Solana (SOL), a leading cryptocurrency known for its fast transaction speed, is currently experiencing a surge in investor confidence. According to recent market data, the open interest in Solana has increased by over 108%, reaching a new high of $1.75 billion.

This surge indicates a significant rise in investor activity and market participation across major exchanges such as Binance, Bybit, and OKX. In addition, Solana’s price has risen by over 8% in a single day, reaching $114, accompanied by an 88% increase in trading volume, which has reached nearly $3 billion.

Growing Investor Interest For Solana

These indicators reflect heightened investor interest and increased liquidity for Solana. The positive momentum surrounding Solana is part of a broader trend in the cryptocurrency market, which was initially sparked by Bitcoin’s recent surge above $50,000.

As Bitcoin’s performance often influences sentiment towards alternative coins like Solana, the current bullish trend is further supported by some analysts’ projection of a potential price target of $140 for Solana, representing a further 25% increase from its current level.

However, it is important to recognize the inherent volatility of the cryptocurrency market. While the current indicators present a positive outlook for Solana, past performance does not guarantee future results.

External factors such as regulatory changes, broader economic conditions, and unforeseen news events can significantly impact the market. Therefore, conducting thorough research and considering risk tolerance is essential before making any investment decisions.

Still A Rosy Picture For SOL

Despite the inherent volatility, the recent developments in Solana’s open interest, price, and trading volume paint a promising picture for the future. These metrics serve as valuable indicators of investor confidence and potential market trends.

Solana’s performance not only underscores its own strengths and appeal among investors but also highlights the interconnected nature of the cryptocurrency market, where positive sentiment in one sector can spill over to others.

The volatility of Solana is a point of consideration for investors. Solana has a volatility rank of 44, placing it in the bottom 40% of crypto assets on the market.

The cryptocurrency market is known for its sharp volatility, and Solana has experienced notable price fluctuations in the past. Therefore, while the current surge in investor confidence is evident, it is essential for investors to carefully assess the risks associated with the high volatility of Solana before making investment decisions.

Solana’s recent surge in investor confidence, as evidenced by the increase in open interest, price, and trading volume, reflects a positive outlook for the cryptocurrency.

Featured image from Pexels, chart from TradingView

Bitcoin is making waves on Wall Street, with BlackRock and Fidelity, two of the popular spot Bitcoin exchange-traded funds (ETF) issuers shattering records. Looking at recent trends, spot Bitcoin ETFs are surging in popularity, indicating that institutional investors, or “whales,” are diving headfirst.

Fidelity And BlackRock Spot Bitcoin ETFs Break Wall Street Record

Mark Wlosinski, a crypto commentator, took to X on February 12, highlighting the meteoric rise of BlackRock (IBIT) and Fidelity (FBTC) Bitcoin spot ETFs. Both have amassed a staggering $3 billion in assets under management (AUM) within 30 days. This feat is historic, marking the first time an ETF of any product has achieved such rapid growth in such a short period.

This unprecedented demand for spot Bitcoin ETFs comes amidst a broader trend of institutional adoption. Wlosinski notes that over 5,500 ETFs have been launched throughout history. However, none have yet witnessed the level of enthusiasm currently surrounding spot Bitcoin ETFs. 

The pace at which BTC AUM of spot ETF issuers continues to grow suggests a significant shift in investor sentiment. Specifically, Wall Street is increasingly recognizing BTC’s potential as a viable asset class.

For years, leading Wall Street executives, including Jamie Dimon, the head of JP Morgan, dismissed the coin, saying it was speculative and a scam. However, with the United States Securities and Exchange Commission (SEC) approving spot Bitcoin ETFs after more than ten years of rejecting the product, there appears to be a seismic shift in the investment landscape.

As of February 12, Lookonchain data shows that Fidelity and Ark21 Shares bought an additional 6,822 BTC worth over $339 million. BlackRock’s IBIT remains the largest spot BTC ETF by AUM, controlling over 87,780 BTC. However, spot ETF issuers continue to accumulate, pushing their total haul to 682,448 BTC. 

BTC Retests $50,000, Path To November 2021 Highs?

Since spot Bitcoin ETFs track the spot price, the more spot ETF issuers buy, the higher the demand for the coin becomes. Accordingly, rising demand has significantly impacted prices, as the daily chart shows. So far, Bitcoin is trading close to the psychological $50,000 mark, the highest level since 2024. 

Technically, the uptrend remains, and buyers are firmly in control. If buyers double down, buy more, and take more coins out of the reach of spot ETF issuers, Bitcoin will likely float to $70,000 or better in the sessions ahead.

