The post BTC and ETH ETFs to Start Trading in the UK, Find Out Which Other Cryptos to Hold In Anticipation Of Rally appeared first on Coinpedia Fintech News
As both Bitcoin and Ethereum ETFs are about to begin trading in the United Kingdom, enthusiasts anticipate a rally as a result of this new development. Meanwhile, some promising cryptos to hold in addition to Bitcoin and Ethereum while anticipating a substantial rally include Binance Coin, Solana and the meme coin KangaMoon. Let us find out why.
KangaMoon Takes Top Spot Among The Best New Meme Coins
KangaMoon (KANG) stands out from the other 99% of memecoins due to its usefulness. Users can purchase in-game items and character enhancements with this memecoin. The emphasis that KangaMoon places on community development sets it apart from its competitors. Free KANG is given to community members who actively participate before the official launch.
This feature has already been used by more than 32,000 registered users, who have engaged with the social media content of the memecoin. Currently, KangaMoon is only available for $0.025 during the bonus stage of its presale. This is a 400% increase over its initial $0.005 offering.
In addition, as of May 29, 2024, the meme coin has brought in about $7,569,080.884 in revenue, with intentions to soon surpass $8 million by end of Q2 2024, market analysts project a 100x increase in KANG’s price after BitMart’s Tier-1 CEX listing. CoinGecko and CoinMarketCap already have the KANG token listed.
As of 2028, Yahoo Finance predicts that the P2E gaming market will grow to a value of $88.6 billion. Even if early investors only get a tiny portion of that market share, KangaMoon’s ability to bridge the gap between cryptocurrencies and gaming could result in significant returns.
Bitcoin ETFs See More Inflows
Interestingly, $45 million is poured into US Bitcoin ETFs, but Blackrock’s IBIT still lags behind GBTC in Bitcoin Holdings. ETFs are a point of interest in the digital currency space. IBIT saw an inflow of $102.5 million yesterday, offsetting the $105.2 million outflow from GBTC.
This was a historic moment as GBTC was surpassed by IBTC, managed by BlackRock, to become the largest Bitcoin spot ETF by net asset value. Meanwhile, the Bitcoin price has dipped by 2.7% within the past 7 days. However, trading at $67,690 apiece, the Bitcoin price still has a monthly increase of over 9%.
Ethereum ETFs Approval Results In An Increase In The Token’s Price
On May 23, 2024, the US Securities and Exchange Commission (SEC) authorized the selling of spot Ethereum ETFs within the country. The NYSE, Nasdaq, and CBOE exchanges submitted proposals to the SEC, requesting modifications to the current regulations to allow the trading of these Ethereum Exchange-Traded Products (ETPs) and ETFs. The Ethereum price has therefore increased by almost 3% over the last week.
The Ethereum price, which breached the $3,900 level, must now overcome the $4,000 price barrier. If it does, Ethereum is expected to trade above the $5,000 mark by the end of 2024. However, the Ethereum price has dipped and is currently exchanging at $3,800 apiece. Market analysts are optimistic that Ethereum will reach all-time highs as the countdown to the launch of the Ethereum ETFs draws to a close.
Binance Coin Price Poses For A Rally
The Binance Coin price may reflect the optimism that its investors are displaying. Binance Coin holders’ attitude has shifted from bearish to bullish over the last week, as the funding rate has been maintained for the first time since the end of March. To guarantee that the contract price remains near the spot price, traders in futures contracts exchange periodic payments known as the funding rate.
It affects both long and short positions by reflecting the discrepancy between the price of the underlying asset and the perpetual contract. Meanwhile, the 24-hour Binance Coin trading volume has decreased. Currently at $1.66 billion, the 24-hour Binance Coin trading volume has seen a decline of over 15%. Traders are probably placing bets on a price increase because Binance Coin’s funding rate is now positive.
PayPal Extends PYUSD To Solana Network
For its first step outside of the Ethereum ecosystem, PayPal has decided to extend its stablecoin, PayPal USD (PYUSD), onto the Solana blockchain. PYUSD has reportedly been added to the Solana network, enabling users to conduct transactions at a reduced cost, according to a May 28 announcement. The goal of the action is to increase the number of small and everyday transactions that can be made with PYUSD stablecoin.
In comparison, Ethereum processes 15 transactions per second with higher fees that can range from $1 to $50 during periods of congestion. In contrast, Solana processes up to 65,000 transactions per second at costs as low as $0.0025. Meanwhile, the Solana price is currently trading at $169.31 per coin. Having increased by over 20% within the past 30 days, holders anticipate a further uptick for the Solana price.
Will KangaMoon Give Holders 100X Gains?
Crypto enthusiasts anticipate a big increase in KangaMoon’s price following its listing on BitMart, but others are unsure of how much of a gain to anticipate. The token’s value is expected to soar, but some analysts think it may increase by more than 100X, making it one of the best new meme coins.
Discover the Exciting Opportunities of the KangaMoon (KANG) Presale Today!
Website: https://Kangamoon.com/
Join Telegram Community: https://t.me/Kangamoonofficial
