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Crypto Expert Delivers Top 8 Altcoins To Buy On Binance

As the crypto market enters into what could be considered to be another bull market, one analyst known as MacnBTC has come forward to give a list of altcoins that could do well going forward. The list includes altcoins currently listed on the largest crypto exchange in the world, Binance, making them very easy to get.

The Top Altcoins To Buy On Binance

Thorchain (RUNE)

Appearing at the top of the list is RUNE, the native token of the THORchain network. The decentralized cross-chain liquidity protocol has been garnering a lot of public attention, rising from as low as $0.789 to as high as $7 in 2023.

Chainlink (LINK)

Next on the list is Chainlink’s native LINK token which powers its decentralized oracle network. Chainlink has been touted to be at the forefront of asset tokenization, putting it at the helm of a potential $30 trillion sector.

Synthetix (SNX)

This decentralized liquidity provisioning protocol has continued to make its mark in the decentralized finance (DeFi) world. It cuts across leading networks like Ethereum and Optimism, and Synthetix’s native token SNX is at the forefront of it.

ORDI (ORDI)

The ORDI token is one of the first to take advantage of an entirely new type of token creation in the crypto industry. Bitcoin inscriptions allow for the creation of tokens on the Bitcoin network and ORDI is already seeing a lot of success and adoption following this.

Venus Protocol (XVS)

Venus protocol is both a synthetic stablecoin protocol and an algorithm money market on the BSC network. With its asset lending and borrowing solution, its XVS token is already on the way to becoming one of the most recognized names in the DeFi industry.

SushiSwap (SUSHI)

SushiSwap is one of the leading decentralized exchanges in DeFi coming up in the midst of names such as Uniswap (UNI) (launching as a Uniswap fork initially). It is an automated marker maker that allows users to take advantage of smart contracts to create markets for their tokens. As a result, its native SUSHI token has garnered attention in the last few years.

SingularityNET (AGIX)

AGIX is the token for SingularityNET, a blockchain-based platform that allows users to enhance the capabilities of artificial intelligence (AI). Its token has seen adoption as it is required for users to buy and test a wide range of AI services.

Balancer (BAL)

This automated market maker on the Ethereum blockchain acts as a self-balancing weighted portfolio and liquidity provider. Using the BAL token, users are able to earn profits by contributing to Balancer’s customizable liquidity pools.

Crypto total market cap chart from Tradingview.com (Altcoins Binance)

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New Binance CEO Evasive in First Marquee Interview Since Getting One of the Biggest Jobs in Crypto

In his first public interview since getting the job last month after founder Changpeng “CZ” Zhao was formed to step down amid a $4.3 billion legal settlement with the U.S. government, Teng said Binance’s compliance systems were inadequate in the past and that mistakes were made. But Teng, who has held senior positions at Binance for several years, refused to give answers about the company’s governance.

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Tether Strikes Gold In Bitcoin: Profits Soar Above $1 Billion Amid Bull Market

Tether, known for its USDT stablecoin, has recently made headlines with its Bitcoin holdings soaring in value, generating a profit exceeding $1 billion.

Notably, this significant financial gain can be attributed to the stablecoin issuer’s approach of buying Bitcoin using a portion of its net profits. This move has proven highly lucrative amid the recent surge in BTC prices.

According to reporter Wu Blockchain, Tether’s holdings currently stand at 57,576 BTC, valued at an estimated $2.4 billion. These holdings were acquired at an average rate of $22,480 per BTC, reflecting a savvy investment strategy in the volatile crypto market.

The recent surge in Bitcoin’s value, which has surpassed the $41,000 mark, has been a major contributor to Tether’s significant profit margin, showcasing the potential of strategic crypto investments.

BTC Accumulation And Market Impact

The notable profit realized by Tether is the result of its investment strategy implemented in May 2023. The company began allocating up to 15% of its net realized operating profits towards Bitcoin purchases.

This strategic decision has not only diversified Tether’s investment portfolio but also aligned the company with Bitcoin’s potential as a “transformative” technology, according to Tether’s CTO Paolo Ardoino.

Paolo Ardoino noted that the choice to invest in Bitcoin was based on its decentralized nature, limited supply, and growing global adoption. Ardoino emphasized Bitcoin’s “resilience” as a “long-term store of value” and its potential to reshape business and lifestyle paradigms.

The Tether CTO stated:

Our investment in Bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology that has the potential to reshape the way we conduct business and live our lives.

As of the first quarter of 2023, Tether’s BTC reserves were valued at around $1.5 billion, a testament to the success of its Bitcoin accumulation strategy.

Bitcoin Rains Profits

The ongoing bull run in the crypto market has benefitted Tether and other prominent Bitcoin proponents. Max Keiser, a well-known trader and BTC supporter in the crypto community, recently revealed a significant surge in his Bitcoin holdings on X.

Keiser, who has been investing in Bitcoin since 2011, recognized the potential of BTC early on. While Keiser has not publicly disclosed the exact amount of BTC he owns, it’s clear that his early investment has paid off handsomely over the years.

