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At the start of this week, the crypto market hit a little bump in the road as crypto prices experienced a 3.5% correction. One coin that was resisting that trend is Cardano (ADA). The altcoin has been showing very impressive form as of late and is up over 34% from 7 days ago at the time of writing.
As is the case a lot of the time with the major altcoins, Cardano seems to be profiting from Bitcoin’s surge and subsequent market correction. History shows us that when Bitcoin is overbought, a lot of investors will take their profits and invest it in a different, perhaps more volatile asset. It seems Cardano is one of the major benefactors this time around.
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While it certainly has sky-high potential, we might be just about to see a price correction according to some underlying data that suggests it may be overbought. That, mixed with the fact that we are nearing another key Federal Reserve rate decision, has us thinking that a presale project may actually be the best altcoin to buy now.
That coin is a Bitcoin ETF Token (BTCETF). As we head toward 2024, one of the biggest positive driving factors for the crypto market will be ETFs and if they get the green light from the SEC. It gives this token almost limitless potential.
Before we get into that exciting presale, let’s take a deeper look into Cardano and whether recent gains can be sustained.
Cardano- Is it still the best altcoin to buy, or has that ship sailed?
As you can see from the little spike at the end of Cardano’s (ADA) 7-day price chart, calls that it has been overbought may have come too early. The chat shows over 34% growth from the altcoin over the last week, and the arrow is still pointing up at the time of writing.
The market itself is suffering 3% losses today so the fact that Cardano is resisting is a positive sign going forward. Its trading volume also remains comfortably over $1 billion indicating that the appetite is still there, possibly even from whales, for ADA.
We mentioned in the intro how Cardano is likely profiting from Bitcoin investors taking their recent profits and pumping them into the altcoin. There is more going on than just this, however, as the Cardano ecosystem has witnessed very promising growth this year.
According to statistics, On Dec. 9, the total value locked in Cardano’s decentralized applications reached a record high of 765.22 million ADA. Another contributing factor to the good run is that 12M worth of ADA shorts were liquidated in the last few days.
It is normal, when a project experiences sudden growth, a lot of short positions are liquidated at the same time. The project bought back these tokens at the market price, and for Cardano, it triggered a sort of domino effect that helped the price shoot up.
Things look good now, but does it still have sky-high potential?
As with most major altcoins, Cardano does have to deal with outside market factors that may positively or negatively affect its price. For the project and potential investors, nothing is on their minds more than the Federal Reserve’s rate decision that is coming on December 13th.
While Goldman Sachs has predicted a cut to interest rates could come in the third quarter of next year, investors will still be worried about the short-term. It looks like rates will be held steady as inflation figures have neither spiked nor cooled enough for any drastic action to be taken.
With trading volume and its 30-day average rising, we think signs are still positive for Cardano. However, for the possibility of the biggest gains we would turn to Bitcoin ETF Token.
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Bitcoin ETF Token- Positioned to be the highest-gaining altcoin of 2024
We realize the statement above is quite a bold one for a presale token, but when we explain the project, we think readers will agree. The crypto ETF approval and subsequent development is likely going to be the biggest positive driver for the crypto market in 2024. The Bitcoin ETF Token (BTCETF) has been set up to profit the most.
ETF stands for Exchange Traded-Fund and has been a white whale of sorts for the crypto market for years. It is seen as a way of legitimizing it and bringing it into the mainstream alongside other risk markets.
It is a collection of assets whose shares are traded on a stock market. In the case of Bitcoin ETF, it will allow investors to buy Bitcoin in a way akin to buying shares. It is less risky and requires less crypto knowledge and experience.
Why ETFs are going to be huge for this project’s future
In the summer of this year BlackRock, the world’s largest asset manager, filed for a spot Bitcoin ETF with the SEC. This news caused the whole market to pump. Then, on October 24th, BlackRock’s proposed spot bitcoin ETF turned up on a list maintained by the DTCC with the ticker IBTC. It caused Bitcoin’s price to increase more in 24 hours than it had in over 6 months.
As you can see, this is going to be a huge driving factor for the market. If a small update to BlackRock’s ETF can cause so much positive price movement with the market’s largest currency, imagine what it could do for Bitcoin ETF Token, a project with a minuscule price and market cap by comparison.
The project isn’t totally reliant on that either, as it also has good utility. 25% of BTCETF will be dedicated to staking, meaning investors can earn a decent passive income. A 5% burn tax on each transaction plus 25% of BTCETF eventually being burnt also means the project is only going to grow in value.
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Conclusion
That is just about all from us now. As you can see, both Cardano and Bitcoin ETF Token would seem to have bright futures. As we suggested above, if we have to narrow it down to which is the best altcoin to buy now, we would choose Bitcoin ETF Token. The fact it is tied to what could be the most positive crypto-driving factor in 2024, gives it limitless potential.
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