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Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst

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Sat, 06/20/2020 - 14:36
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Vladislav Sopov
Bitcoin (BTC) resisted the aggression of the bears this week but failed to take root above $9,500. So, traders are guessing about the next possible moves.
Bitcoin (BTC) Price May Revisit $8,300 Before Huge Rally: Analyst
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Crypto strategist Parabolic Thies, Creator of the indicator Market God, analyzed the Bitcoin's dominance chart and foresees a bright future for the Bitcoin (BTC) bulls mid-term.

Money Flows Out of Altcoins

An anonymous analyst who goes by the name Parabolic Thies (@KingThies) is sure that Bitcoin's dominance is ready for a rally. It may continue to grow above its actual level high of 66%.

Bitcoin (BTC) dominance indicates the upcoming rally
Image via Twitter

This fact indicates that the altcoins are running out of money. This process is sustainable regardless of Bitcoin's price swings, the analyst highlights.

With that being said, the Bitcoin (BTC) bears shouldn't get too excited about a short-term pale performance for the king coin. However, a short journey between the $8,000-$9,000 zone may be on the menu for a flagship cryptocurrency. There are also two levels of significant importance here for Bitcoin (BTC) buyers.

The traders may comfortably buy Bitcoin (BTC) at $8,900 and then at $8,300. That's here the steam of bears must be lost.

Bitcoin (BTC) Still Looks Great

After the correction, the price of Bitcoin (BTC) has all the chances to break above the psychological level it has attempted to conquer five times since the infamous Black Thursday - the $10,000 mark. 

In the five-digit club, the first level of a support/resistance reversal is around $10,300, according to the analyst.

Other prominent cryptocurrencies experts share this general view. Yesterday, cryptonomics researcher Chris Burniske recommends not forgetting about Bitcoin (BTC) despite its performance looking weak amidst the only DeFi assets rally.

Burniske outlined that this discrepancy would only purge Bitcoin's narrative of its useless obsession. The researcher also warned that this distortion shouldn't "cloud rationality" for Bitcoin (BTC) traders.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?

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Fri, 10/23/2020 - 09:24
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Vladislav Sopov
Grayscale, undisputed giant of institutional crypto investments, is celebrating another monstrous milestone, adding a nine-digit sum to AUM in 24 hours
Grayscale Assets Under Management Surge $300,000,000 in One Day. What Does This Mean?
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Grayscale is an investment company that provides the clients with an exposure to digital currency markets eliminating the need to buy tokens. The firm does it by selling shares of 'trusts' related to certain digital assets. The recently started FOMO has already brought Grayscale's 'asset under management' (AUM) values to previously unseen levels.

Grayscale assets are on steroids

In its most recent report shared in a tweet, Grayscale Investments stated that its net AUM now surpasses $7,300,000,000. Mostly, this upsurge should be attributed to the spikes of Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) prices.

Grayscale adds $300M to its AUM in 24 hours
Image by Twitter

Its founder, CEO of Digital Currency Group Barry Silbert, unveiled that Grayscale’s holdings added a whopping amount of value in the last 24 hours.

Added a cool $300 million in AUM in one day

In terms of separate ‘trusts’, the most impressive increase is associated with Litecoin (LTC). Its value added almost 10% bringing its total to over $34 mln. 

Bitcoin (BTC) allocation surged above $6 bln with a 5% increase. Notorious Grayscale Ethereum Trust (ETHE) added 6% and now is valued at $942 mln.

PayPal assists Grayscale

By contrast, Stellar Lumens (XLM) and Bitcoin Cash (BCH) trusts witnessed mediocre increases of 2-3%. The only integral product of Grayscale, Large Cap Trust that unites the most valuable coins under its umbrella, therefore, added less than 4%.

The numbers of Grayscale Investments positions rocketed due to the rapid spike of crypto prices associated with PayPal’s decision to add major digital assets to its instrument toolkit.

As covered by U.Today previously, PayPal announced that Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) will be added as payment methods by the end of this year.

  

Following this surprising news, Bitcoin (BTC) revisited its multi-months high over $13,000. At press time, its price has slightly retraced and flirts with the $12,800 level.

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About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)