Author: The Daily Hodl
The chief executive of the financial giant VanEck believes that Bitcoin’s (BTC) market cap will eventually soar to at least half of gold’s market cap. In a new interview with Scott Melker, VanEck CEO Jan van Eck says that it could take up to a decade for traditional finance (TradFi) to help drive Bitcoin’s market cap to $7.85 trillion. The current gold market cap is at approximately $15.7 trillion. Meanwhile, Bitcoin’s market cap is about $1.36 trillion. “I say [Bitcoin will] eventually become at least half the market cap of gold. So I think that takes another five or 10…
Veteran trader Peter Brandt believes that Bitcoin (BTC) can soar to a high of $150,000 before the bull market comes to a close. In a new blog post, Brandt says the timeline of each bull cycle has been more or less the same since 2012. “The number of weeks from the start of each bull market cycle (the low following a 75%-plus decline) to the halving dates has been almost equal to the number of weeks from the halving dates to the subsequent bull market highs.” If Bitcoin continues to follow the script, Brandt predicts that the current bull market…
Widely followed trader Inmortal says this year will see massive rallies for Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and one additional altcoin. The pseudonymous trader tells his 214,000 followers on the social media platform X that API3 (API3), a decentralized data oracle network that aims to connect traditional APIs with blockchain applications, is ready to “get sent” after a long consolidation period. Inmortal mentions API3’s recent strategic funding round led by digital asset investment firm DWF labs and the bullish technicals on the altcoin’s chart. “API3 about to get sent. API3 has successfully concluded a strategic funding round, allocating treasury…
Digital assets manager CoinShares says institutions poured two billion dollars into crypto products last month. In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products reached $185 million in inflows last week. “Digital asset investment products saw inflows for the 4th consecutive week totaling US $185 million, with May seeing US $2 billion inflows, pushing year-to-date inflows past the US $15 billion mark for the first time on record. Volumes were down for the week though, falling to US$8bn, relative to US $13 billion the week prior.” The US region brought in $130 million in inflows while…
The CEO of blockchain analytics firm CryptoQuant says that Bitcoin’s (BTC) on-chain market structure looks similar to 2020 before its bull market finale. Ki Young Ju tells his 346,000 followers on the social media platform X that Bitcoin’s current price action is reminiscent of four years ago when BTC consolidated for over half a year while on-chain activity rose rapidly. Ju says that $1 billion in BTC has been added to whale wallets, which is most likely headed off-market to cold storage. “Same vibe on Bitcoin as mid-2020. Back then, BTC hovered around $10,000 for six months with high on-chain…
The leader of the Gamestop (GME) short squeeze movement is sitting on potentially one of the best trades of all time shortly after his dramatic comeback to the public eye. Keith Gill, who goes by ‘Roaring Kitty,’ is currently looking at hundreds of millions of dollars in gains after building a massive call option position in GME. Yesterday, the legendary meme stock trader made his first post on Reddit under his username “DeepF**kingVallue” in over three years, revealing a call position initially worth $65 million. “GME YOLO update – June 2, 2024” According to stock and crypto market tools platform…
A widely followed analyst and trader is revealing his top four altcoin picks for the next six months. The analyst pseudonymously known as The Flow Horse tells his 217,900 followers on the social media platform X that Ethereum (ETH) is one of the main plays to look at from now until late this year. His other picks include memecoin Pepe (PEPE), MAGA (TRUMP), a memecoin inspired by presidential candidate Donald Trump and Ondo Finance (ONDO), a project focused on tokenizing real-world assets (RWAs). “ETH, Pepe, Trump, Ondo. Don’t want a fifth, just throw it in the king (Bitcoin). Six months…
Legendary trader Peter Brandt says one Bitcoin (BTC) chart looks quite similar to the one printed by the stock market in the mid-1980s before a big breakout. Brandt tells his followers on the social media platform X that he’s looking at Bitcoin versus the M1 money supply chart (BTC/WM1NS), which compares the value of BTC against all the money sloshing in the US economy. “The argument for Bitcoin relates to the eventual destruction of fiat currency units (e.g., USD) This chart… plots the price of Bitcoin BTC in relationship to total US money stock (M1). This ratio remains below the…
Quant analyst PlanB says that Bitcoin (BTC) is entering a phase that has historically coincided with rallies. In a new strategy session, PlanB provides an update on his stock-to-flow (S2F) model, which was traditionally used for traditional commodities before he adapted it to Bitcoin. The S2F model predicts the performance of an asset based on the idea that the price increases as the asset becomes more scarce. Historically, PlanB’s S2F model has signaled the beginning of strong bull runs immediately after the halving with the printing of a red dot. “It’s the first month after the halving, and the start…
A crypto strategist known for macro Bitcoin calls thinks that BTC is gearing up for a big price explosion en route to a blow-off top. Pseudonymous analyst TechDev tells his 456,200 followers on the social media platform X that Bitcoin’s trading range on the five-day chart is at its tightest level in eight years. A tight trading range in a bullish trend suggests that buying activity is inching closer to sellers’ desired price level, causing price compression that often leads to a breakout. TechDev uses logarithmic Bollinger bands to quantify Bitcoin’s volatility history. Says TechDev, “Historic move imminent. Bitcoin’s five-day…