Binance's CZ: This Is Good for Bitcoin

U.Today - A link between the expansion of the meme coin industry, especially on Solana , and the upward trend in the price of Bitcoin , was recently brought to light by Binance CEO Changpeng Zhao. What's good for memes is good for Bitcoin, he said, illuminating a phenomenon in which the biggest cryptocurrency gains indirect advantages from the booming meme coin market.

Much attention has been paid to the recent expansion of Solana's meme coin industry. Massive trading volumes have been driven by these highly speculative assets attracting both new and returning investors to the larger cryptocurrency ecosystem. Together with its infrastructure improvements and ecosystem inflows, Solana's growing activity generates a domino effect that improves Bitcoin's price performance. The forecast for Bitcoin is encouraging.

With more upside potential, Bitcoin is currently trading at $108,000 after recently breaking out of a significant resistance zone around $104,000. Consistent momentum is suggested by the volume's steady increase and the breakout above the 50 EMA. Bitcoin has historically prospered during times when the cryptocurrency market is experiencing a surge in interest because institutional and retail participants see it as a safe harbor, in contrast to other erratic altcoins.

CZ's observation makes sense when considering the gateway effect of memecoins. The rise in speculative trading on meme coins raises interest in the cryptocurrency market and eventually directs funds and attention toward Bitcoin. Bitcoin, the industry's mainstay, sees increased demand during marketwide rallies as a result of this inflow, creating a feedback loop.

With support levels around $100,000 serving as a safety net, Bitcoin's immediate resistance is located close to $112,000. Bitcoin may be about to see another big rally if the current momentum, which is being driven by meme coin traders, continues.

Source: Investing.com

Останні публікації
$1.2 Billion Liquidation Tsunami Fails to Stop Bitcoin From New All-Time High
22.01.2025 - 13:00
MicroStrategy's Saylor Reacts to Bitcoin's New ATH: 'The Future Is Bright'
22.01.2025 - 13:00
$162,502,588 in Bitcoin Mysteriously Exit Robinhood in Minutes
22.01.2025 - 13:00
Binance's CZ: This Is Good for Bitcoin
22.01.2025 - 13:00
Retail Investor Interest in Bitcoin (BTC) Hits ATH: Details
22.01.2025 - 13:00
100,000,000 XRP in 48 Hours, Here’s What Happened
22.01.2025 - 13:00
You can now pay with $TRUMP at McDonald's
22.01.2025 - 13:00
Schiff Reveals How His Predictions Moved People to Buy Bitcoin (BTC)
22.01.2025 - 13:00
XRP Price Soars Amid Bullish Divergence Versus Bitcoin (BTC)
22.01.2025 - 13:00
XRP on Verge of Painful Breakdown Against BTC, Per Bollinger Bands; Quarter Billion Dollars in Bitcoin Stun Coinbase, Ripple Exec Makes Bold 2025 Stablecoin Prediction: Crypto News Digest by U.Today
22.01.2025 - 13:00
Here's How Much 1 BTC Sold for on This Date 15 Years Ago: Details
22.01.2025 - 13:00
Bitcoin, $Trump fall after Trump's inauguration
22.01.2025 - 13:00
Dolomite to Launch Royco Pre-Deposit Campaign on Berachain
22.01.2025 - 13:00
Ethereum loses traction amid Solana and Bitcoin surge
22.01.2025 - 13:00
New Trump coins 'represent risk to bipartisan crypto legislation': TD’s Seiberg
22.01.2025 - 13:00

© Analytic DC. All Rights Reserved.

new
Аналіз ринку Як вплине завтра звіт NFP на курс долара США?