Related Reading: SOL Price Surges To $115 – Why Solana Could Rally Another 10%

Tuur Demeester, a Bitcoin OG and researcher for Adamant Research shared his bullish outlook for Bitcoin via X (formerly Twitter), anticipating its price could escalate to between $200,000 and $600,000 by 2026. Demeester’s prediction is predicated on the influx of trillions of dollars through global bailouts and stimulus measures, which he believes will significantly propel Bitcoin’s valuation.

He remarked via X (formerly Twitter), “In ’21 bitcoin topped at $69k. I’m targeting $200-$600k by 2026. Fueled by $ trillions in global bailouts/stimulus,” indicating a strong conviction in the cryptocurrency’s future amidst expansive monetary policies.

In ’21 bitcoin topped at $69k. I’m targeting $200-$600k by 2026. Fueled by $ trillions in global bailouts/stimulus. https://t.co/ULslIMgzee

— Tuur Demeester (@TuurDemeester) February 12, 2024

In response to the question of whether the Bitcoin price will peak in 2025 or 2026, Demeester added: “It’s hard to say. We might get a bull cycle in two parts, like in 2013 – that could draw it out longer.”

Demeester’s track record lends weight to his forecasts. Notably, in September 2019, he accurately anticipated the previous bull run’s momentum, suggesting Bitcoin could reach $50,000 to $100,000. The reality surpassed expectations as Bitcoin peaked above $69,000 in November 2021, validating his prediction range’s upper end.

Why The Bitcoin Rally Is Far From Over

Adding depth to his latest prediction, Demeester pointed to Google trends data, which often serves as a barometer for retail investor interest in Bitcoin. Despite Bitcoin hitting $50,000 yesterday, Yassine Elmandjra, a researcher at Ark Invest, highlighted that Google search volumes relative to Bitcoin’s price are at all-time lows, suggesting a lack of widespread retail frenzy at this stage.

Bitcoin hit $50k.

Meanwhile, Google search volumes relative to price are at all time lows.

This is a new era. pic.twitter.com/8DnsadIclt

— Yassine Elmandjra (@yassineARK) February 12, 2024

This observation led Demeester to suggest, “I expect for retail to start waking up soon. Remember, there is no fever like Bitcoin fever,” indicating his anticipation of a surge in retail engagement once Bitcoin’s price momentum gathers pace.

Demeester also shared sage advice for investors, cautioning against the perils of debt and overexposure given Bitcoin’s notorious volatility. He emphasized the psychological resilience required to ‘HODL’ through market turbulence, stating, “The HODL attitude requires psychological & emotional work. The unprepared investor cannot sit tight, only the one who has worked to imagine the market relentlessly punching him in the face.”

Addressing inquiries about the future trajectory of Bitcoin, Demeester expressed uncertainty regarding the continuation of the four-year cycle pattern, suggesting that market dynamics are too complex for such predictable cycles to persist indefinitely. “I don’t know if the four-year cycle will hold. That sounds too good to be true tbh. All patterns seem to eventually break,” he commented, highlighting the unpredictable nature of markets.

On the topic of the anticipated economic bailouts, Demeester clarified his stance, pointing to the unsustainable fiscal practices of banks and governments as a catalyst for monetary expansion.

“Of banks and governments. For example, the US government today is already spending more on interest payments than on their military. Only way to keep going is to print an ocean of money,” he explained, providing a grim outlook on the financial stability of key institutions and the potential for BTC to benefit from these conditions.

Money Printing = Numbers Go Up

To understand Demeester’s claims, it’s essential to understand the broader economic dynamics at play. Economic stimulus packages and bailouts, particularly in response to crises, inject liquidity into financial markets, potentially devaluing fiat currencies through inflation.

Hard assets like Bitcoin, with their capped supply, stand in contrast to potential inflationary pressures, offering a hedge against currency devaluation. This dynamic, coupled with increasing institutional adoption by spot ETFs and the growing recognition of Bitcoin as a ‘digital gold,’ could send BTC’s value to unprecedented heights, aligning with Demeester’s projections.

At press time, BTC traded at $49,856.

According to a Reuters report, Founders Fund, the venture capital (VC) firm founded by billionaire Peter Thiel, is once again betting big on the flagship cryptocurrency, Bitcoin. The VC firm is reported to have made significant profits on their last Bitcoin investment and would be hoping that this next market cycle also brings immense rewards. 

Founders Fund Already Made A $200 Million Investment In Bitcoin And Ether

From late summer to early fall last year, Peter Thiel’s Founders Fund reportedly invested $200 million in the two largest crypto tokens by market cap, Bitcoin and Ethereum. If so, the VC firm is likely already sitting on unrealized profits, considering these two cryptocurrencies were trading lower during that period. 

