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More Upside? Tether Pushes Another $2B into Crypto Market

Elendu Benedict
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More Upside? Tether Pushes Another $2B into Crypto Market

Leading stablecoin issuer Tether mints another $2 billion on the Ethereum network as fever pitch USDT demands emerge following the crypto market bullish outburst.

The incessant demand for stablecoins in the crypto market has resumed following a broader market’s resurgence. The surging demand is evident in the over $765 billion added to the crypto market in the past week.

With over 43% dominance, Tether’s USDT has been a crucial indicator of growing market demand. Blockchain analytic firm Lookonchain noted that the leading stablecoin issuer minted $2 billion on its Treasury two days ago, pushing them to exchanges amidst growing market demand.

Meanwhile, Tether has minted another $2 billion on the Ethereum network, its third on the chain in less than a week. Whale Alert confirmed that the stablecoin issuer created the USDT on Ethereum late Monday.

Notably, Lookonchain noted that Bitcoin surged to record highs following Tether’s $2 billion USDT mint two days ago. The fresh Monday mint has sparked speculation that the bullish event might further facilitate a Bitcoin uptrend.

Authorized But Not Issued Transaction

Tether’s CEO Paolo Ardoino confirmed the $2 billion minting on the Ethereum network, noting it was an authorized but not issued transaction. He said the USDT minted is for inventory replenishment on the blockchain and will be used for the subsequent issuance request or chain swap.

Notably, USDT demand has accelerated on the Ethereum network recently. Tether has now minted $5 billion USDT on Ethereum in less than a week, as on-chain stablecoin transactions on the chain surge amidst a blossoming crypto market.

Meanwhile, circulating USDT on the Ethereum network has reached $60 billion, with more than half of the minted USDT on Monday already in circulation. However, the Tron network remains Tether’s largest USDT holder, with $61.8 billion in authorized Tether’s stablecoin.

Tether’s Chain Swap Still In Play

Notably, Tether has continued its chain swap activities, moving multi-million dollars worth of USDT across exchanges. The stablecoin issuer announced on November 6 that it would resume the shuffle in partnership with major centralized exchanges.

Whale Alert pointed to several transactions in which top-tier exchanges moved millions of USDT to Tether’s Treasury and a reverse scenario. Notably, Ardoino confirmed all the transactions were part of the issuer’s chain swap activities.

For context, Binance moved $700 million USDT to the Tether Treasury on Monday. Two hours later, Whale Alert confirmed that Tether transferred $560 million back to the largest crypto exchange by trading volume.

A similar transaction was seen between Tether and Bitfinex and other unidentified wallets. Notably, Tether noted the chain-swapped USDT was moved to the Ethereum network.

Meanwhile, Tether now has $124 billion USDT in circulation. Tether’s trading volume has also surged 31% in the past 24 hours to $250 billion, more than double its circulating supply.

VanEck Executive Says $14M per Bitcoin Possible As Scaramucci Says U.S. To Establish Strategic Bitcoin Reserve

Elendu Benedict
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VanEck Executive Says $14M per Bitcoin Possible As Scaramucci Says U.S. To Establish Strategic Bitcoin Reserve

SkyBridge co-founder and managing partner Anthony Scaramucci insists that buying into Bitcoin is still early as the asset nears the mainstream adoption curve.

In a tweet on Tuesday, the SkyBridge co-founder assured non-Bitcoiners that they have not missed much despite the asset’s recent bullish explosion. For context, the pioneering crypto asset surged to a record high of $89,604 early today.

 

Bitcoin has surged a staggering 24% in the past seven days, with its market cap surpassing $1.75 trillion. However, Scaramucci argues that, although investors not holding Bitcoin may feel left out, the premier asset still has more upsides.

US Treasury Reserve to Spur Bitcoin’s Explosion

Scaramucci cited rumors that the United States would create a Bitcoin reserve as the basis for his “early” assertions. The seasoned entrepreneur argued that creating a US Bitcoin stockpile would herald the asset’s mainstream adoption, spurring more upsides.

Notably, the Bitcoin US Treasury asset speculation is gaining momentum. US President-elect Donald Trump promised to create a Treasury reserve for Bitcoin with the bill presented by Senator Cynthia Lummis to the cheering crowd at the Bitcoin Conference in July.