Bitcoin (BTC) price chart on TradingView

Featured image from iStock, Chart from TradingView

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Analyst Says Solana At Risk Of Pullback: Here Is The Target

An analyst has explained how Solana may be at risk of a correction based on the data of two SOL technical indicators.

Solana Has Recently Observed The Formation Of Two Bearish Signals

In a new post on X, analyst Ali has discussed why SOL could be at risk of seeing a retracement shortly. The analyst has referred to two technical indicators for the coin: the TD Sequential and RSI.

The first of these, the Tom Demark (TD) Sequential, is a metric generally used for spotting probable reversal points in any asset’s price. The indicator has two phases, the first of which is a nine-candles-long “setup” phase.

When nine candles of the same polarity are in following a reversal in the price, the TD Sequential setup is said to be complete, and the asset could be assumed to have reached a likely point of a trend shift.

Naturally, if the candles are green, the setup’s completion would point towards a top, while red candles would imply a bottom formation. Once the setup is over, a thirteen-candles-long countdown phase starts. At the end of these thirteen candles, another probable change of direction happens for the chart.

According to Ali, a setup phase has recently formed for Solana. Below is the chart shared by the analyst that shows this TD Sequential pattern in the weekly price of the cryptocurrency.

Solana Price Chart

The graph shows that the TD Sequential setup has recently been completed with green candles, implying that the price may have already reversed toward a bearish trend.

In the same chart, Ali has also attached the data for the second relevant indicator: the Relative Strength Index (RSI). The RSI is a momentum oscillator that keeps track of the speed and magnitude of the recent changes in an asset’s price.

This indicator determines whether the asset is undervalued or overvalued at the moment. When the metric has a value greater than 70, it can be a sign that the asset is overbought, while it being under the 30 mark suggests an oversold condition.

As is apparent from the graph, the Solana RSI recently broke above the 70 mark and has remained inside the territory, suggesting that SOL has been overvalued recently.

This would mean that two bearish signals are looming over the cryptocurrency’s head right now. “A spike in profit-taking could trigger a retracement to $47.6,” says the analyst. From the current price, such a potential correction to $47.6 would mean a drawdown of over 20%.

Solana’s fate may yet be averted; however, as the analyst explains, “SOL would have to print a weekly candlestick close above $68.4 to invalidate the bearish outlook and aim for $108.”

SOL Price

Solana had rallied above the $65 mark yesterday, but the asset has already seen a pullback as it’s now trading around $60.

Solana Price Chart

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Bitcoin Rises To $41,000: How Much Profit Has Microstrategy Made On Its BTC Bet?

MicroStrategy has become one of the top gainers of the recent Bitcoin bullish trend, and the analytics provider has secured billions in gains after disregarding naysayers to make a long-running bet on Bitcoin.

MicroStrategy Massive Bitcoin Bet Hits Gold

Leading provider of enterprise analytics and mobility software, MicroStrategy is riding the early wave of the anticipated Bitcoin bull run. The analytics provider has seen the profit on its billion-dollar BTC bet rise to $2 billion following Bitcoin’s rise from below $38,000 during the weekend to over $41,000 this week. 

According to Simply Bitcoin, an X (formerly Twitter) handle, Michael Saylor, the former CEO and Executive Chairman of MicroStrategy has revealed approximately 174,530 BTC in the company’s BTC portfolio. This makes the business intelligence company presently the largest corporate Bitcoin holder globally. 

Around late November, Saylor announced that the company had purchased another $593.3 million worth of Bitcoin at an average price of $36,785 per BTC. Due to Bitcoin skyrocketing to $41,000 highs this week, the company has made profits of $11,460 per Bitcoin with an average price of $30,252 on its massive Bitcoin stash.

Not only has the company gained massively from its large-scale Bitcoin investment, but MicroStrategy’s stocks (MSTR) went up by 8.2% following its purchase in November. MSTR shares were trading over 4% higher on Monday and its present market cap has hit $8.18 billion. The shares are up by 6.74% at the time of writing and with Bitcoin still maintaining its positive sentiment, there may be additional gains in the future. 

Bitcoin price chart from Tradingview.com (MicroStrategy)

Bitcoin Claims 10th Spot In Global Asset Market Cap

Following its spike to $41,000, Bitcoin’s rank in the top global assets market capitalization went up significantly, surpassing the formidable Berkshire Hathaway, an American multinational conglomerate, led by billionaire investor Warren Buffet. 

According to Companies Market Cap data, Berkshire Hathaway’s market cap at the time of writing is approximately $776.75 billion and down by 0.11%. In contrast, Bitcoin’s market cap is up by 0.43% and has surged to $816.30 billion. 

The cryptocurrency is a few billion away from surpassing Meta Platforms (Facebook), which has a market cap of $822.40 billion and is ranked at the 9th position on the top asset market cap list.

Bitcoin presently ranks as the 10th top asset by market cap in the world. The cryptocurrency has seen its price spike triggered by a myriad of factors including the potential approval of Spot Bitcoin ETFs, the hopeful sentiment surrounding US rate hikes by the Federal Reserve, and the upcoming Bitcoin halving in 2024.