Institutional demand for crypto OTC services and other enterprise offerings has surged alongside digital asset prices and the arrival of Wall Street.
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Solana Surpasses PayPal In Market Cap As Price Soars 6%; Analyst Predicts ‘Big Breakout’ Ahead
Solana (SOL), the fifth largest cryptocurrency by market cap, has recently outperformed several of the top ten cryptocurrencies with a notable 6% price increase over the past week. This rise puts Solana just behind Dogecoin (DOGE), which gained 7.8% over the same period, as the two best performers among the top ten cryptocurrencies by market capitalization. As a result, Solana has surpassed the payment platform PayPal in market capitalization, marking a significant milestone for the cryptocurrency. Solana Market Cap Hits $83.56 Billion As of now, Solana’s market capitalization stands at approximately $83.56 billion, reflecting a 2% growth. In contrast, PayPal’s market cap is slightly lower at $83.52 billion, underscoring the growing interest and investment in SOL as it continues to attract attention from investors. Related Reading: If Dogecoin Breaks Above Key Resistance ‘We Could See A 25% Rally’ – Top Analyst In terms of trading volume, Solana has seen a remarkable increase of nearly 28% in the last 24 hours, amounting to around $2.76 billion. This contrasts sharply with PayPal, which has averaged $11.66 million in trading volume over the past three months. Despite its recent gains, Solana has faced challenges in breaking through its most important resistance level in the short term at $180, experiencing four unsuccessful attempts within the past week. This struggle has led to a slight retracement of 1% in the last 24 hours, bringing the current trading price to $175.60 per SOL. Potential Upside Breakout From Triangle Pattern Despite any short-term obstacle, crypto analyst CryptoBullet has recently shared a bullish outlook for the Solana price, suggesting that the SOL/BTC trading pair is on the verge of a “big breakout.” According to the analyst, this potential movement could represent the final leg up in Solana’s current market cycle. Previous predictions from CryptoBulltet indicated that Wave 4 of Solana’s price action on the weekly chart has concluded, setting the stage for a breakout from a “massive” triangle pattern, which could lead to new all-time highs. However, while Solana is currently trading between $175 and $179, it remains down nearly 33% from its all-time high of $259, achieved during the 2021 bull market in November. Related Reading: Cardano Price Prediction: Analyst Says 80-90% Correction Is Over With 100% Jump Imminent Looking at the key support levels, with the current consolidation mode experienced over the past week, the token has found strong support at $170, preventing it from retesting even lower levels, which if breached in the current retracement could take SOL to the $164 area, where its next support level is located. However, given the number of bullish predictions for Solana and the broader market in the final months of the year, especially with the upcoming US elections, if the token manages to break above $180 and consolidate, the next target would be the $200 level, which has not been tested since the start of the last bearish trend at the end of July. Featured image from DALL-E, chart from TradingView.com nft.news
Metaplanet’s Total Bitcoin Holdings Exceed 1,000 BTC Following Latest Purchase
Japan-based investment firm Metaplanet has now accumulated over 1,000 Bitcoin (BTC) with its latest acquisition, establishing itself as one of Asia’s largest corporate holders of the digital asset. Metaplanet’s Bitcoin Holdings Top 1,000 BTC In an announcement made on October 28, Tokyo-listed Metaplanet stated it had purchased an additional 156.78 BTC at an average price of $66,436 per BTC. The latest purchase has propelled Metaplanet’s total BTC holdings to 1,018 BTC, acquired at an average price of $61,629. Related Reading: Bitcoin Begins Month With A Rebound As Metaplanet’s BTC Investment Tops $10 Million Commenting on the milestone, Metaplanet CEO Simon Gerovich noted, “This latest BTC purchase makes Metaplanet one of the largest corporate holders of Bitcoin in Asia.” The company further stated: Since adopting bitcoin as a treasury reserve asset, the company has strategically increased its total bitcoin holdings through acquisitions funded by capital market activities and operational income. Metaplanet first declared its decision to adopt Bitcoin as a strategic reserve asset in May 2024. Adhering to a “Bitcoin-first, Bitcoin-only” approach, Metaplanet further expanded its BTC holdings with a $2 million purchase in September. Over the summer, Metaplanet embarked on a Bitcoin acquisition spree, purchasing more than 50% – approximately 620 BTC – of its current holdings within a single month, from September 30 to October 28. Notably, this acquisition has now placed Metaplanet ahead of another prominent Asian firm, Meitu Inc., in terms of total BTC reserves. According to CoinGecko data, Meitu Inc. currently holds 940 BTC compared to Metaplanet’s 1,018 BTC. Among publicly traded companies with significant BTC reserves, Metaplanet now ranks 15th, with the list led by US-based business intelligence firm MicroStrategy, which holds an impressive 252,220 BTC, representing close to 1.2% of the total Bitcoin supply. BTC Strategy Reflecting In Metaplanet’s Share Price According to Arkham Intelligence, Metaplanet’s BTC investment strategy appears to be yielding strong results. At the current Bitcoin price of slightly above $67,000, Metaplanet has an unrealized gain of over $6 million. Related Reading: Bitcoin Retail lnvestors Remain Cautious Despite Price Gain – Details In its announcement, Metaplanet highlighted a key performance indicator (KPI) called “BTC yield,” which reflects the percentage change in the ratio of total BTC holdings to fully diluted shares outstanding over a specific period. In essence, the KPI helps investors assess the impact of Metaplanet’s Bitcoin acquisitions on shareholder value. Between October 1 and October 28, Metaplanet’s BTC yield surged to 155.8%. Following the news of today’s BTC purchase, Metaplanet’s stock price jumped more than 7%, according to data from Yahoo! Finance. In related news, Maltese asset management firm Samara Group recently announced plans to issue bonds worth over $32 million, with a portion of the proceeds potentially allocated toward BTC purchases as a strategic reserve asset. At press time, BTC trades at $68,780, up 1.6% in the past 24 hours, with a total market cap of slightly more than $1.35 trillion. Featured image from Unsplash, Chart from Tradingview.com nft.news