Notably, the BTC price is known to have traded below $30,000 towards the end of summer last year and only rose above that level sometime in October. Meanwhile, although the average prices of Founders Fund’s Bitcoin purchases could not be ascertained, BTC has been trading at its highest level since 2021.

Interestingly, Founders Fund is said to have made about $1.8 billion in returns on their previous investment in Bitcoin. The Financial Times reported how the VC firm began investing in the crypto token as far back as 2014 and went to liquidate most of its BTC holdings in March 2022, just before the crypto winter started in full force. 

Peter Thiel’s Optimism On BTC

Peter Thiel, the co-founder of PayPal and one of the earliest investors in Facebook, is known to be a long-time Bitcoin advocate. He once explained how the flagship crypto token could provide a safe haven for investors and described it as a “hedge” against the “world falling apart.” Thiel also belonged to the school that believed Bitcoin could eventually replace Gold. 

When Bitcoin hit its all-time high at the height of the 2021 bull run, Thiel also admitted that he was underinvested in the crypto token. He said he should have bought more BTC rather than hesitating because he thought “everybody already knew the secret.”

The billionaire has also described himself at some point as a “pro-crypto, pro-Bitcoin maximalist.” His affinity for Bitcoin and cryptocurrencies generally also stems from his political philosophy of libertarianism, as he sees these virtual currencies as a “force for decentralization.”

Cover image from Dall-E, chart from Tradingview

Data shows extreme greed sentiment has made a return among the Bitcoin investors after the cryptocurrency’s price has broken above $50,000.

Bitcoin Fear & Greed Index Now Points Towards “Extreme Greed”

The “Fear & Greed Index” refers to an indicator that tells us about the general sentiment among Bitcoin traders and broader cryptocurrency sectors.

The metric represents this sentiment using a numerical scale from zero to hundred. According to Alternative, its creator, the index calculates this score using five factors: volatility, trading volume, social media sentiment, market cap dominance, and Google Trends.

When the Fear & Greed Index has a value of 54 or greater, the investors now share a sentiment of greed. On the other hand, values of 46 or less imply the presence of fear among the traders.

The region between these two ranges (values 47 to 53) corresponds to the territory of “neutral” sentiment. In addition to these three core sentiments, “extreme fear” and “extreme greed” occur at the deep ends of the fear and greed ranges.

Here is what the Bitcoin Fear & Greed index looks like right now to see which of these regions the market is in:

As displayed above, the Bitcoin Fear & Greed Index has surpassed the 75 threshold for extreme greed during the past day and has attained a value of 79. The metric was at 70 yesterday, so it has seen a bit of a jump in just the last 24 hours.

This surge in sentiment from greed to extreme greed has occurred as cryptocurrency broke past the $50,000 barrier for the first time since December 2021.

Historically, the extreme sentiments have been quite significant for the asset, as major bottoms and tops for the price have occurred in these regions. This relationship between the two, however, has been inverse.

Extreme fear has been when bottoms have taken shape, while extreme greed has been where tops have formed. In the past, Bitcoin has usually tended to move against the majority’s expectations. This expectation is the strongest in these ranges, so it makes sense that a reversal is the primarily likely here.

Followers of a trading philosophy called “contrarian investing” exploit this fact to time their buying and selling moves. “Be fearful when others are greedy, and greedy when others are fearful” is a famous quote from Warren Buffet that sums up the idea.

As the chart below shows, the last time the Fear & Greed Index attained extreme greed levels was around the time of the spot ETF approval.

As BTC investors are very well aware, the coin hit a top coinciding with the event as the market took to selling the news. Since the sentiment is now back inside extreme greed with its latest surge, another similar reversal point may be close for its price.

Perhaps it’s at a time like this when a contrarian investor would consider moving towards selling, going against the hype and euphoria floating around the market.

BTC Price

Bitcoin has enjoyed a surge of over 4% in the past day, which has taken its price towards the $50,000 mark.

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Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

Asset Manager Files For Spot Ethereum ETF

Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. 

The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 

Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

The Price Of ETH Rallies Amidst The Update

Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. 

Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

Dogecoin’s current metrics point to a confused path as the broader crypto market rallies after Bitcoin crossed the $50,000 level. Dogecoin has been posting some gains along with the rest of the crypto market, but behind the scenes, the meme coin’s transaction volume and whale transaction count have been discouraging. 

According to on-chain data first shared on social media platform X by crypto analyst Ali Martinez, Dogecoin has experienced a low transaction volume in the past few days, fueled by a drop in trading activity from large traders. 

