chart with investors awaiting a strong recovery.
Marathon Digital Records High Bitcoin Hashrate Growth
Last year in 2024, MARA Pool, operated by Marathon Digital Holdings, recorded a massive 168% annual growth in BTC hashrate thereby consolidating its market position even further. This figure far exceeds the 49% growth of Bitcoin’s overall network during the same period, solidifying MARA Pool’s position as a leader in the mining sector.
As a result, the Bitcoin miner is contributing strongly to Donald Trump’s vision of boosting US influence in the global Bitcoin mining landscape. Last year was a turning point for America’s Bitcoin mining industry leaving behind the likes of top Asian players like Antpool.
Apart from Marathon Digital, the Foundry USA Pool witnessed significant growth while extending its lead over Antpool by a massive 100%. According to real-time Cloverpool data, Foundry’s hashrate surged from 157 EH/s in January 2024 to approximately 280 EH/s by December. On the other hand, Antpool’s hashrate rose modestly from 130 EH/s to 147 EH/s, falling behind Bitcoin’s overall network growth of 49%.
What’s Behind the MARA Stock Fall
While Marathon Digital has been expanding its market dominance, the MARA stock has underperformed market expectations. The stock ended the last year of 2024, 18% down.
This happened as the Bitcoin miner took a major hit in revenue following the Bitcoin halving event in March 2024, which reduced the mining rewards by 50%. The overall Bitcoin mining industry has been facing the heat of this.
Marathon Digital is projected to report a quarterly loss of $0.32 per share, reflecting a staggering year-over-year decline of 1,500%, according to the Zacks Consensus Estimate. For the full fiscal year, the consensus estimate anticipates an earnings loss of $0.29 per share, marking a year-over-year decrease of 270.6%
However, some market analysts believe that MARA would be a better bet than MicroStrategy (MSTR) moving into 2025. This is because the company has made strategic investments in expanding its Bitcoin mining operations while consolidating its market position.
Bitcoin Buying Spree Continues
Bitcoin miner MARA has continued with its Bitcoin buying spree with nearly $1 billion in Bitcoin acquisitions last month in December. In his latest interview, Fred Thiel, the CEO of Marathon said that he is optimistic about 2025 and suggests investors invest a little bit in Bitcoin every month.
“We are very optimistic about this year. If the strategic Bitcoin reserves happen, lots of other countries will follow suit. Which means somebody has to acquire that Bitcoin from somewhere, because the little amount of Bitcoin that is mined every month, will not be enough. So, you’re going to see price increases there,” said Thiel.
While the MARA CEO refrained from specifying a target price for Bitcoin, he emphasized that the regulatory landscape suggests a bullish outlook for BTC. Thiel highlighted the potential scarcity of Bitcoin supply in the current market, noting that rising demand could significantly boost prices in 2025.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The activity surrounding the spot Bitcoin ETFs has surged significantly once again amid multiple news of traditional financial players seeking exposure to the Bitcoin funds. As a result, the Bitcoin ETF trading volumes have once again skyrocketed hitting a two-month high.
Bitcoin ETF Volumes Pick Up Steam
On-chain data provider Santiment has reported a significant surge in trading volume for Bitcoin Exchange-Traded Funds (ETFs), marking the highest levels seen since March 24.
According to Santiment’s analysis, the seven largest Bitcoin ETFs collectively recorded a trading volume of $5.65 billion on a single day, indicating a notable uptick in investor interest in cryptocurrency investment vehicles.
The data suggests a departure from previous trends where large investors primarily accumulated Bitcoin through on-chain transactions. Moreover, the daily trading volume for the Fidelity Wise Origin Bitcoin Fund also touched a new all-time high.
#BitcoinETF volume is picking up major steam, with the 7 largest #ETF‘s hitting $5.65B, the highest day since March 24th. Gone are the days of whales only accumulating #onchain. Keep a close eye on whether momentum stays high with our free dashboard: https://t.co/fyI2IS1U79 pic.twitter.com/77ZD0e7gpz
— Santiment (@santimentfeed) May 16, 2024
According to recent SEC filings, Millennium Management, a leading global hedge fund, has disclosed a substantial spot Bitcoin ETF portfolio valued at $2 billion. As said, more and more traditional players and global hedge funds are seeking exposure to Bitcoin ETFs.
