Bitcoin holders are eagerly waiting for the asset to continue its upward trajectory. After all, the world’s largest crypto has recently reached a new all-time high of $73,284, rewarding substantial profits for long-time holders.
As of today, $BTC has endured a correction phase, currently trading at $66,886. The currency is still trading at a 56% increase since its breakthrough on February 7, with holders eagerly waiting for Bitcoin to regain momentum and reach the milestone of $80,000 per token, a price never reached before.
IntoTheBlock data reveals an optimistic outlook for the currency. Today, over 96% of all holders are at a profit, 2% are “breaking even”, and only 2% are losing money. Furthermore, the currency also appears to have become more diverse, with only 11% of its total holdings belonging to “whales”.
As a result, its total market capitalization has also reached unforeseen grounds. After spending most of 2023 with a market cap of around $400 billion, Bitcoin today has a market of $1.35 trillion, making it an asset more valuable than Visa and Mastercard combined.
Why did Bitcoin go up?
Demand for bitcoin has risen significantly due to the popularity of spot bitcoin ETFs. These ETFs allow investors to participate in the crypto market with less risk than direct Bitcoin ownership.
Essentially, they provide a way to gain exposure to bitcoin without actually holding it. The US Securities and Exchange Commission approved the sale of spot bitcoin ETFs in January, leading to a substantial influx of cash into these funds. Major institutional investors, including BlackRock and Fidelity Investments, now offer spot bitcoin ETFs, contributing to the rally.
Reaching $90,000 would prompt an 18% increase for BTC
Reaching the $90,000 milestone for Bitcoin would mark a significant psychological achievement for investors and trigger a substantial increase in the asset’s value. Analysts predict breaching this threshold could lead to an 18% surge in Bitcoin’s price, driven by increased investor confidence and FOMO (fear of missing out) among retail traders.
Historically, Bitcoin has experienced sharp price movements when approaching key price levels. Technical factors, market sentiment, and media attention often fuel this phenomenon. As more investors anticipate Bitcoin’s rally to $90,000, there’s a heightened sense of optimism and buying pressure in the market.
However, despite achieving new heights, Bitcoin’s potential gains are outshined by the potential of newer and promising projects to grow. Today, Bitcoin dominance (i.e., the amount of crypto market cap made of BTC) is only at 53%, a stark disparity from the previous 2021 ATH when BTC dominance reached over 73% of the total market capitalization.
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This disparity confirms that the crypto market has become more popular and showcases the potential for a new “alt season” to emerge in 2024.
Mollars, Ethereum Blockchains “New Bitcoin”
Meanwhile, a new project on the Ethereum Blockchain has been rapidly gaining notoriety in the space. Mollars, a store-of-value inspired by Bitcoin itself, is currently on presale, amassing over 2,054,300 tokens already sold.
With a total maximum supply of 10 million tokens, the presale has already sold over 20% of the total amount of tokens to ever be available in the market. Currently, the token is sold for $0.50, with an expected launch price of $0.62, signaling 24% profits from today.
So far, Mollars has sold 51% of the allocated 4,000,000 tokens, and the funding rounds will continue until May 24.
How does Mollars compare to Bitcoin?
Undoubtedly, it is a tough task to compare a new project to the first and most successful cryptocurrency. However, Mollars was meticulously designed to mirror many of Bitcoin’s features, with a modern and updated outlook on the current market.
Lower buy-sell transaction fees:
Bitcoin’s blockchain is notorious for its high transaction fees. On average, traders paid around $39 per buy or sell action last year, which is more expensive than traditional bank wire transfers. Mollars, initially based on the Ethereum blockchain, aims to address this issue.
Traders using Mollars as a store-of-value token could save 80% on transaction fees compared to Bitcoin. Instead of $39, Mollars transactions would average around $8. This aligns with the core principles of cryptocurrency and decentralization.
More scarce; better protection against inflation:
Bitcoin was designed as a hedge against inflation. With a total token supply capped at 21 million coins, Bitcoin becomes scarcer as more people acquire it. As a result, its value has increased significantly over time. In contrast, Mollars, being an Ethereum-based store-of-value token with an even lower supply, aims to provide similar benefits—by maintaining scarcity, it offers protection against currency devaluation and inflation.
Profit yield potential for Mollars
Rising transaction fees in Bitcoin have impacted overall profit yields. Some gains are diverted to miners and possibly even Bitcoin’s founder, Satoshi Nakamoto, who allegedly owns over $1 billion in BTC.
Mollars seeks to improve on both fronts. As an ERC-20 token [?], it will be more scarce than Bitcoin, potentially making it a cleaner investment choice for traders. The project is designed to become completely ownerless post-ICO, ensuring a decentralized asset capable of withstanding market inflation.
Overall, the majority of cryptocurrencies make the most gains in the years following its initial coin offering. In comparison to Bitcoin, the asset averaged 10,000% yearly growth from 2010 to 2012.
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For Mollars, if the asset can mimic even just a third of this performance, each token currently valued at $0.50 would be worth $50.63 in two years, representing a 10,026% increase in value. Despite being highly speculative, looking at the current market conditions corroborates the idea of compound growth.
Bitcoin itself is going through a new halving in 2024, and aligned with the popularity of BTC ETF, the cryptocurrency market has everything to have its most lucrative year in history. While Bitcoin continues to hold its position as the pioneer of cryptocurrencies, newer projects like Mollars are emerging with innovative solutions and promising growth potential.
Disclaimer: This article is sponsored content and is not financial advice. CryptoNewsZ does not endorse or guarantee the accuracy of the content. Readers should verify information independently and exercise caution when dealing with any mentioned company. Investing in cryptocurrencies is risky, and seeking advice from a qualified professional is recommended.
