Bitcoin (BTC) and Ethereum (ETH) also posted gains, continuing the momentum from last week.
Meanwhile, the presale for Bitcoin ETF Token (BTCETF) is already nearing $500,000 raised, positioning it as another cryptocurrency that investors are watching closely.
MATIC Price Soars 80% In One Month as Whales Buy In
MATIC has seen an impressive price resurgence over the past month, rising from $0.503 to Sunday’s high of $0.927.
This represents an 84% increase and makes MATIC one of the biggest gainers on CoinMarketCap in the past 30 days.
According to on-chain analytics firm IntoTheBlock, institutional and whale demand has increased substantially across the crypto sector lately.
Specifically, Polygon’s Ethereum scaling solution saw a 3,800% spike in large transactions (over $100,000) last month.
This surge in large transaction volume on Polygon has been one of the key contributors to MATIC’s rise above $0.90 for the first time since May.
MATIC’s market cap has also soared to $8.2 billion thanks to this rise in whale activity, making it the world’s 13th largest cryptocurrency.
However, investors need to be wary of profit-taking, given that MATIC is trading just above the wicks posted on July 13.
This could indicate a double-top pattern is forming on the daily chart, which typically suggests a reversal in the current uptrend.
Filecoin Jumps 14% as Buzz Builds Around Upcoming LabWeek 2023 Event
Filecoin’s FIL token has also been among the most impressive performers over the last 24 hours, jumping by 14% to $5.44.
This jump continued FIL’s impressive performance from last week, resulting in the token hitting its highest point since April.
Filecoin’s price growth has been backed by a significant uptick in trading volume, which increased 78% in the past 24 hours to $436 million.
This spike in volume could indicate renewed optimism and demand for FIL across major exchanges, with the Filecoin protocol to be showcased at the LabWeek 2023 event.
The Filecoin development team plans to reveal upcoming innovations, such as zk proofs, decentralized storage, AI integration, and more, that will advance the network to its next stage.
As such, the potential move into trending areas like zk proofs likely explains investors’ optimism on FIL’s price prospects.
Trending Bitcoin ETF Token Presale Approaches $500k Raised as Spot BTC ETF Hype Grows
Polygon and Filecoin aren’t the only two cryptocurrencies that have performed well lately – a new project, Bitcoin ETF Token (BTCETF), is also turning heads in the market.
Bitcoin ETF Token aims to allow crypto investors to speculate on the market impacts of SEC approval of a spot Bitcoin ETF.
The BTCETF token has a deflationary design that aligns with crucial ETF approval milestones – each time a milestone is reached, like an approval date announcement, a portion of the total supply will be burned.
Over time, 25% of the total supply will be destroyed this way, increasing scarcity.
BTCETF also includes a staking mechanism with current yields set at over 500% per year to incentivize holding the token long-term.
The BTCETF presale is ongoing, giving early buyers access to 40% of the total supply at a discounted price of $0.0052 per token.
Demand is already picking up, with nearly $500,000 raised so far from investors.
Once the presale concludes, BTCETF will be launched on DEXs, and 10% of the supply will be used to provide liquidity.
A 5% transaction tax will also be implemented, reducing with each ETF milestone achieved until it reaches 0% when all milestones are met.
Overall, Bitcoin ETF Token offers a unique way to speculate on the highly-publicized spot BTC ETF approval process.
With the Bitcoin ETF Token Telegram community seeing sizable growth in the past week, this project could continue making headlines as demand and interest grow.
Top crypto platforms in the US | November 2023
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