BTC ETF Flows
On May 15, the collective net inflow into Bitcoin spot ETFs amounted to $303 million. Among the notable contributions, Grayscale’s GBTC saw a substantial single-day net inflow of $27.0466 million, while the surprising this was that BlackRock’s IBIT registered zero inflows. However, the gap between BlackRock’s Bitcoin holdings and that between Grayscale’s GBTC has been getting closer and closer with every passing day.
Grayscale is about to lose its top spot as the largest Bitcoin ETF.
The gap between Grayscale and BlackRock is closing, down to 15 000 BTC. pic.twitter.com/POQTFOxfiY
— ecoinometrics (@ecoinometrics) May 15, 2024
On Wednesday, Fidelity’s FBTC recorded an inflow of $131 million and has been leading the pack throughout this week. At the same time, Bitwise’s BITB observed an inflow of $86.2578 million.
Similar to the US market, the Bitcoin ETF trading activity in the Hong Kong market has also been growing very strongly. Amid the current developments, Bitwise Investments shares three major trends in regard to the Bitcoin ETFs.
- As of last Thursday, 563 professional investment firms disclosed ownership of approximately $3.5 billion in BTC ETFs. With the May 15 filing deadline approaching, this number is expected to surpass 700 firms, potentially propelling the total assets under management (AUM) close to $5 billion.
- The magnitude of institutional ownership in these Bitcoin ETFs is unprecedented for a newly introduced ETF. Typically, new ETFs attract minimal attention from 13F filers during their initial months on the market.
- Despite comprising only 7-10% of total investments currently, the allocations made by professional investors may merely represent an initial investment, indicating the potential for further substantial contributions in the future.
Who’s Buying Bitcoin ETFs (According to 13F Filings)
Three takeaways from Bitwise CIO @Matt_Hougan‘s weekly memo to investors.
Takeaway 1: Lots of Professional Firms Own Bitcoin ETFs
563 professional investment firms reported owning $3.5 billion worth of bitcoin ETFs as of… pic.twitter.com/YCOKPpQqgE
— Bitwise (@BitwiseInvest) May 15, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
As the Bitcoin (BTC) price rallies all the way to its new all-time high, the newly launched spot Bitcoin ETFs continue to hit milestones with fresh inflows. On Monday, March 4, the Fidelity Bitcoin ETF (FBTC) registered its highest single-day inflows at a staggering $404 million.
Bitcoin ETFs Continue to Steal the Limelight
On Monday, March 4, the Bitcoin ETF inflows picked up pace once again after slowing down last week. The total Bitcoin ETF inflows on Monday stood at a staggering $588 million with both Fidelity and BlackRock clocking over $400 million in inflows each. On the other hand, GBTC recorded net outflows of $368 million, as per data from Farside investors.
Well, the net inflows have helped the Bitcoin (BTC) price rally all the way closer to its all-time high with analysts expecting a push above $70,000 very soon.
Eric Balchunas, ETF strategist at Bloomberg, reports on the notable trading activity within the cryptocurrency market, particularly across Bitcoin ETFs. Balchunas highlights that today marked the second-highest volume day for the Ten, with approximately $5.5 billion in trading volume. Notably, the ETF IBIT alone contributed $2.4 billion to this volume, pushing its assets under management (AUM) past $11 billion.
Furthermore, Balchunas points out that each ETF within the Ten has experienced a remarkable surge of over 30% in value over the past six days. He speculates that this impressive performance may contribute to sustaining the momentum in trading activity. Balchunas draws parallels to the “ARK Mania” phenomenon, suggesting similarities in the current market sentiment.
In conclusion, Balchunas suggests that the significant increase in trading activity observed last week may represent a new normal rather than an anomaly.
BTC Price Rally To Continue?
The Bitcoin price is just inches away from hitting a new all-time high, and a breakout above $70,000 could lead to a further price rally. Also considering the strong inflows into spot Bitcoin ETFs, institutional players can drive the rally ahead.
