<p><span data-mce-type="bookmark" style="display: inline-block; width: 0px; overflow: hidden; line-height: 0;" class="mce_SELRES_start"></span></iframe>The crypto market is buzzing with optimism as Bitcoin reaches an 18-month peak and altcoins rally. In other news, defunct crypto exchanges may see new life, Robinhood expands its crypto trading services, and Binance launches a new Web3 wallet. Plus, the SEC is in talks with Grayscale to convert its GBTC trust into a spot Bitcoin ETF, and Ripple's XRP briefly surpasses Binance's BNB as the fourth-largest token by market cap. And while Elon Musk's new AI, Grok, has spawned over 400 scam tokens, academic researchers have found that AI models can outperform the hodl strategy by 300%. Keep reading for all the details in this week's crypto news roundup.</p>Crypto Market Reacts to Optimism
The crypto market is experiencing a surge of optimism as Bitcoin hits an 18-month peak and altcoins rally. In just 4 hours, $50 million in short liquidations occurred, further boosting Bitcoin’s price, which has gained 120% this year. Altcoins are also seeing a rally, with the top 100 digital assets index up 16%. Bitcoin dominance, or its share of the total crypto market cap, is now at 49%, indicating a growing risk appetite in the market.
Defunct Crypto Exchanges Revived
The possibility of reviving FTX under new leadership has been suggested by SEC Chair Gary Gensler, who emphasized the importance of transparency and investor trust. Reports indicate that Tom Farley, ex-president of NYSE, is among the potential buyers for the bankrupt exchange. Meanwhile, the judge overseeing Celsius Network’s bankruptcy case is urging the SEC to expedite its decision on whether to allow Celsius to transform into a crypto mining firm. This is part of a plan to partially repay its customers, some of whom have had their accounts frozen since June of 2022.
Robinhood Crypto Trading Expands
American trading platform Robinhood is expanding its crypto trading services into the European Union and launching brokerage operations in the UK in the coming weeks. This expansion comes as some crypto firms are suspending services for UK customers due to new promotion rules implemented in October, which require clear risk labels and system changes.
Binance Launches Web3 Wallet
Binance has unveiled a new crypto wallet accessible through the Binance mobile app. CEO Changpeng Zhao emphasized the importance of Web3 wallets, stating that they are more than just for storage. “They are an integral part of the Web3 framework, empowering individuals with the ability for self-sovereign finance.” The wallet utilizes multiparty computation, dividing private keys into three parts to enhance security by mitigating the risk of compromise.
Optimism Spreads on ETFs’ News
The US Securities and Exchange Commission has opened talks with Grayscale to convert its GBTC trust into a spot Bitcoin ETF. This reevaluation has caused overall optimism in the crypto market after a court decision deemed its prior rejection arbitrary and capricious. In addition, BlackRock has registered the iShares Ethereum Trust, signaling a possible Ether ETF and fueling a rally in Ether’s price.
XRP Briefly Tops Major Altcoin
Ripple’s XRP briefly surpassed Binance’s BNB as the fourth-largest token by market cap, with an 11% price increase in a single day. The price surge was caused by Ripple’s announcement of its collaboration with Onafriq for remittance expansion in Africa, the Gulf States, the UK, and Australia. This partnership opens new blockchain-based payment corridors, serving over 400 million mobile wallets.
Musk’s Grok AI Spawned Scam Tokens
Despite Elon Musk’s declaration that his companies won’t create cryptocurrencies, over 400 scam tokens tied to his new AI, Grok, have already emerged, amassing over $10 million in market cap. At least 10 Grok tokens resulted in rug-pulls, causing $1 million in losses. In contrast, a new report shows the slowest pace of altcoin creation in 3 years due to decreased funding for blockchain projects.
AI Models Outperform Hodling by 300%
Academic researchers from two Greek universities have endorsed what is called “The efficient market hypothesis for Bitcoin trading.” They argue that their AI models, based on the controversial theory, can outperform the hodl strategy by nearly 300% in simulated crypto portfolios. This enables investors to achieve higher profits than with a traditional buy-and-hold strategy, although only in theory.
That’s what’s happened this week in crypto. Stay tuned for more updates next week.
