After finally hitting $100,000, some analysts expected Bitcoin to retreat, as it has after hitting new all-time highs. However, it hasn’t, and it has been trading above this landmark price. Data shows that one of the key factors behind its continued rise is the continued accumulation by BTC whales. Elsewhere, analysts have identified Cardano and the new Ethereum-based altcoin Yeti Ouro (YETIO) as two of the best Bitcoin alternatives for massive gains.
Bitcoin Price Prediction: BTC Whales Hold It Up
Bitcoin has been aiming for the six-figure mark for years. The March rally, sparked by the launch of the BTC spot ETFs, looked set to finally push Bitcoin to this level, but it failed. It wasn’t until Donald Trump won the US elections that, BTC price journey to $100,000 kicked off in earnest, and it ended with Bitcoin hitting a new all-time high of $103.475.
Despite the rally, data shows that Bitcoin whales have been reluctant to dump their holdings for profit. In fact, this bull cycle has the lowest realized profit ratios for the bulls, which shows that they are more focused than ever on pushing BTC to even higher levels before selling their holdings.
(Image courtesy of Crypto Quant)
It gets better: Crypto Quant shows that in the past week, Bitcoin holders have withdrawn over 40,000 BTC from centralized exchanges, totaling nearly $4 billion. Exchange withdrawals are a bullish signal as they show that investors are planning to hold their tokens for a longer time.
Cardano, in contrast, has gone through a massive correction. Cardano price has lost nearly 12% in the past week alone, and 18% since hitting a three-year high at $1.3054. Even more concerning is the drastic drop in ADA holding time, which is down nearly 50%. This shows that more holders are dumping their tokens faster than they used to. However, ADA remains one of the strongest coins, and investing at its current price of $1 might prove a steep bargain.
Does Yeti Ouro Offer Better Returns?
Analysts believe that the new Ethereum-based altcoin Yeti Ouro could offer better returns, currently selling for just $0.017 in the second stage of its presale. The presale has already raised over $1.2 million with thousands of investors who rushed to snap up the tokens before their prices were revised upwards.
While Yeti Ouro is an exciting memecoin, it’s much more than that, offering utility through its Yeti Go play-to-earn game. Yeti Go allows players to compete against each other for a reward, paid out in YETIO tokens. The token is also used to pay race entry fees, make in-game purchases for weapons and other customizations and stake to unlock exclusive rewards. YETIO’s supply is capped at one billion tokens, with 5% allocated to the token-burning mechanism.
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