Bitcoin analyst Willy Woo offers insights into the current state of the cryptocurrency market, challenging the notion of being in a bull market. According to Woo, the current market activity represents a mere warm-up phase rather than a full-fledged bull market driven by fundamentals.
Woo suggests that a true fundamentals-driven bull market is characterized by a break of the upper blue band in the Macro Index below. He implies that once this threshold is breached, traditional finance (TradFi) participants may be caught off guard by the ensuing market dynamics.
So you think we’re in a bull market?
We’re not, this has been the warm up. A full fundamentals driven bull market is marked by a break of the upper blue band.
When it breaks, TradFi is in for a shock. pic.twitter.com/4v6oSm3mAk
— Willy Woo (@woonomic) March 5, 2024
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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New meme sensation Shiba Memu has raised $1.697 million
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Shiba Memu gears to be a sustainable meme cryptocurrency
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The token has a huge potential of up to 50x
There is a lot of enthusiasm around the launch of a new meme cryptocurrency, Shiba Memu. The lovely puppy of a cryptocurrency has caught the eye of investors looking for a meme out of the ordinary. Unlike its siblings like Shiba Inu, Shiba Memu is an AI-led meme cryptocurrency. As such, it has greater capabilities, making it a worthy rival with huge potential. That partly explains the fast-selling presale, which has raised $1.697 million in a few weeks.
Leveraging the power of AI through Shiba Memu
Shiba Memu is unique to other meme cryptocurrencies in that it incorporates AI. AI enables Shiba Memu to maintain momentum and be a sustainable project. That’s due to the fact that Shiba Memu doesn’t rely on human-led PR to increase popularity. It can sniff out the best creative ideas in advertising, generate hype and drive growth.
Shiba Memu also grows and becomes better each day. As an autonomous marketing machine, Shiba Memu can learn from its successful marketing interventions. It can also improve its own strategies and apply marketing strategies that align with new trends.
But Shiba Memu can also forecast trends and tailor its marketing. It does it through its predictive analytics capabilities, which make the puppy move with time. As you may be aware, the meme landscape generates a lot of online chatter and sentiment. Shiba Memu can use its sentimental analysis to distinguish between important and unimportant messages. This way, it can craft objective responses to keep its community informed.
Finally, Shiba Memu can build positive interactions with users. It does so through an AI dashboard. Users can ask questions, provide feedback, and get informed on the latest in creative advertising. The engagement could drive hype for the project and allow Shiba Memu to remain sustainable.
The unique Shiba Memu presale
Forget those endless weeks or months of presale. Shiba Memu’s presale occurs in eight weeks. After this, the presale will close with whatever amount is raised and tokens released to the holders.
However, the best part is that the price of SHMU increases daily at 6 PM. By the end of the presale, the price will be $0.0244, up from the initial $0.011125. With this price dynamic, Shiba Memu generates value for investors daily.
What is the price potential of Shiba Memu?
Given the early subscription for the project, it is interesting to think about the potential of Shiba Memu. As a snapshot, meme cryptocurrencies rose from a valuation of $0 in early 2020 to $20 billion in early 2022. Investors see them as vehicles for quick gains, a task they have delivered.
Shiba Memu enters the meme space, riding on the momentum that started in 2020. In the past, meme cryptocurrencies have risen by up to 1000% in a few days after going live. Shiba Memu stares at a similar potential once it launches on exchanges.
But Shiba Memu could go the extra mile. AI is fast growing and is hype in itself. Shiba Memu could ride on the meme and AI hype to become an overnight sensation.
There is also the question of the future potential of which other meme cryptocurrencies have fallen short. With the capability of AI, Shiba Memu could tap into more use cases to sustain growth. This means the potential for Shiba Memu to become a 50x investment is nearly an expectation.
Should you invest in Shiba Memu now?
A lost opportunity to invest in a good project could haunt. As we saw with the meme tokens of the past, procrastination always brings lamentation. These tokens have returned big to its early movers.
Any ideal investment like Shiba Memu is best taken when the project is launching. This is when the price is low and demand is locked. Thus, investing in the meme token could be right now than when the token has been listed.
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Litecoin LTC/USD is posting significant gains, after trading below the $60 mark for several weeks.
