The crypto market is going through a downturn, a continuation of a strenuous summer, and once again, Bitcoin (BTC) is in the driving seat. The price swings on the Bitcoin charts have been a reference point for many altcoins, and last week’s movements were even more proof.
However, the BTC price might be making a U-turn for the better now, as Bitcoin has been seeing major exchange inflows, even from last week. Experts say Ethereum (ETH) and a new crypto token could be direct beneficiaries.
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Bitcoin to Make Up for a Disastrous Week?
Bitcoin’s summer went from optimistic to extremely cautious as the token failed to realize traders’ expectations from the halving in April 2024. Still, the top token’s dominance in the market has been unchanged; Bitcoin dictates trends in the market even now.
While the token price dipped to a monthly low of around $53,000 on September 6, 2024, Bitcoin inflows into exchanges never really stopped. About $400 million worth of BTC tokens entered centralized exchanges as the Bitcoin price went below $54,000.
Despite the dip, the whales seemed to have picked up activity on the network. Transactions of at least $100,000 worth of BTC amounted to $68 billion last week, indicating a revival among Bitcoin whales.
The surge in whale trading activity on Bitcoin, along with the inflows, should restore the altcoin market to stability and, possibly, a bull run too.
Ethereum Making Swift Recovery Following BTC Slump
Like every other altcoin, Ethereum is still subject to the whims of the BTC price despite maintaining some influence over the crypto market itself. The token dipped by about 6.53% in the past week, falling even below its support at $2,300.
Right now, Ethereum trades at $2,228, indicating bearish trading activity, but the open interest in ETH’s futures is returning to its local high. While Open Interest has little to do with the current price, an increase means traders are prepping for large token price movements in the future.
So, while the rest of the market struggles with the dip, Ethereum bulls are taking steps in anticipation of a huge move in the future. The Binance Futures for ETH are valued at $1.89 million, and tokens in the Ethereum ecosystem are sure to benefit from the spike, too.
DTX Exchange: More DeFi From the ETH Network
DTX Exchange is a new layer-1 blockchain offering DeFi services to crypto traders all over the market. There are quite a number of high-performing DeFi networks, but much like traditional financial institutions, DeFi projects are never too many.
DTX Exchange is focusing on a previously unexplored aspect of cryptocurrency, the intersection between DeFi and Web3. With more users filling the Web3 space, there’s a need for increased DeFi features there, and that’s where DTX comes in.
The platform offers trading, wallet, and analytical services to its traders, making sure that they get the full experience of DeFi without having to leave the DTX ecosystem.
Built on Ethereum, the exchange features one of the strongest, most secure blockchains in the market. You can still get SolidProof-verified smart contracts for even more seamless business on the DTX platform.
In addition, you get a trading platform that is fully compliant with financial regulations across countries. Trade however and whatever you want on DTX Exchange without security or regulation doubts.
DTX: $2.5 Million Raised in Presale and Offers a Possible 1,000% ROI
The DTX presale is still underway and only in Stage 3, where it has raised more than $2.5 million, evidence of the project’s growing popularity among investors. The token is currently priced at $0.06, and its Stage 4 price is set at $0.08, 33% gains for investors that hop in now.
With the token’s huge potential, some expert traders are tipping DTX for a 1,000% surge after the project goes live on major exchanges. We believe DTX could be the next bucks-to-grand project to hit the market!
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Disclosure: This is a sponsored press release. Please do your research before buying any cryptocurrency or investing in any projects. Read the full disclosure here.