With the approval of spot Bitcoin ETFs, institutional investors finally have access to the crypto space. In the first few weeks of institutional money entering the crypto space, the volatility of Bitcoin has fallen to a record low not witnessed since 2012.
In other developments, Tether continues to dominate the stablecoin space, with its market cap nearing the $100 billion market. Meanwhile, KangaMoon (KANG) has been building momentum as the best cryptocurrency, as it is set to surge by 50x. Read on for more insights.
Bitcoin (BTC) Volatility Drops To 2012 Lows
The cryptocurrency community were elated as the SEC approved 11 spot ETFs for Bitcoin (BTC) in January 2024. The initial reaction naw the price of Bitcoin dropped by more than 15%. However, the Bitcoin price stabilized in the preceding weeks.
The improvement of market sentiment has come at a catch. The volatility of Bitcoin has dropped to a record low last witnessed before 2012. Charlie Bilello reported that the volatility of Bitcoin is now at 45%.
Although short-term investors hoping to profit from significant price swings may not be impressed by the declining annualized volatility, it does indicate that Bitcoin has matured. With the halving event happening in less than 100 days, some analysts expect the Bitcoin price to surge to an all-time high, making it one of the top crypto coins to buy.
The Tether (USDT) Market Cap Nears $100 Billion
While investors expect gains for Bitcoin, Tether (USDT) continues to exert its dominance in the stablecoin market. With its main cryptocurrency, USDT, getting close to a $100 billion market valuation, Tether announced “record-breaking” profits of $2.85 billion for the most recent quarter.
According to data from CoinMarketCap, USDT now has a market cap of $96.2 billion, up from $67 billion one year ago. As of the end of 2023, the stablecoin issuer also possessed excess reserves totaling over $5.4 billion, as per its most recent attestation.
KangaMoon (KANG) Poised To Become Best Cryptocurrency of 2024
While market giants Bitcoin and Tether compete, a new contender has entered the fray: KangaMoon (KANG). This developing cryptocurrency initiative seeks to give meme coin enthusiasts a more user-friendly and incentivized blockchain platform.
KangaMoon, which focuses on social impact and sustainability, has already established itself as one of the top crypto coins to watch in 2024. Although KangaMoon is still in its early stages, the project has already acquired traction among meme coin fans and investors.
The fundamental of this new memecoin is to build a robust community in which members may participate in enjoyable activities and competitions while earning rewards and prizes. Top market experts have praised KangaMoon’s strong staff and clear vision.
The team has already said that KangaMoon will become a dual-utility memecoin with utility. As the community grows, the team will incorporate other projects into the ecosystem. As more of these projects launch, analysts have forecasted a 100x price surge for KANG. Investors have a great opportunity to join KangaMoon, and now it trades at only $0.005 per coin.
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Source: https://blockchainreporter.net/bitcoin-volatility-hits-record-lows-tethers-market-cap-nears-100-billion-as-kangamoon-prepares-for-big-price-jump/