Following Trump’s win, analysts discuss the venture’s possibility and massive impact on Bitcoin. Scaramucci insisted that the United States would create a national Bitcoin stockpile and spur global adoption.

The SkyBridge managing partner noted that the US’s strategic investment in Bitcoin would attract central banks from other countries, financial institutions, asset managers, and registered investment advisers to the leading cryptocurrency. As a result, trillions of dollars will flow into Bitcoin, drastically impacting its price.

VanEck Executive Says $14M per Bitcoin Possible

Meanwhile, VanEck’s head of digital assets research, Matthew Sigel, has stated that Bitcoin’s rise to $14 million is possible. He asserted this in a Tuesday tweet while analyzing Bitcoin’s impact on America’s gross domestic product (GDP).

 

Sigel drew his audience’s attention to the Bhutan Republic’s Bitcoin prowess, as the premier asset constitutes 33% of the nation’s GDP. Notably, Bhutan holds 12,572 BTC, valued at $1.11 billion.

The market expert noted that the country could see a similar GDP boost if the United States created its Bitcoin Treasury and acquired the 1 million BTC it plans to hold. However, he noted that Bitcoin would have to surge to $14 million per coin in 2050 to account for 33% of America’s GDP.

Sigel noted this was possible, as it was between VanEck’s base and bull cases Bitcoin price prediction. The leading asset manager speculated that Bitcoin would trade at $2.9 million and $52.3 million in a base and bull case, respectively.

Meanwhile, Bitcoin trades at $88,592, up almost 10% in the past 24 hours. The asset remains on course to reach Bernstein’s $90,000 assertion on a Trump win and a $100,000 prediction before the President-elect’s January inauguration.

Bitcoin Overtakes Silver with $1.77T Market Cap to Become 8th Most Valuable Asset in The World

Abdulkarim Abdulwahab
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Bitcoin Overtakes Silver with $1.77T Market Cap to Become 8th Most Valuable Asset in The World

In a remarkable turn of events, the market valuation of Bitcoin has officially surpassed that of silver in the global ranking of the most valuable assets.

Today, Bitcoin reached a new all-time high of $89,956.  At press time, Bitcoin is exhibiting strong momentum to break into the $90K range for the first time. As a result, Bitcoin now boasts an impressive market cap of over $1.77 trillion. Its fully diluted market cap is even more substantial, standing at $1.88 trillion.

This milestone comes as Bitcoin continues its upward trend, which gained significant momentum last week following Donald Trump’s election as president of the United States.

Trump’s victory had a pivotal impact on the crypto market, driven by several promises he made to support and expand the industry under his administration.

Since then, Bitcoin has been setting new all-time highs almost every day, with the current streak lasting for eight consecutive days. As a result, Bitcoin has surpassed silver and become the eighth most prominent asset in the world.

Just two weeks ago, Bitcoin was in tenth place, behind Meta (formerly Facebook), with a market cap of $1.472 trillion. However, Bitcoin has added over $300 billion to its valuation, enabling it to overtake silver and Meta.

Bitcoin Eyes Saudi Aramco, Amazon, and Google

Now, Bitcoin is positioned just behind Saudi Aramco, which has a market cap of $1.804 trillion. Interestingly, Bitcoin could overtake Saudi Aramco if it breaks into the $91K price range, which is within reach, as Bitcoin is currently trading at $89,272 at press time.

Should Bitcoin surpass Saudi Aramco, its next targets would be Amazon ($2.174 trillion) and Google ($2.216 trillion). If Bitcoin continues its momentum and rises above $113,000 per coin, it could surpass both companies.

Bitcoin leading in ranking
Bitcoin leading in ranking

Can Bitcoin Surpass Gold?

With Bitcoin now surpassing silver, prominent market commentators are suggesting that Bitcoin’s next major target is gold. Gold currently holds a market cap of $17.514 trillion—nearly ten times Bitcoin’s current valuation.

To overtake gold and become the world’s most valuable asset, Bitcoin’s price would need to approach $1 million per coin.

While industry experts are unanimous in stating that it could take several years for Bitcoin to reach this lofty goal, some, like former Twitter CEO Jack Dorsey, have suggested that it could happen before the end of this decade.

