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Cryptocurrencies have continued their remarkable rally this year, outperforming traditional assets like stocks and commodities. Bitcoin has jumped by 57% in 2024, beating the tech-heavy Nasdaq 100 index, which is up by only 7.25%.
Cryptocurrencies are thriving
Most notably, cryptocurrencies have beaten gold even as it trades at its all-time high. And most analysts now predict that the iShares Bitcoin Trust (IBIT) will have more assets than the SPDR Gold ETF (GLD), which has over $56 billion in assets. IBIT has added about $13 billion in about two months.
Token sales are also doing well. As we have written recently, Bitcoin Dogs has raised over $9 million in the past 30 days, making it the fastest-growing token sale this year. BitBot, another token, is about to raise over $1 million.
The trend in the cryptocurrency market is expected to continue in the foreseeable future. For one, there is the rising demand for Bitcoin from institutional investors. In a Tweet, Bill Ackman, the respected billionaire, said that he may consider investing in Bitcoin.
A scenario:
Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues.
Bitcoin… https://t.co/a5LzX69R7q
— Bill Ackman (@BillAckman) March 9, 2024
The other evidence that institutions are doing well is that there is strong inflows in most Bitcoin ETFs. The only fund that is not doing well is the Grayscale Bitcoin Trust (GBTC), which has lost substantial sums of money because of its high fees.
Meanwhile, Bitcoin halving is expected to happen in April, which will lead to more supply challenges. Other coins like Bitcoin Cash, Ethereum Classic, and Bitcoin SV will also have their halving soon.
The other catalyst for Bitcoin and other cryptocurrencies is the possibility that the Securities and Exchange Commission (SEC) will approve a spot Ethereum ETF this year. That ETF will likely see more institutional demand at a time when Ethereum supply is waning.
BitBot token sale is doing well
All these factors, coupled with the potential easing cycle by the Federal Reserve and other central banks means that BitBot will likely see more inflows.
BitBot, as you can see in this white paper, is a cryptocurrency project that seeks to become a major player in the Telegram bot market.
The developers aim to provide a Telegram bot that will send accurate signals to traders from around the world.
This is a highly competitive market, with the number of these bots expected to continue rising in the long term.
BitBot’s advantage is that it is a non-custodial trading bot, which will have more security than traditional ones. Further, it will have a revenue-sharing feature, where $BITBOT holders will receive payments.
The other feature is that these holders will take part in its governance process. Like with Uniswap, these holders will be able to vote on key issues in the ecosystem like fees and its direction.
Therefore, with a strong community behind it, there is a possibility that the BitBot token will continue doing well when it finally goes public. Recently, we have seen many new tokens like Solama and MAGA surge. You can buy the Bit Bot token here.
This article first appeared at CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison
