Supporters for Bitcoin’s Stock-to-Flow model predict that the recent price hike will lead to the breaking of new records.
With Bitcoin at above $50K, altcoins are witnessing a never-seen-before spike and records in prices. Crypto coins like Cardano (ADA), Solana (SOL), and Hex have all hit record highs in recent days.
The crypto market has taken the world by a storm, pushing the entire cap above $2.1 Trillion for the first time since May. Several other crypto tokens have also witnessed a massive bull run, with Ethereum coins skyrocketing by six percent over the past day. Ether has risen by approximately fifteen percent over the past week.
Some of the crypto analysts are, however, still unable to determine what path the market will take following the surge in the crypto trade. Supporters for the Bitcoin Stock-to-Flow model predict that the recent price hike will lead to the breaking of even more records. However, some of the skeptical investors believe that the current run is simply a “dead cat bounce” that is acting as a forerunner before a brand new year-to-date low.
Cardano, launched by Ethereum co-founder Charles Hoskinson, witnessed the highest price increase, with its token touching a price above $3 for the first time ever. This resulted in the market cap rising to $100 billion. On the other hand, Solana also hit an all-time high and seems to be approaching Dogecoin in value.
Some conjectures are surrounding a Bitcoin tipping feature that will be added onto the Twitter app and targeted at crypto enthusiasts. In a photo leaked by mobile developer Alessandro Paluzzi, how the feature can be shown on the app is explained. The tipping feature will utilize a layer two protocol that helps in convenient and inexpensive transactions called Bitcoin Lightning Network.
Having said that, Chief Executive Officer of Twitter Jack Dorsey has also called for Bitcoin to become the indigenous currency of the internet. The TBD venture, which is a subsidiary of Square, is making strides with its decentralized crypto exchange that is aimed at making Bitcoin more available to the public. According to Mike Brock, general manager of TBD, the platform will be completely designed in an open-source and open protocol for every wallet’s use.
Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.
