As Bitcoin continues smashing records, it is trading higher than most people thought possible just a couple of weeks ago.
BTC is now flirting with $90K after breaking $80K just one day ago. Momentum is building at an unprecedented rate.
But is it a good time to buy BTC, or will lower-market-cap alternatives such as Pepe Unchained, Render, or Dogecoin give bigger returns?
Bitcoin Hits New High of $89,000 – Road to $100,000?
Bitcoin’s price is going up faster than everyone expected, but traders don’t think the music will stop anytime soon.
In fact, the BTC price has risen so much that it has just flipped the market cap of silver.
Unsurprisingly, there’s a lot of attention on BTC right now. However, that shouldn’t be mistaken for euphoria, which is typically not sustainable.
Instead, analysts have noticed that Bitcoin’s funding rate (the premium that futures traders pay to long an asset rather than short it) is the lowest it has ever been on a breakout.
This suggests that the bulk of inflows are spot buys, which are typically longer-term transactions compared to futures longs.
This is good for the rally’s health and sustainability, indicating it can continue for longer without a leverage flush – which happens when funding rates go too high – and cause a cascading effect of liquidations.
The media’s attention is also on BTC right now. For instance, Forbes just published an article leading with “Huge things are coming,” which will undoubtedly drive more interest to BTC.
Meanwhile, hype is building about a proposed bill for the US government to buy 1 million BTC at a rate of 200,000 per year for five years. Senator Lummis proposed it, and it’s more likely to be approved now that Trump won the election and winning congressional candidates were predominantly pro-crypto.
Traders Take Bets On $100K in 2024
Momentum is on Bitcoin’s side, and fundamentals align. $100K finally seems in arms reach.
Predictions market Polymarket – which famously predicted the US election results – now gives Bitcoin a 60% chance of hitting $100K by the end of 2024, having risen over 3x since earlier in November.
In accordance with the market consensus, expert analysts are also backing BTC to $100K this year. Altcoin Sherpa says BTC is now “just one nice candle away” from hitting the revered six-figure milestone.
Could These Tokens Offer Better Returns on the BTC Rally?
While Bitcoin’s rally is exciting, jumping from $88K to $100K will not provide life-changing money.
That’s why a lot of traders are rotating into lower market cap alternatives to maximize their gains.
Pepe Unchained is drawing massive attention amidst the BTC rally, raising a staggering $27.1 million in its presale.
They’re building an Ethereum layer 2 blockchain designed specifically for meme coins. It’s no secret that meme coins have provided huge returns this year. Now, Pepe Unchained is building a hub for the joke token sector on Ethereum, except with lightning-fast transactions and marginal fees.
It will also include a two-click meme coin generator, staking, a block explorer, a dedicated Ethereum bridge, and a decentralized exchange.
Experts are hailing it as one of the industry’s top prospects, with Jacob Bury saying it can 100x.
Meanwhile, traders have been pouring into Render recently. The Solana-based project that powers AI and graphics render has surged 20% today and 67% this week.
These gains are unsurprising given its proximity on Solana, the most retail-friendly blockchain, combined with its retail-friendly narrative of being an AI coin.
Analyst MINopoly noted its relative strength against other cryptos this week and suggests it will hit $100 by next summer, which is almost 15 times its current price.
Dogecoin is another project that traders are gravitating toward today. It has surged by a staggering 8% in the past hour, and it’s also up 34% today and 141% this week.
DOGE is outpacing everything. Even as Bitcoin reaches new heights, traders are shocked at the sheer strength that Dogecoin is displaying.
Pepe Unchained, Render, and Dogecoin each fulfill a different purpose, but they’ve all proved worthy BTC alternatives this week.
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