Ripple CTO Comments on XRP Price Not Rising Despite BTC Reaching $89K

Abdulkarim Abdulwahab
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Ripple CTO Comments on XRP Price Not Rising Despite BTC Reaching $89K

Frustration over XRP’s price performance is reaching new heights among the community as Bitcoin nears $90K per token and the global crypto market caps at $3 trillion. 

At the same time, XRP has remained largely stagnant in recent months. Currently, XRP is trading at $0.6031, reflecting a 12% increase over the last 24 hours. Earlier today, XRP touched $0.6217, marking a two-month high. Meanwhile, Bitcoin has broken the $89K mark, hitting an unprecedented level.

Other altcoins, like Dogecoin and Solana, are approaching their previous all-time highs, showing strong momentum as the bull run intensifies. Dogecoin has surged over 200% in the past seven days alone.

In contrast, XRP has only reclaimed a seven-week high. Amid its lackluster performance, Dogecoin has overtaken XRP, with the gap between them widening daily. 

In light of these developments, community members have voiced their frustration with Ripple executives, especially Ripple’s CTO David Schwartz, urging them to “do something” about XRP’s stagnant price.

This came when Schwartz revisited the concept of investment contracts in the context of the ongoing SEC lawsuit yesterday. He noted that buying art is not an investment contract because the artist has no contractual obligation to increase its value or act in the buyer’s financial interest.

However, a commenter expressed frustration, arguing that XRP holders have seen no financial return over the past seven years. The user described the situation as a “waste of time and money” and singled out Schwartz as the central figure behind the perceived failure.

Ripple CTO Responds

In his response, Schwartz explained that the value of his own XRP holdings had fluctuated similarly to those of other investors. He emphasized that his efforts to increase XRP’s value were no different from those made on behalf of the broader XRP community.

However, the critic accused Schwartz and Ripple of selling billions of dollars worth of XRP over the past seven years without reinvesting in the ecosystem or incentivizing developers. The commenter argued that Ripple had focused too heavily on courting banks, which they believed had ultimately failed, leaving XRP holders disappointed.

In a separate reply, an X user named Vandal compared his experience with XRP to being “rug-pulled” during two previous bull runs. Vandal even called it “the most painful investment experience” he had ever encountered.

Ripple Cannot Promote XRP

Meanwhile, legal expert Bill Morgan offered a different perspective on the situation. He pointed out that one key reason the court ruled Ripple’s programmatic sales of XRP were not investment contracts under the Howey Test was the lack of evidence that Ripple directly promoted XRP to retail holders. Despite this, the SEC is appealing the ruling.

Morgan further argued that even if Ripple wanted to promote XRP to retail holders in the future, it was unlikely to do so while legal proceedings were still ongoing. 

In contrast, he highlighted that Bitcoin does not face similar restrictions, as its holders are free to promote it without any concern from the SEC. Morgan suggested that the SEC’s treatment of the two assets created an “unfair advantage” for Bitcoin.

Expert Says Crypto Investors Deserve Ongoing Bull Run After Surviving These 9 Events

Lele Jima
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Expert Says Crypto Investors Deserve Ongoing Bull Run After Surviving These 9 Events

Famous crypto expert Ash suggested investors deserve the ongoing crypto rally after surviving several adverse events, including SEC enforcement actions and a two-year bear market.  

The prices of various crypto assets have continued to surge tremendously following Donald Trump’s re-election. Since Trump’s victory, Bitcoin (BTC) has registered jaw-dropping gains, surging from $68,357 to $89,604 in one week. 

Following the election, the premier asset has been setting new all-time highs (ATH) daily, with its latest record reaching $89,604 earlier today. Expectedly, Bitcoin’s remarkable performance has positively impacted other crypto assets, including Ethereum (ETH) and Solana (SOL), both of which have registered substantial gains. 

Crypto Investors Deserve This Gain After Surviving These 9 Events  

Commenting, Ash suggested that the latest rally across the broader crypto market serves as a reward for investors who survived several major setbacks that wreaked havoc on their investments. 

The expert highlighted nine events that introduced a significant downturn in the crypto market over the past few years. 