Dogecoin’s Transaction Volume And Whale Activity Drops

According to the Santiment data shared by Ali Martinez, DOGE has been posting gains since February 6. Still, the whale transaction count and the total transaction volume have failed to rise.

Notably, this gain has dwindled compared to the other major cryptocurrencies. As a result, Chainlink (LINK), which has been on a bullish run, was able to displace DOGE out of the top 10 in terms of market cap rankings.

This decline in whale activity indicates the current sentiment among large traders. Similarly, data from IntoTheBlock has reiterated a decline from this cohort of traders, as the number of daily transactions greater than $100,000 has failed to rise above 200 in the past few days. For comparison, daily transactions above $100,000 steadied above 1,000 throughout January.

When activity drops, but prices rise, it’s usually a sign that a rally isn’t sustainable. This decline in activity suggests that fewer people are using Dogecoin for payments and transfers. Instead, Dogecoin seems to be catching up in the hype of the crypto market rally. 

What Does This Mean for The Dogecoin Price Outlook?

Whales are known for their ability to move markets so that less activity could signal lower enthusiasm. As a result, Dogecoin’s decreasing transaction volume and whale activity could signal some trouble for the meme cryptocurrency’s value in the coming weeks, primarily as it relies heavily on hype and popularity to drive up its market price.

At the time of writing, DOGE seems to be particularly facing resistance at the $0.083 price level. However, the decreased volume doesn’t necessarily mean Dogecoin is doomed, as the whale transaction count could pick back up shortly. 

The Dogecoin Foundation recently announced an ambitious 2024 roadmap in a recent blog post outlining the vision for the meme coin’s future. The renewed dedication to improving Dogecoin’s underlying technology, increasing its utility and mainstream adoption gives a glimmer of optimism. 

At the time of writing, DOGE is trading at $0.08235, up by 2.39% in the past 24 hours. Failure to break out of the resistance at $0.083 could mean a reversal to the $0.0816 level.

Cover image from Dall-E, chart from Tradingview

The cryptocurrency market was rattled as Dogecoin (DOGE) experienced a significant 5% decline in value, sending shockwaves through the industry. This decline, which caught many investors off guard, is attributed to a combination of factors that have created a cloud of uncertainty around the popular digital asset.

Firstly, the overall market sentiment towards cryptocurrencies has been bearish, with many investors becoming more cautious due to regulatory concerns and the ongoing legal troubles of influential figures in the industry.

Elon Musk’s Issues Affect Dogecoin Price

Elon Musk, the enigmatic figure known for his support of Dogecoin, was called back to provide testimony in a regulatory investigation regarding his purchase of Twitter. This has cast a shadow over the future of Dogecoin, as the outcome of Musk’s legal battles could have far-reaching implications for the cryptocurrency.

ELON MUSK MUST TESTIFY AGAIN IN REGULATOR’S PROBE INTO TWITTER ACQUISITION — U.S. COURT RULING

— *Walter Bloomberg (@DeItaone) February 11, 2024

Technical indicators further compound the challenges facing Dogecoin, as they reveal that the coin’s bulls are struggling to gain momentum. The rejection at the 50-day Exponential Moving Average has created a strong resistance level, hindering any significant upward movement.

Additionally, Dogecoin is at a critical juncture due to declining trading volume, signaling a potential period of consolidation or a waning interest in the digital asset.

#Dogecoin is experiencing a decrease in transaction volume and whale transaction count, which typically indicates lower trading activity. This could be a sign that fewer people are buying, selling, or transferring #DOGE, possibly due to reduced interest or confidence in it! pic.twitter.com/SiKNxx4FhN

— Ali (@ali_charts) February 12, 2024

The uncertainty surrounding Dogecoin is exacerbated by the possibility of it being classified as an investment akin to a stock, which could subject it to stringent regulations and negatively impact its value. If judges rule in this manner, it could deter potential buyers and erode the coin’s value, posing a significant threat to its future.

There’s Still Light Ahead

Despite these challenges, there is still a glimmer of hope for Dogecoin’s supporters. A potential recovery in the cryptocurrency is on the horizon if it can maintain its position above the 200-day moving average and overcome the negative sentiment stemming from Musk’s legal woes. However, a breach of this support level could lead to further declines and test lower support levels, potentially dropping to $0.065.

The decline in Dogecoin’s market capitalization and trading volume underscores the unpredictable nature of the cryptocurrency industry. As the market leader grapples with these challenges, it must adapt to the rise of other cryptocurrencies and find ways to distinguish itself.

