Recently, the price of Bitcoin has fallen significantly, falling from a high of $67,500 to approximately $60,750, a significant decline in just one week. So, how will Bitcoin’s price trend develop next?
Over the past seven days, Bitcoin (BTC) has fallen sharply from $67,500 to the current $60,750, a drop of 10%, triggering widespread concern and discussion among investors and analysts. With $60,000 as a key support level, can Bitcoin hold steady here, or will it continue to fall? The price decline is mainly attributed to the intersection of market sentiment and macroeconomic factors. Bitcoin fell from a high of $67,500 to around $60,750, reflecting a significant correction in the market. This dramatic volatility prompted in-depth analysis of its potential triggers and impact on the cryptocurrency market.
Currently, $60,000 has become an important support area for Bitcoin. Historically, this price level is both a psychological barrier and a technical barrier, which often affects traders' decisions. If Bitcoin can hold this support level, it may enter a consolidation phase or usher in a rebound. However, once it falls below this level, it may indicate a stronger downward trend, and the price may fall further to the next support level of about $54,000.
The crypto market has experienced a significant plunge recently due to the following factors:
Capital cashing out and exiting the US stock market: In August, the market was shaken and investors cashed out in large quantities, resulting in capital outflow from the US stock market, which further affected the crypto market. The expectation of a rate cut in September and a possible market surge in October also had an impact on the current market sentiment.
Altcoins plummeted: Most altcoins have approached or fallen below the lows of early July. Despite the sluggish market, the funding rates of altcoin perpetual contracts on major exchanges are mostly positive, and even if they turn negative, they are only slightly negative, indicating that the degree of panic in the market has not yet been fully reflected.
ETH holdings: Ethereum (ETH) prices have fallen to $2,860, but holdings are still significantly higher than the lows of early July and much higher than the levels of early May. Binance USDT lending rates have fluctuated between 8% and 9.5% since July 6, and even when the market fell, lending rates did not drop significantly.
In 2024, multiple DePIN cryptocurrency projects are attracting widespread attention, each showing unique innovations. Here are some of the most noteworthy DePIN cryptocurrencies: #Depin赛道
IN
Filecoin revolutionizes digital storage by creating a decentralized network that transforms unused global storage into a competitive market. Built on the InterPlanetary File System (IPFS) protocol, Filecoin provides a cost-effective solution for data storage.
Filecoin enables developers to create cloud storage services similar to Dropbox or iCloud using proof of replication and proof of spacetime. At press time, Filecoin is ranked 34th in the cryptocurrency market. Despite recent fluctuations in its value, Filecoin remains an important player in the DePIN space, demonstrating its continued influence and potential in the market.
PERSON
BitTensor is an open source infrastructure built on the Subtensor blockchain, using a unique "Proof of Intelligence (PoI)" consensus mechanism. This mechanism is similar to Proof of Work (PoW), which rewards miners for their valuable contributions to various technologies and research fields within the BitTensor network.
BitTensor implements the following features:
Novel AI technology development and distribution strategies: Leverage the possibilities of distributed ledgers, promote open access/ownership, decentralized governance, and leverage globally distributed computing power and innovation resources within an incentive framework.
An open source machine intelligence repository: accessible to anyone, anywhere, enabling open and permissionless innovation on a global scale.
Rewards are distributed according to the value of user contribution: rewards and network ownership are distributed to users in proportion to the value they add.
Overall, BitTensor aims to democratize and commoditize AI and emerging technologies through blockchain technology.
WITH
Arweave is a decentralized blockchain protocol for long-term permanent storage of data.
Unlike traditional blockchains, Arweave uses a unique "block weaving" structure to ensure data immutability and global replication through a Succinct Proof of Random Access (SPoRA) consensus mechanism. This mechanism requires miners to prove access to randomly stored data, thereby ensuring data persistence and accessibility.
The Arweave network is similar to a global, permissionless hard drive that allows users to store a variety of files, from simple text documents to complex web applications and archival databases. In this way, it can preserve important historical, cultural, and personal information indefinitely.
Arweave has thousands of independent nodes around the world that store and replicate data, enhancing security and resilience. The stored data can be accessed through the permaweb, a decentralized network built on Arweave that is used to host and access the stored information.
Unlike other decentralized storage solutions, Arweave allows users to pay a one-time fee to store data forever, with no ongoing payments or hidden fees.
THETA
Theta Network is a decentralized video streaming platform based on blockchain technology. It aims to encourage users to share bandwidth and computing resources through incentive mechanisms, thereby improving the efficiency and quality of video streaming. Theta Network consists of two parts: Theta main chain and Theta Fuel. Theta Fuel (TFUEL) is one of the two tokens of the network (the other is Theta Token).
The circulation of TFUEL is 1 billion, which is mainly used to pay transaction fees, reward nodes, and participate in network governance. As the "fuel" of the network, TFUEL supports the daily operation of Theta Network, ensuring the efficient operation of video streaming distribution and content delivery, while providing practical incentives for participants to ensure the smoothness and security of the network.
ICP
The potential of ICP coin is mainly reflected in its technical foundation, team background and market performance.
First of all, ICP coin relies on the decentralized Internet computing platform created by the Dfinity Foundation. As a core token, ICP coin has value exchange and incentive functions within the platform. Its layered design architecture provides high scalability and security, laying a solid foundation for future development.
Secondly, the team and partners behind ICP coin also demonstrate its potential. The Dfinity Foundation was founded by an elite team from academia and industry, whose members have rich technical experience and industry resources. In addition, ICP coin's partners are spread all over the world, covering multiple fields such as technology, finance and media, providing strong support for its promotion and development.
Finally, the performance of ICP coin in the cryptocurrency market is also noteworthy. Since its launch, the trading volume and market value of ICP coin have grown steadily. Although the price fluctuates greatly, it has shown an overall upward trend, showing the market's optimism about its potential. At the same time, the ICP coin community continues to grow, and the number of users and attention are gradually increasing, injecting vitality into its future development.
EGLD
MultiversX (formerly Elrond) is a high-throughput blockchain designed to power the future of the metaverse. MultiversX is committed to creating a blockchain with 1,000 times the throughput of most existing blockchains and uses eGold (EGLD) as its native token. It is worth noting that EGLD has been in a long consolidation phase since the 2022 bear market and has not yet recovered.
That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.
