FOMO is back in the altcoin market," said 10x Research: A huge increase may be on the horizon
Market research firm 10x Research, which commented that "FOMO is back in the altcoin market", suggested that more could be on the horizon.
According to crypto-focused market research firm 10x Research, FOMO is back in the altcoin market and a major increase may be on the horizon.
In the assessment made by 10x Research CEO Markus Thielen, “After the Fed's interest rate cut, Bitcoin gained 5 percent, while Ether rose 11 percent and some altcoins experienced impressive increases. For example, ENA recorded increases of 54 percent, SEI 51 percent and SHIB 36 percent. As the printing of stable coins accelerates and the billions of dollars of investment news from Chinese companies trading OTC, more increases seem likely." statements were used.
"The new target after 65 thousand dollars is 70 thousand dollars"
Thielen stated that they expect a rapid move towards 70 thousand dollars after Bitcoin rose above 65 thousand dollars, claiming that the price will break a new record in the near term.
In the report, attention was drawn to the sharp increase in fixed coin printing, especially after the Fed's interest rate cut:
“In the following weeks, about 10 billion dollars of stablecoins were printed and filled the cryptocurrency market with liquidity. This amount has also significantly outpaced investments in Bitcoin ETFs.”
Underlining that Circle, which is the company behind USDC and generally works for regulated institutions, accounts for 40 percent of the rarely seen fixed coin inflows, Thielen commented, "This indicates that major market players are increasing their investments."
“There has been a significant change in Bitcoin domination”
The report also mentioned the falling dominance of Bitcoin. Emphasizing that there was a significant change after last week's FOMC meeting, Thielen said, “While Bitcoin's dominance is decreasing, Ethereum transaction fees have risen with the increase in altcoin transactions across the ecosystem.
