Bitcoin Price Could Surpass $150k by the End of the Year
–News Direct–
The Bitcoin bull run is back and it could be its strongest run yet, according to experts.
After a tumultuous 2022, which saw the cryptocurrency market lose $2 trillion and Bitcoin's price drop by 63%, experienced a remarkable turnaround.1
Last week, the Bitcoin price hit a new record high, surpassing an impressive $73,000 for the first time. Although the weekend saw a mix of fear and greed as Bitcoin dropped to lows of $64,500, it has since rebounded above $69,000, with significant selling of BTC put options indicating that fear has diminished and investors are eager to buy the dip.2
This resurgence is attributed to the approval of Bitcoin exchange-traded funds (ETFs) by the SEC, simplifying the investment process and attracting institutional investors. Major players like BlackRock are heavily investing in Bitcoin ETFs, highlighting the cryptocurrenys growing mainstream acceptance.
Looking ahead, a 'halving' event in April could further boost Bitcoin prices by tightening supply. Yet, risks persist, especially with retail investors borrowing to invest in crypto, which could amplify market volatility.
The current market rally has led many financial firms to adopt a bullish stance on crypto. Standard Chartered recently revised its year-end target for Bitcoin to $150,000.3 Analysts Gautam Chhugani and Mahika Sapra from Bernstein are optimistic about Bitcoin's future, reiterating their $150,000 price target by mid-2025.4 They anticipate growing institutional interest in Bitcoin equities, benefiting mining companies.
Scott Melker and Bitwise's CIO Matt Hougan foresee a bullish trend for Bitcoin, with Hougan suggesting a potential price surpassing $200,000 this year. Galaxy Digital CEO Mike Novogratz also sees significant global demand for Bitcoin.
Bitcoin isnt the only cryptocurrency experiencing a surge. Following a memecoin frenzy over the weekend, Solana surpassed $200 and reached a record $89 billion market cap. Solana's total trading volume also surpassed Ethererum, reaching over $6.3 billion on March 16 and 17 compared to ETHs $4.4 billion.
According to a lead market analyst at crypto exchange Swyftx, Solana has effectively become the peoples coin, with the potential to reach $415, and even as high as $1,000.
As crypto continues its ascent, companies like Neptune Digital Assets Corp. (TSXV:NDA) (OTCQB:NPPTF) (FSE:1NW) stands out as a leader in the industry, focusing on financial technology and providing investors with access to a wide range of blockchain and cryptocurrency assets.
Neptune Digital Assets, which was named as one of the top performers on the TSX Venture Exchange for the second time in 3 years, is pioneering a comprehensive strategy that leverages the full spectrum of digital currency operations, including Bitcoin mining, staking, blockchain nodes, and decentralized finance (DeFi).
By offering investors an opportunity to engage with a diversified portfolio of income-generating digital assets, Neptune not only democratizes access to the burgeoning sector but also ensures a balanced exposure to its potential rewards.
Seizing Growth Opportunity Through Strategic Solana Investment
On March 27, Neptune Digital Assets Corp. (TSXV:NDA) (OTCQB:NPPTF) (FSE:1NW) reached a significant growth milestone in its proof-of-stake operations with the acquisition of 26,964 Solana (SOL) tokens, a leading proof-of-stake (PoS) blockchain protocol. The purchase was made at a price of US$64 per SOL token, representing a 66% discount to the current market value of US$193 per SOL. This move reflects Neptune's commitment to identifying and capitalizing on high-potential opportunities in the digital asset space. The company now holds a total of 31,181 staked SOL tokens, which are earning rewards.
Neptune has been actively expanding its staking business line, where it delegates tokens or operates nodes to secure PoS blockchain networks and earn rewards. These rewards contribute to Neptune's revenue streams, enhancing value for shareholders.
With Solana's PoS mechanism, Neptune Digital Assets anticipates generating an annual yield of approximately 7.5%. The acquired Solana tokens will be locked and staked, with 80% being released linearly on a monthly basis until January 2028 and the remaining 20% in March 2025. During the lock period, the tokens will earn staking rewards, subject to fluctuation.
"Our growing focus on proof-of-stake cryptocurrencies such as Solana, Polkadot, and Atom aligns with our commitment to generating sustainable revenue streams in the rapidly evolving blockchain ecosystem, said Cale Moodie, CEO of Neptune Digital Assets. Solana's staking rewards, combined with its robust infrastructure, present an attractive opportunity for Neptune to generate revenue while contributing to the security and decentralization of the Solana network. This is a remarkable opportunity to grow our assets and revenues at a substantial discount to prevailing market prices."
Solana is known for its fast transaction speeds and low fees, making it a popular platform for decentralized applications (dApps) and decentralized finance (DeFi) projects. With this investment, Neptune positions itself at the forefront of innovation in the blockchain space.
In January, Neptune Digital Assets announced its financial results for the quarter ending November 30, 2023 with $39 million in assets and no debt. The company's digital asset portfolio includes significant holdings of 335 BTC and 175,000 ATOM, along with investments in ETH, DOT, SOL, GRT, and a notable $3.52 million stake in SpaceX, reflecting Neptune's strategic and diversified investment approach in the blockchain and digital assets sector.
Click here to learn more about Neptune Digital Assets Corp. (TSXV:NDA) (OTCQB:NPPTF) (FSE:1NW).
[1] https://techmonitor.ai/technology/emerging-technology/bitcoin-price-surging-sustainable
[2] https://www.coindesk.com/markets/2024/03/18/bitcoin-back-above-67k-as-memecoins-push-up-sol-and-avax/
[3] https://cryptopotato.com/standard-chartered-ups-bitcoin-prediction-by-50-150k-by-2024-end/
[4] https://news.bitcoin.com/analysts-now-more-convinced-of-bitcoin-reaching-150000-by-mid-2025/
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