What Happened: LTC made a surprising jump, surging 32.35% over the past seven days, trading at $72.10, at the time of writing.
This significant jump can be attributed to MoneyGram MGI, a leader in digital P2P payments that announced the launch of a new service to buy, trade and store Litecoin and other cryptocurrencies.
See More: A Guide to LTC Crypto • What is Litecoin, How to Buy?
According to CoinMarketCap, on Sept. 13, LTC traded to highs of $67.48, and then fell below the $60 level, where it remained until late October. Only after the news of MoneyGram broke, Litecoin added 314 new shark and whale addresses; these wallets hold large volumes of LTC and contribute to a spike in on-chain activity.
Earlier in June, two major South Korean crypto exchanges Bithumb and Upbit delisted LTC, after the altcoin added more privacy when conducting transactions.
Price Action: Litecoin is up by 5.53% in the last 24 hours. Dogecoin DOGE/USD is down 4.76% trading at $0.1179, at the time of writing, as per Benzinga Pro.
The Ethereum network has now continuously burned base fees for a week straight and in that time frame, the amount of ETH burned has hit $100 million. With over 32,000 ETH burned in the space of seven days. The fee burn rate fluctuates given the network traffic, but the burn continues regardless. Depending on network traffic going forward, the burn rate is predicted to hit 4 ETH per minute very soon.
Related Reading | Ethereum Set To Explode According To Market Dominance, Crypto Analyst
The rate at which the ETH is burned currently sits at around 3.38 ETH per minute. This puts the current burn rate at over $10,000 burned per minute. The burn shows that the EIP-1559 upgrade is working as intended, which in the long run will hopefully make the nature of ETH deflationary. But that is not happening just yet. The burning of the base fee is still in its early stages, although it is working smoothly.
It will take a while for the rate at which new ETH is burned out of circulation to be high enough that ETH’s supply becomes deflationary. But that remains to be the end game here. And this is why the burn is so important to the network.
Related Reading | Here’s What Happens To All Of The Crypto Assets The IRS Seizes
The fact that Ethereum does not have a capped supply like bitcoin means that an unlimited number of ETH can be put into circulation. This is one feature that ETH has in common with fiat, the unlimited supply. It is one of the main reasons why the move to ETH 2.0 is so important to the network.
Putting Less ETH Into Circulation
The ETH burn is basically taking away a huge chunk of ETH that miners would have been given for mining blocks and “burning” the coins. EIP-1559 introduced a base fee mechanism that is determined by the wallet where a transaction is generated and this base fee would be burned. Then the owner of the wallet where the transaction is generated can then add a ‘tip’ to a transaction if they want their transaction to be included in a block faster, basically leading to faster confirmation times.
Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon
In just a week, 32,000 ETH has been burned. This 32,000 ETH would have formerly been added directly into circulation as it is given as a reward to miners. But now, this amount that would have added to supply has been completely taken out of the equation.
For now, it may seem like miners are getting the short end of the stick with this, but ETH potentially becoming deflationary is a win for the market as a whole. Less supply would make ETH coins more valuable, which, in turn, would drive up the price of the asset.
Ethereum Price Going Forward
ETH price has had an interesting run these past three weeks. The asset price which had broken below $2,000 last month experienced a price surge that sent the price surging past $3,000 this month. Ending a two-month-long streak of a painful downtrend.
ETH price dips as the week draws to a close | Source: ETHUSD on TradingView.com
Following the launch of the EIP-1559 saw the Ethereal network become even more popular amongst investors. And as the popularity of the network grew, so did the popularity of its native token, ETH. With more investors coming into the market, the value of the asset has skyrocketed. Although now there has been a bump in the road as a dip in the price has sent ETH barreling back down below $3,100.
Related Reading | Bulls Take Over Market As Ethereum Price Surpasses $3,000, Why Rally May Continue
Short-term, recovery is imminent, as is the case following most dips. But the scale of the recovery will be hard to tell. A 3% price drop in the last 24 hours has seen ETH lose $200 off its price in the same time period. But overall, the market remains bullish and it looks like the dip is only a small obstacle that will be scaled in no time.
Featured image from Coingape, chart from TradingView.com
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