A multitude of bullish catalysts, including the recent surge in ‘meme stocks’ like GameStop and the latest CPI report, have influenced the crypto market in recent days, leading to a 7% increase in Bitcoin’s price over the past 24 hours.
With Bitcoin on the rise, it’s likely that liquidity will also cycle down and benefit its BRC20 ecosystem tokens next.
Bitcoin’s decisive upswing coincides with a cooling-off period for GameStop following its parabolic upswing.
The return of renowned GameStop trader Roaring Kitty ignited a monumental frenzy in the traditional financial market’s “meme stock” niche.
However, market participants eagerly awaited a rotation to crypto, and the time has seemingly come.
In an attempt to counter the ‘short squeeze’ that retail investors imposed on Wall Street, trading for GameStop and AMC stocks was halted a combined 38 times on Wednesday. This move was aimed at preventing further volatility in the market.
Following this, GameStop’s price has slumped 18% in the last 24 hours, while AMC is down 20%.
The crypto community took note and hailed the industry’s decentralized nature, with Borovik saying, “Imagine what happens when retail stock traders discover you can’t halt the blockchain.”
Indeed, considering the anti-establishment undertones of the GameStop phenomenon and Bitcoin’s revolutionary approach to forging a new financial system, the GameStop cool-down and the uprising of Bitcoin could indicate that GME investors are rotating profits into BTC.
Bitcoin is currently trading at a robust $65.9K, showing a steady 7% increase today, 7% this week, and 4% this month. With a $1.3 trillion market cap and a $41 billion 24-hour trading volume, up 53% today, Bitcoin’s price surge appears to be on a stable trajectory.
Adding to Bitcoin’s bullish outlook, the U.S. Consumer Price Index (CPI) figures came in yesterday lower than expected at 3.4%.
According to analyst Gert Van Lagen, this bolsters the chances of interest rate cuts in 2024. The analyst also speculates that the crypto market and stocks will see a “blow-off top” (enter price discovery) soon.
As a result, crypto whales have begun moving back into Bitcoin.
“Bitcoin whales purchase $3 billion worth of BTC, signalling a new era. Whales acquire 47,500 BTC in 24 hours, increasing total assets. We are entering a new era,” wrote commentator RVCrypto on X today.
But as Bitcoin’s excitement action intensifies, its emerging BRC20 ecosystem could offer beta exposure to the market leader’s price.
Currently, one of the most promising BRC20 cryptos is the 99Bitcoins token, a new presale which has raised $1.2 million so far.
Could 99Bitcoins Token Benefit from the BTC Pump?
99Bitcoins, a leading media outlet, is introducing a unique concept with its 99Bitcoins token. This token will power a novel Learn-to-Earn layer, rewarding users for expanding their cryptocurrency knowledge, a feature that sets it apart from other BRC20 tokens.
The 99Bitcoins token is currently undergoing a presale, which has raised $1.2 million so far.
While investors can buy the presale on the Ethereum network, the 99Bitcoins token will also launch as a BRC20 crypto.
The BRC20 ecosystem, while still in its early stages, has shown promise. Its total market cap currently stands at $1.9 billion, a fraction of Ethereum’s ERC-20 ecosystem, which is valued at $418 billion.
This comparison underscores the BRC20 sector’s growth potential and presents an exciting opportunity for new BRC20 tokens.
Bitcoin’s vast $1.3 trillion market cap amplifies this as just 2% of its valuation would be 10x the BRC20 ecosystem.
Evidently, there’s spectacular potential BRC20 cryptos, and 99Bitcoins token’s captivating use case primes it a top project to watch.
Alongside access to the Learn-to-Earn platform, holders get BRC20 tools and education, crypto trading signals, a VIP community group, and staking rewards.
The current presale price is $0.00105, but this will rise in five days.
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