Bitcoin Dip From $69K to $15.4K 

At the top of the list is Bitcoin’s massive decline, which saw its price crash to $15,400. This came after Bitcoin surged to its 2021 peak of over $69,000. However, the asset could not maintain its bullish momentum as it encountered heavy selling pressure, leading to its devastating collapse to $15,400. 

Terra Crisis 

The second bearish event on the list is the Terra crisis, which sent shockwaves across the broader crypto market. Notably, the Terra ecosystem collapse happened in May 2022, when its native stablecoin, Terra USD (UST), lost its dollar peg, thus affecting other tokens within its ecosystem. Specifically, LUNA suffered a significant collapse, crashing to $0 from a high of $119.8. 

3AC Fall 

Ash highlighted the collapse of 3AC (Three Arrows Capital) as the third major crisis investors witnessed in the past years. This incident occurred in 2022 following the crypto winter.

Notably, 3AC suffered a strained financial position due to a massive sell-off that affected the prices of major crypto assets. Ash noted that 3AC’s valuation plunged to $0 from a whopping $18 billion, causing a ripple effect that impacted other lenders associated with the company. 

Voyager and Celsius Bankruptcies 

Fourth, Ash mentioned the bankruptcies of two major crypto lending platforms, Voyager Digital and Celsius. It bears mentioning that the 3AC saga affected Voyager, leading to its bankruptcy. However, Celsius Network filed for Chapter 11 Bankruptcy due to plummeting crypto prices. 

FTX/FTT Meltdown 

The fifth bearish event was the meltdown of prominent crypto exchange FTX, which resulted in the crash of its native token, FTT. FTX collapsed following reports of mismanagement of customers’ funds championed by its founder, Sam Bankman-Fried (SBF). 

The development sent shockwaves across the crypto market due to FTX’s dominance and investments in the market. For context, the price of Solana (SOL) crashed below $10 days after the mismanagement revelation, wiping billions of dollars from the market. 

USDC De-Peg 

The sixth adverse event that wreaked havoc on investors’ portfolios was the de-peg of stablecoin USD Coin (USDC), which emanated from the collapse of Silicon Valley Bank (SVB) in 2023. The stablecoin, expected to maintain a 1:1 ratio to the dollar, lost its peg, triggering concerns among investors. 

Binance Bank Run 

Ash listed Binance’s bank run as the seventh event that impacted crypto investors. Recall that after U.S. authorities filed criminal charges against Binance, the exchange witnessed major netflows that hit nearly $1 billion in one day. Notably, the exchange dismissed fears of a possible bank run after disclosing its holding of over $67 billion. 

Meanwhile, Binance’s legal woes with the U.S. government prompted its founder, Changpeng Zhao (CZ), to step down as the company’s CEO following a plea agreement. He recently completed a four-month jail term. 

SEC Enforcement Actions 

Multiple crypto entities, including Binance and Coinbase, became victims of the U.S. SEC’s widespread enforcement actions. Crypto prices usually react negatively to every high-profile SEC lawsuit, as investors expressed concerns over the growing regulatory restrictions. 

Two-Year Bear Market 

Lastly, Ash highlighted how the market remained bearish for two years, with prices of different assets plummeting heavily. The combination of the aforementioned events caused the two-year bear market, with investors’ portfolios losing enormous value. 

Interestingly, Ash believes that investors who remained resilient despite these adverse conditions deserve the ongoing uptrend across the market. 

Seasoned Analyst Says Dogecoin to Surge 7,961% to $23.25

Abdulkarim Abdulwahab
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Seasoned Analyst Says Dogecoin to Surge 7,961% to $23.25

Dogecoin could surge 1,270% to $3.95 or skyrocket 7,961% to $23.35, according to analyst Ali Martinez’s Fibonacci-based prediction.

Dogecoin (DOGE) has recently been one of the hottest meme coins, driven by explosive price movements. Yesterday, Dogecoin nearly hit the $0.30 mark after surging 37% on Sunday from $0.2173 to $0.2966.

Remarkably, considering that Dogecoin traded at just $0.1486 a week ago, the token has skyrocketed 99.6% in under seven days. During this time, Dogecoin has also improved its market ranking, now standing as the sixth-largest cryptocurrency by market cap, surpassing XRP and the USDC stablecoin.

