The US election campaigns have been ongoing for a while now, with various promises concerning crypto and blockchain technology. However, the outcome of various political developments in the crypto sector is yet to be seen. So, how will this affect the crypto market?
Here are some altcoins that will see massive growth in this election: FXGuys ($FXG), Solana (SOL), and Ondo Finance (ONDO). Read on to learn more!
As the 2024 US election poll approaches, the potential impact of this election on the cryptocurrency market is coming into sharper focus. With Bitcoin reaching new all-time highs of $73,079 and recent approvals of Bitcoin and Ether ETFs, the crypto space has experienced significant milestones this year.
However, crypto market experts suggest that the elections could heavily influence investor sentiment, regulatory changes, and the broader digital assets ecosystem.
Avinash Shekhar, Co-Founder & CEO of Pi42, highlights that the elections will play a vital role in shaping the future of digital currencies and blockchain technology.
With the FOMC meeting in September 2024 and ongoing debates about inflation and economic growth, the political climate is expected to influence both traditional and crypto markets. The results of the upcoming US election poll could have far-reaching consequences for the regulatory environment and investor confidence in digital assets.
In 2024, FXGuys has captured the attention of investors and traders with its decentralized forex brokerage platform, enhanced by an innovative prop firm funding program and a unique Trade2Earn model.
FXGuys standout feature is its forex funding program, which provides traders with access to over $200,000 in capital to refine their strategies and earn profits, all while receiving $FXG tokens as rewards.
$FXG, the native ERC20 utility token of FXGuys, offers several practical use cases within the platform. These benefits include voting rights for holders, access to trading discounts, payment of platform fees, and lots more.
$FXG is in its private presale stage, priced at $0.015 per token, following a highly successful seed funding round where over 25.05 million tokens were sold. Traders who buy now are positioned to earn over 100% when the token hits $0.03 in Stage 1 of its public presale.
Investors who get in right now will earn an estimated 566% returns on investment when $FXG reaches a price of $0.10 per token at the end of the public presale.
With over 66.8 million tokens in circulation for this private presale, FXGuys is presenting a remunerative opportunity for early investors to capitalize on the bullish pace of $FXG, potentially earning substantial profits as $FXG prepares for its full launch.
Solana has emerged as a standout in a turbulent week for cryptocurrencies. According to CoinShares, Solana-based investment products saw inflows of $6.2 million, contrasting sharply with the struggles of Bitcoin (BTC) and Ethereum (ETH).
Overall, digital asset products experienced outflows of $726 million last week, with Bitcoin suffering $643 million in outflows and Ethereum seeing $98 million. This bearish trend in outflow is driven by speculation about potential U.S. Federal Reserve interest rate cuts and recent macroeconomic data.
Amid this downturn, Solana’s significant inflows suggest growing institutional interest and offer a positive signal in a challenging market. Currently trading at $132.66, SOL has surged by 7.07% between September 4 and 9, 2024. Experts predict SOL will hit $201.92 in the coming months.
Ondo Finance has achieved a significant milestone, surpassing $600 million in Total Value Locked (TVL) across its revenue products. The platform now holds $384 million in USDY and $221 million in OUSG, reinforcing its role as a key issuer of tokenized treasury bonds.
Launched in January 2024, Ondo Finance has swiftly established itself in the real-world asset (RWA) sector, with a crypto market cap nearing $1 billion.
Ondo Finance’s offerings include USDY, backed by short-term U.S. Treasury bonds and bank demand deposits, with an annual percentage yield (APY) of 5.35%, and OUSG, offering an APY of 5.08% and backed solely by U.S. Treasuries.
While focusing primarily on institutional investors, ONDO Finance also allows individual trading, requiring KYC for individuals and KYB for businesses.
These significant milestones are followed by ONDO's price increase by 14.46% in the past three days, trading at $0.625 on September 9. This price uptick amid the upcoming US election poll has created an interesting situation.
Despite the increase in price, ONDO's trading volume has declined by about 42.9% during the same period. The fluctuation in price and volume has piqued the market's interest as analysts envision a bullish momentum to $6.50.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.