Featured image from Pexels, chart from TradingView

Miles Deutscher, a renowned crypto analyst on X (formerly Twitter), recently announced the onset of what is poised to be the most monumental bull run in the history of crypto gaming. Deutscher’s commentary comes at a time when the sector is witnessing unprecedented growth, with notable milestones such as the fourfold increase in value of Heroes of Mavia since its launch, and the introduction of Gunzilla Games on the XBOX platform.

2024: A Breakout Year For Crypto Gaming?

These developments have contributed to the gaming market cap reaching a staggering $20 billion, signaling the early stages of a significant market shift. “The total gaming market cap just hit $20B,” Deutscher observed, indicating that these early achievements might only be the beginning of a larger trend.

The biggest bull run in crypto gaming history is about to begin.$MAVIA set the tone, but it’s only one of many high-profile launches coming this year.

If you want to capitalise, this thread is for you.

: My ULTIMATE crypto gaming guide (full strategy + top altcoin picks).

— Miles Deutscher (@milesdeutscher) February 12, 2024

With the global gaming industry expected to accumulate $363 billion in revenue by 2028, surpassing the combined value of the film and music industries, the potential for crypto’s integration into this vast market is immense. Deutscher articulates the unique proposition of crypto in gaming: “The ability to have true, verifiable ownership over in-game assets and financially reward users,” highlighting the transformative potential of blockchain technology in creating a new gaming economy.

Central to Deutscher’s bullish outlook on crypto gaming is its accessibility, the incentive for engagement, and the potential to onboard millions of new users to blockchain technology. “Gaming has all 3 of these traits,” he asserts, suggesting that the sector is at a pivotal moment of growth and adoption. The significant investments made in 2021 and 2022 are starting to bear fruit, with the sector’s rapid expansion, particularly in mobile gaming, serving as a catalyst for widespread adoption.

Mobile gaming, according to Deutscher, offers a “less-intimidating gateway to crypto,” potentially mainstreaming blockchain technology through gaming.

Detailing his investment strategy, Deutscher recommends a tiered approach encompassing gaming infrastructure, studios, and individual games. This strategy aims to balance risk and reward across the sector’s diverse landscape. “At the base, is gaming infrastructure (lower risk, lower reward). In the middle, is the gaming studios (medium risk, medium reward). At the summit, are the individual crypto games (high risk, high reward),” he explains.

Best Gaming Altcoins In 2024

Deutscher’s top recommendations within the crypto gaming ecosystem include:

Immutable (IMX): Positioned as a foundational investment in gaming infrastructure, Immutable stands out for its Layer-2 scaling solutions that support high-budget games. Deutscher cites VanEck’s prediction, “A breakout blockchain game may surpass 1 million daily players. Immutable X is poised to climb market cap ranks with key releases and the Immutable Passport, streamlining wallet usage and enabling wider adoption,” underscoring its potential for significant growth.

Vulcan Forged: This blockchain gaming ecosystem, featuring Vulcan Studios and Elysium, a carbon-neutral Layer-1 blockchain, is noted for its comprehensive approach and continuous product launches. Deutscher commends the team for their innovation and contribution to the ecosystem.
Echelon (PRIME): Known for hosting one of the most successful crypto card games, Echelon is spotlighted for its expansive gaming studio, Parallel Finance, and its ambitious plans to release more games, with its ecosystem token, PRIME, at the economic core.
Merit Circle: Positioned as a top bet in gaming infrastructure, Merit Circle stands out for its development of gaming SDKs (Software Development Kits), which streamline game development processes. Its first game, Forgotten Playland, is highlighted as a promising upcoming launch.
Heroes of Mavia (MAVIA): Garnering over 1 million downloads, Mavia is underscored for its significant impact in the mobile gaming sector, offering simple yet addictive gameplay. Its token performance post-launch and the strategy to accumulate on major dips are highlighted.
SHRAPNEL (SHRAP): A competitive first-person shooting game built on the Avalanche blockchain, SHRAPNEL is distinguished for its high-quality graphics and successful pre-alpha launch, alongside significant funding that underscores its potential in the gaming market.
Nakamoto Games (NAKA): A gaming studio with a portfolio of over 200 games, emphasizing a mobile-first approach and a strong, engaged community. Nakamoto Games is recognized for its ability to cater to a broad audience with its diverse gaming options.

Furthermore, Deutscher casts a spotlight on forthcoming launches such as Aether Games and Blood Loop, anticipated to significantly impact the sector. He speculates, “It’s highly likely that crypto’s next AAA gaming title hasn’t even launched yet,” promising to keep his followers abreast of potential gems in the evolving market.

At press time, MAVIA traded at $8.38.