</div>Unleashing the Power of Altcoins: A Must-Read for Crypto Enthusiasts – Nov 13, 2023
The world of cryptocurrency is ever-evolving and constantly introducing new opportunities for investors and users. With the rise in popularity of Bitcoin, many people believe that it is the only cryptocurrency worth investing in. However, there is a whole other world of alternative coins, or “altcoins,” that are worth exploring.
Altcoins are essentially any cryptocurrency other than Bitcoin. These coins have unique features, functions, and potential uses, making them valuable investments for those who know how to unleash their power. In this article, we will dive deeper into the world of altcoins, their benefits, and how to make the most out of them as a crypto enthusiast.
The Benefits of Altcoins
Before we dive into the tips and tricks, let’s first discuss why altcoins are worth your attention. Here are some of the benefits of investing in and utilizing altcoins in your crypto portfolio:
1. Potential for Higher Returns: While Bitcoin remains the most popular cryptocurrency, many altcoins have proven to have a much higher return on investment (ROI) potential. For example, Ethereum, the second-largest cryptocurrency, has seen a 2,000% increase in value in 2021 alone.
2. Diversification: Just like in traditional investments, diversifying your crypto portfolio is crucial to reduce risk and maximize potential gains. Altcoins offer a way to diversify your holdings and potentially increase your profits.
3. Innovation and Adaptability: With Bitcoin being the first cryptocurrency, it is considered “digital gold.” However, altcoins have come along with new and innovative features that make them valuable for different use cases. For example, Litecoin allows for faster transactions, while Ripple focuses on facilitating cross-border payments.
4. Early Investment Opportunities: While Bitcoin remains a popular investment option, altcoins offer the potential for early investment opportunities, similar to investing in a startup. This could lead to larger returns in the long run.
5. Useful for Trading: Altcoins offer an excellent opportunity for short-term trading, as their smaller market cap makes them more volatile. This means that traders can take advantage of price fluctuations and make quick profits.
Practical Tips for Unleashing the Power of Altcoins
Now that we understand the benefits of adding altcoins to our portfolio let’s dive into some practical tips on how to make the most of these alternative coins.
1. Do Your Research: Before investing in any altcoin, it is essential to do your due diligence and research the coin thoroughly. This includes understanding its features, purpose, and potential. Look for coins that have a solid use case and a strong team behind them.
2. Diversify Your Portfolio: As mentioned earlier, diversifying your crypto portfolio is crucial to reducing risk. It is recommended to have a mix of both Bitcoin and altcoins to achieve a balanced portfolio. The percentage of altcoins in your portfolio will depend on your risk tolerance and financial goals.
3. Consider the Market Cap: The market capitalization of a cryptocurrency is a good indicator of its potential value. A higher market cap means that there is a higher demand for the coin, making it a relatively safer investment.
4. Follow Market Trends: Keep an eye on market trends and analysis to better understand which altcoins are gaining traction and potential. Subscribe to crypto news sites, follow influencers on social media, and join online communities to stay updated.
5. Set Realistic Goals: Like with any investment, having realistic expectations is crucial. Don’t expect altcoins to provide overnight returns; instead, set long-term goals and be patient with your investments.
Firsthand Experiences of Altcoin Holders
To give you a better understanding of the power of altcoins, let’s take a look at some firsthand experiences of altcoin holders.
1. “I diversified my portfolio with altcoins, and within a year, my profits have increased by over 50%. I am a firm believer in the potential of altcoins and would encourage others to explore this world.” - Sarah, crypto investor.
2. “While everyone was focused on Bitcoin, I invested in some smaller altcoins, and I have seen significant returns on my investment. It was a risk, but one that paid off.” – John, experienced crypto trader.
3. “I initially invested in Ethereum because of its innovative features, and now it has become one of the most valuable cryptocurrencies in the market. It’s amazing to see the potential of altcoins and how they can disrupt the traditional financial system.” – Ashley, crypto enthusiast.
In Conclusion
Altcoins offer a world of potential for those who are willing to explore and invest. They offer the potential for higher returns, diversification, and innovation. Before investing in any altcoin, always do your research and set realistic goals. Keep up with market trends and continuously educate yourself about the crypto market as it evolves.
As a final reminder, always invest within your means and seek professional advice if needed. With the right approach, you can unleash the power of altcoins and potentially achieve financial success in the ever-exciting world of cryptocurrency.