Despite the recent gains, analysts like Ali Martinez believe that Dogecoin has not yet reached its full potential. In an analysis shared over the weekend, Martinez suggested that DOGE is on the verge of a parabolic run that could clear unprecedented price levels.

Martinez’s optimism is grounded in historical patterns, citing past price movements and Fibonacci retracement levels. According to Martinez, Dogecoin’s potential peak could fall within the 1.618 to 2.272 Fibonacci levels, suggesting a price range between $3.95 and $23.25.

Dogecoin’s Historical Pattern Analysis

The accompanying chart shows that Dogecoin recently broke out from a long-standing resistance trendline, a pattern that has occurred during previous bullish cycles. In fact, a similar breakout in Dogecoin’s history saw the price explode by 16,000%.

In the 2017–2018 cycle, Dogecoin broke its downtrend after 1,155 days of bearish performance. This breakout occurred when the price surpassed $0.0002, leading to a massive 8,933% surge by the end of the cycle in 2018, adding $0.01857 to the price, which was near the 1.618 Fibonacci level.

Similarly, during the 2020–2021 cycle, Dogecoin saw an even more dramatic price surge, boosted by Elon Musk’s endorsements. Dogecoin had entered another 1,096 days of bearish performance before breaking out at around $0.003. 

Thanks to Musk’s influence, Dogecoin experienced an astonishing 15,534% rally, bringing its price close to the 2.272 Fibonacci level at $0.734.

Given that the 1.618 and 2.272 Fibonacci levels have coincided with Dogecoin’s peak prices in the past two cycles, Martinez suggests that the meme coin could either surge to $3.95 (at the 1.618 level) or $23.25 (at the 2.272 level).

Image

Price Target Analysis

Currently, with DOGE trading at $0.2884, reaching the lower target of $3.95 would represent a massive 1,269% increase from current levels.

On the other hand, the upper target of $23.35 would require an even more substantial rally, representing a 7,961% gain.

Legendary Analyst Brandt Confirms $240K Bitcoin Target with Rare Technical Indicator

Albert Brown
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Legendary Analyst Brandt Confirms $240K Bitcoin Target with Rare Technical Indicator

As Bitcoin has surged past $82K today, seasoned analyst Peter Brandt identified a bullish pattern that could drive Bitcoin beyond $240K.

Bitcoin reached a historic milestone early Monday, trading above $82,000 for the first time. This surge follows a post-election rally driven by market optimism surrounding President-elect Donald Trump’s commitment to supporting the cryptocurrency sector.

Amid this surge, legendary trader Peter Brandt pointed to a rare pattern that could signal even higher Bitcoin prices. His analysis highlights a bullish “Inverse Head and Shoulders” (H&S) pattern, which typically indicates a reversal in price trends.

Bitcoin Inverse Head and Shoulders Analysis

Brandt’s chart analysis reveals the left shoulder forming in mid-2021, followed by the head in early 2022 when Bitcoin’s price dipped to approximately $15,000. The right shoulder formed in 2024, completing this rare pattern.

Historically, this setup suggests significant upward momentum, with Brandt projecting Bitcoin could surpass $240,000 if the pattern holds true.

In a separate analysis, Brandt compared Bitcoin’s current trajectory to Gold’s rally in 2010. Gold’s price surged past the $1,000 mark and eventually doubled, reaching over $2,672 after the inverse head and shoulders pattern formed.

Brandt’s comparison suggests Bitcoin could follow a similar path, with the $200,000 target aligning with other bullish market forecasts.

Analyst Warns of Short-Term 25% Corrections

Despite the optimism, investor Alistair Milne anticipates a potential correction before Bitcoin reaches $100,000. He foresees a 20-25% dip, which could bring Bitcoin’s value back to the $60,000 range. Milne warns that sellers may capitalize on gains at levels above $95,000, temporarily slowing the rally.

However, analysts point to sustained interest from institutional and retail investors as a crucial factor in driving long-term growth. This persistent demand could offset short-term corrections and ultimately propel Bitcoin’s price well beyond $100,000.

On the other hand, crypto analyst Tuur Demeester has observed a notable shift in Bitcoin’s relationship with the stock market, suggesting a potential decoupling.

