Bitcoin is on fire, surpassing $65,000 for the first time. This surge created a frenzy in the altcoin world and netted investors huge profits. According to Altcoin Buzz, here’s what’s happening:
The analyst found that expert Geoffrey Kendrick thinks Bitcoin will reach $200,000 by 2025. He says there are many reasons why new Bitcoins are becoming more difficult to obtain, such as more people wanting Bitcoin and some technical factors called halvings. He thinks Bitcoin will reach $100,000 by the end of this year, which is a very bold prediction.
What is happening in the world of ‘meme coins’?
The analyst said people are crazy about meme coins like Pepe, Floki and Bonk. These coins surged in price by more than 500%, and trading volume exploded by nearly 3,000% in just one week. Pepe, for example, saw a surge in trading volume, ranking 8th overall.
Pepe’s value has soared 400% in the past week alone, reaching a market capitalization of $3 billion. Another popular product, Bonk, also surged 190% and almost reached its all-time high. It’s like the Dogecoin craze that started again in 2021.
Eigen Layer, a fancy term for a decentralized finance (DeFi) platform, has hit a major milestone by securing over $10 billion in assets. This is a big jump compared to just $1.1 billion at the beginning of the year.
This platform allows people to stake Ethereum and receive rewards through liquid staking. The reason for the significant increase in value is that more people are depositing Ethereum and there is anticipation of upcoming free token giveaways.
The Clone Protocol makes it easier for people to trade different types of tokens on the Solana blockchain. It’s like having all your transactions in one place – simpler and faster. It’s really cool that you can trade and borrow money using USDC, a type of digital currency, as collateral.