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After the US election results were announced, Blackrock’s spot Bitcoin ETF experienced its highest daily trading volume since its launch. A post by Eric Balchunas reported that this spot Bitcoin ETF reported the biggest $4.1 billion volume in a day. This large volume in the spot Bitcoin ETF, associated with positive sentiments of Donald Trump winning, has given momentum to the cryptocurrency market.
Due to the increased bullish sentiments, Solana (SOL), with the breakout, has increased over 20% in the last three days, while Near Protocol (NEAR) has shown similar gains. Some coins, like DTX Exchange (DTX), have shown bullish strength even in corrections.
DTX Exchange is a novel hybrid exchange currently in the presale stages. It has seen a tremendous response from institutional and money fund houses, raising nearly $6.8 million in under a month.
Solana (SOL) Saw Massive Spike On On-chain Volume
Solana (SOL) recently saw a huge spike in network activity, with on-chain transfer volume reaching $224 billion by the end of October, according to Glassnode data. This surge was nearly three times Solana (SOL)’s market cap, highlighting the coin’s growing market activity.
On ETF development, Solana (SOL) also appears on track to be the next token with an ETF in the market. In early July, the Cboe filed a 19b-4 application with the SEC to list potential spot Solana (SOL) ETFs from VanEck and 21Shares, following an initial filing in late June. Canary Capital recently joined as the third asset manager to file for a spot in Solana (SOL) products in the U.S.
Near Protocol (NEAR) Retest Breakdown, Decisive Price Formation Ahead
On 1st November, Near Protocol gave a breakdown of the long-term support trendline falling nearly 15%. However, the election result has completely changed the short-term trend with the sudden bounce in Near Protocol price. Near Protocol dropped to a low of $3.5 but with the jump, it is currently trading above $4.
Near Protocol is trading at a crucial spot here because rejection from the retest level will throw the price for another bear leg but breakout can change the trend in the bull direction. Near Protocol has cleared the 10-period moving average but is still facing resistance from 20-DMA, which it needs to clear for further momentum.
DTX Exchange (DTX) Best Bet In Election Rally
DTX Exchange, with its innovative ideas, has made its impact on the trillion-dollar exchange market. Experts have highly appreciated DTX’s idea of multi-asset trading on a single platform. It will allow trading in more than 120,000 assets, such as ETFs, gold, stocks, cryptocurrencies, etc.
DTX Exchange’s proprietary blockchain, VulcanX, is known for its high speed, achieving 10,000 transactions per second. It also has the capability to significantly reduce the trading fees other exchanges charge traders.
DTX allows traders to set precise preferences, enabling the system to automatically execute trades without constant monitoring with the help of AI order execution. This helps traders seize market opportunities more efficiently, which is useful for highly volatile markets.
Many expert analysts have been betting on the DTX Exchange because of its ability to disrupt the whole exchange sector. The DTX Exchange presale is proceeding very fast and is currently in the fourth stage, which is around 70% sold. This presale, with tokens priced at $0.08, provides a last opportunity for investors to grab tokens at discounted prices.
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Source: https://en.cryptonomist.ch/2024/11/08/blackrock-spot-bitcoin-etf-surpass-1b-trading-volume/