His analysis highlights Bitcoin’s performance against the Dow Jones Global Index (DJW) from 2020 to November 2024. This move could signal its growing independence from broader financial markets and lead to further gains.

Analyst Predicts 3 XRP Price Targets if Bitcoin Hits $100K, $130K, and $160K

Lele Jima
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Analyst Predicts 3 XRP Price Targets if Bitcoin Hits $100K, $130K, and $160K

Seasoned crypto commentator EGRAG projects that XRP could surge to unprecedented levels if Bitcoin rallies to specific targets like $100,000, $130,000, and $160,000, respectively. 

EGRAG’s XRP/BTC Analysis 

The widely followed analyst recently took X to analyze XRP’s price action against Bitcoin, XRP/BTC. According to EGRAG, the XRP/BTC tested a crucial support zone labeled “YOLO” (You Only Live Once).

In the October 21 tweet, EGRAG emphasized that the XRP/BTC pair attempted to close above the 0.000010 level but failed due to heavy sell pressure. 

This brought the pair to the ‘YOLO’ support level, highlighted in yellow in the chart. Citing historical trends, EGRAG suggested that the XRP/BTC pair requires an impulsive ‘megathrust surge’ to break above the 0.00001 territory. 

XRPBTC Pair Chart
XRPBTC Pair Chart

At press time, the XRP/BTC pair sits at 0.000007360, reflecting a decline of 0.4% in the past 24 hours. This indicates that the pair must surge by 35.86% to hit the 0.00001 range. 

XRP/BTC Historical Trends  

To forecast XRP/BTC’s future movement, EGRAG first highlighted three previous cycles, which introduced massive spikes. The cycles and their years of occurrence include Cycle A (2014), Cycle B (2017), and Cycle C (2021). 

In these cycles, the XRP/BTC pair surged to 0.00007, 0.000245, and 0.00003909, respectively. Interestingly, EGRAG suggested that the current XRP/BTC pair is gearing up for a similar surge that could potentially take it to 0.0000221. 

Here’s XRP Price if BTC Surges to $70K, $100K, $130K, $160K, and $200K  

In the meantime, the expert highlighted 0.00017 as a crucial level in the XRP/BTC pair that could introduce a massive surge for XRP. At this level, EGRAG suggested that Bitcoin’s future price movements will determine XRP’s value against the USD. 

Per EGRAG, if the XRP/BTC pair surges to 0.00017 and Bitcoin trades at $70,000, XRP’s price would spike to $12. This represents an increase of 2,243% from the current price of $0.5120. 

In addition, EGRAG forecasted that Bitcoin’s climb to $100,000 would potentially take XRP to $17 so long as the XRP/BTC pair remains at 0.00017. XRP’s potential surge to $17 marks an increase of 3,220% from the current price. 

Furthermore, the expert projected that if XRP/BTC holds at 0.00017 and Bitcoin hits the $130,000 target, as predicted by leading asset manager VanEck, XRP would be priced at $22, reflecting an increase of 4,196%.

Also, Bitcoin’s surge to $160,000 would propel XRP’s price to $27, representing a 5,173% surge. Lastly, EGRAG set a target of $34 for XRP should Bitcoin surge to $200,000 when the XRP/BTC pair is at 0.00017. 

While this prediction looks enticing, caution is advised. For the latest news on XRP, it’s important to note that EGRAG warned that XRP could plunge into bearish territory if its BTC pair falls to 0.00000667.

MicroStrategy Buys Another 27,200 Bitcoin for $2.03B, As Its BTC Holdings Near 280K

Lele Jima
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0
MicroStrategy Buys Another 27,200 Bitcoin for $2.03B, As Its BTC Holdings Near 280K

Leading business intelligence company MicroStrategy solidifies its position as the largest corporate holder of Bitcoin, as it acquires more than 2,000 BTC in less than two weeks. 

MicroStrategy made this known in a press release today, providing insight into its Bitcoin holdings. Michael Saylor, the company’s executive chairman, also confirmed the development on X. 

MicroStrategy’s Latest Bitcoin Purchase 

According to the report, the company purchased a total of 27,200 BTC in less than two weeks, specifically between October 31, 2024 and November 10, 2024. 

