Altcoin season has officially kicked off in the world of cryptocurrency, with various altcoins outperforming Bitcoin and making significant gains. This week, Bitcoin reached $39,000, its highest price since April 2022, but it was the explosive growth of altcoins like AVAX, Helium, Blur, and Rune that caught the attention of investors.
In other news, Reddit’s MOON token has seen a surge in value after the social platform completed the decentralization of the token, ensuring its status as a fully decentralized entity. MicroStrategy, the largest corporate holder of Bitcoin, made a significant purchase of 16,000 bitcoins worth $600 million, further solidifying its position in the crypto market.
Coinbase’s stock has tripled in value this month, reflecting Wall Street’s renewed confidence in the US crypto exchange. FTX also made headlines after receiving approval to sell its investments in Grayscale trusts to repay creditors, who are owed billions of dollars.
However, not all news in the crypto world is positive, as football superstar Cristiano Ronaldo is facing a $1 billion lawsuit over the promotion of his NFT collection on Binance. Despite this, AI-related crypto tokens have rallied, with top tokens like Bittensor’s TAO and Fetch.AI’s FET experiencing significant gains.
Standard Chartered Bank has revised its Bitcoin forecast, now expecting a $100,000 price before the halving, citing increased optimism and the anticipated introduction of U.S. spot Bitcoin ETFs. Geoff Kendrick, the bank’s head of crypto research, referred to a “crypto spring” and highlighted Bitcoin’s dominance and miner hoarding as driving factors for its surging value.
Overall, it has been an eventful week in the world of cryptocurrency, with various developments and price movements shaping the market. Stay tuned for more updates in the coming weeks.
