Avalanche Price Surges 16% as Whales Accumulate AVAX
The Avalanche price has experienced a 16% surge in the past 24 hours, reaching $35.46 as of 12:30 a.m. EST. This increase is driven by whale accumulation of AVAX tokens, as suggested by on-chain data.
According to a tweet by @berly_eth, the Avax foundation’s alt wallet recently acquired $BEAR tokens for $AVAX through purchases made during dips. The foundation bought $115K worth of tokens over two days, with the latest purchase occurring 4.5 hours ago. Additionally, $92K worth of tokens was added to the Bear LP, and the remaining tokens were sent to another wallet.
Avalanche Price Prediction: Short-Term Pump Expected
An analysis of 30-minute charts for AVAX/USD reveals a positive outlook for Avalanche. The 50-period moving average has crossed above the 200-period moving average, indicating buying pressure. This suggests that the price is likely to experience a continuous pump in the short term, with bulls aiming to break through the $37.7 resistance level.
The Relative Strength Index (RSI) also supports a bullish trend for Avalanche. The RSI is moving above fifty, indicating a positive sentiment among traders.
Bollinger Bands show that Avalanche’s price is volatile, likely due to increased trading activity. The trading volume for AVAX has surged by 41% in the last 24 hours. Looking at the Total Value Locked (TVL) over the past few days, there is a rise, hinting at potential long-term bullishness for the Avalanche price.
Bitcoin ETF Token: A Better Investment Than AVAX?
Investors are eagerly waiting for the Securities and Exchange Commission’s (SEC) decision on Bitcoin ETF applications in early 2024. As a result, many are flocking to Bitcoin ETF Token (BTCETF) to position themselves for a potential bull run after the approvals.
The BTCETF presale is currently priced at $0.0066 and is expected to increase. The token aims to implement deflationary measures, with plans to burn 25% of its supply. Specific milestones trigger additional burns, such as a 5% reduction when the trading volume reaches $100,000.
Furthermore, BTCETF implements a 5% charge on all transactions to support deflationary burns. Upon reaching $1 billion in total assets under management (AUM) for Bitcoin ETFs, the transaction tax will decrease from 2% to 1%, accompanied by a 5% burn of BTCETF tokens.
Future Milestones Tied to Bitcoin Performance
Bitcoin’s price reaching $100,000 is the fifth and final benchmark for BTCETF. If this milestone is achieved, an additional 5% of the token supply will be burned, and the existing 1% transaction tax will be eliminated.
With the prospect of Bitcoin ETF introductions in early 2024, significant cash inflows to new BTC ETF products could drive BTC to new heights, potentially causing exponential increases in token prices from their current presale rates.
Promising Start for BTCETF in 2024
Bitcoin ETF approvals are highly anticipated, setting the stage for a promising start for BTCETF and similar projects in 2024. The deflationary tokenomics of BTCETF align with potential macro changes in the crypto landscape, providing additional support for its price.
As the crypto market matures towards widespread adoption, investors can position themselves to benefit from this significant evolution. While you monitor the Avalanche price, don’t miss out on the Bitcoin ETF Token presale and its potential upside.
Hot Take: Avalanche Price Rises Amid Whales Accumulating and Bitcoin ETF Hype
The Avalanche price has surged by 16% in the last 24 hours, driven by whale accumulation of AVAX tokens. Additionally, the anticipation surrounding Bitcoin ETF approvals has led investors to flock to Bitcoin ETF Token (BTCETF) as they position themselves for a potential bull run. BTCETF’s presale strategy, along with its deflationary measures and milestones tied to Bitcoin’s performance, further adds to its promising outlook. As the crypto market continues to evolve, both Avalanche and BTCETF present unique opportunities for investors seeking to benefit from the market’s growth.
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