It acquired each BTC at an average price of $74,463, bringing the total cost to about $2.03 billion. Notably, MicroStrategy funded the 27,200 Bitcoin purchase with proceeds from its recent stock sales. 

Following the latest acquisition, MicroStrategy now holds a total of 279,420 Bitcoin as of November 11, 2024. The company acquired the assets at an aggregate price of $11.9 billion, costing an average of $42,692 per BTC.  With Bitcoin priced at $81,873, MicroStrategy’s Bitcoin stash is currently worth $22.87 billion. 

Performance of MicroStrategy Bitcoin Holdings

The report also shed light on the performance of MicroStrategy’s Bitcoin holdings. Notably, MicroStrategy’s Bitcoin portfolio has soared 7.3% since the beginning of Q4 2024 (October 1 to November 10) and 26.4% year-to-date (YTD). 

Since MicroStrategy made its first Bitcoin purchase in August 2020, the company has continued to grow its BTC holdings, solidifying its position as the largest corporate holder of BTC. 

MicroStrategy to Raise $42B to Buy Bitcoin 

Meanwhile, the latest purchase comes weeks after the company revealed plans to raise $42 billion over the next three years to increase its BTC holdings. As reported earlier, MicroStrategy plans to raise the funds from fixed-income securities issuance and equity sales on a ‘21/21 plan.’ 

This suggests that the company would raise $21 billion from equity sales and another $21 billion from fixed-income securities. 

In the meantime, Bitcoin is trading at $81,873, representing a weekly growth of 18.67%. 

Top Analyst: Tired of the XRP Hype? But the Current XRP Price Squeeze Is Hard to Ignore

Abdulkarim Abdulwahab
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Top Analyst: Tired of the XRP Hype? But the Current XRP Price Squeeze Is Hard to Ignore

Analysts predict a major XRP price explosion is imminent despite its recent surge to $0.616, with some forecasting a 1,300% rally.

XRP has significantly benefited from the latest bull run in the market, which saw Bitcoin break above $81,000. Specifically, in the heat of the bull momentum, XRP broke to a six-week high above $0.616, staging an 11% rally from its low of $0.5562.

However, XRP has struggled to maintain these gains, as it has not only lost the $0.60 level but also dropped back to near $0.56, settling at $0.5730.

Nonetheless, the weekend price action triggered excitement in the XRP community. Meanwhile, analysts have stated that the real action for XRP has yet to begin, forecasting even more dramatic price moves.

XRP Explosion Coming Sooner than Later

In a recent post, top analyst with the username “360Trader” stressed that XRP is poised for an explosive price move, suggesting that the event may happen sooner than many expect.

360Trader notes that while constant XRP hype over the last three years may have tired investors, a critical price squeeze has formed that can not be ignored. This “1,000-day pinch” has lulled many into ignoring it, but the analyst warns that an explosive price move is imminent—likely happening sooner rather than later.

“BUT… YOU CAN’T DENY THE PRICE PINCH OCCURRING HERE.”

 

In a follow-up post, 360Trader drew a connection between XRP and Cardano (ADA), noting that ADA’s recent momentum is prompting XRP to begin its own bull run.

Over the weekend, Cardano surprised the market by breaking a seven-month high, trading above $0.65 for the first time since April.

ADA Waking Up XRP

ADA surged by 33.14%, rising from $0.4899 to $0.6523 on Sunday, while XRP’s rally was more modest at 11%, though it was enough to push the price back into the $0.60 range.

Notably, Cardano’s Sunday surge built on momentum that started on Wednesday when ADA was trading much lower at $0.326. Since then, Cardano has doubled in price, with cumulative gains of 101%.

While XRP’s momentum lagged behind Cardano’s over the weekend, analysts believe XRP’s turn is just around the corner.

What an XRP Price Explosion Would Look Like

When asked what an XRP price explosion might look like, 360Trader explained that it would involve XRP rallying to $4 and then sustaining that momentum before doubling to $8.

However, he noted that this would not happen in a single move. This would represent a massive 1,303% gain from XRP’s current price.

Meanwhile, other analysts, like Egrag, have pointed out that if XRP successfully breaks above the psychological $1.10 threshold, it could set the stage for an even more explosive run, potentially reaching as high as $13. This would represent a colossal 2,180% gain from XRP’s current price of $0.57.

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