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In an exciting news that has shocked the altcoin sector, the US SEC has given the green light to 11 Spot Bitcoin ETF applications. This has caused positive momentum in the market as altcoins like Polkadot (DOT), Meme Moguls (MGLS), and Solana (SOL) have reacted positively.
Polkadot (DOT) made a notable recovery on Thursday, riding on Bitcoin's ETF approval. According to CoinMarketCap, the Polkadot coin has increased 19.3% to reach $8.45. Additionally, Polkadot's trading volume has soared 136.73% to reach $625,300,692.
This increase in trading volume depicts an increase in market activity on the network. The Polkadot coin is currently trading over the $8.00 mark and above the 100 simple moving average (4 hours), with its RSI climbing and surpassing the 50 average.
There's immediate resistance around $8.88. Breaking above this could trigger a significant rally, potentially driving the altcoin price towards $9.50 shortly. The following key resistance is around the $10.00 level.
Meme Moguls (MGLS) stands out in the crypto world as more than just a typical memecoin, offering play-to-earn and utility aspects. Currently valued at $0.0027, analysts project MGLS to increase to $0.1 in Q1.
This DeFi project is revolutionizing the gaming industry by providing unique features beyond standard meme coin offerings.
More than just a gaming platform, Meme Moguls also serves as an educational tool, teaching users about investment and wealth building. Players start the game with a virtual fund of $100,000 to develop and test investment strategies in a risk-free environment.
The DeFi project encourages diversified investments, limiting any venture to 20% of a player's virtual capital. This rule creates balanced investment tactics in gamers and teaches them important financial management skills.
Additionally, players can convert in-game earnings to MGLS coins and withdraw them, making Meme Moguls a rewarding platform for users.
With triple-digit percentage growth in December, Solana (SOL) and other Layer-1 networks lead the cryptocurrency season. But at the beginning of the year, there was a decline in the cryptocurrency market.
From December 25 to January 7, SOL's price fell by 33% from $126 to a low of $85 locally. The Solana coin has been gaining traction since January 8, and as of January 10, it had increased by 20% to cross the $100 threshold.
Positive market responses to the authorized Bitcoin spot ETF are fueling this rebound and preparing the way for a possible Solana price spike in the upcoming weeks. In the event that Solana continues its bullish run, the altcoin price may recover to the $110 mark.
While Polkadot and Solana have reacted positively to the Bitcoin ETF news, their price ascent is not solid. Any negative sentiment in the market could cause them to stumble.
Meme Moguls, on the other hand, is growing its user base as a gaming platform cum meme coin. Analysts believe this exposure will help the altcoin rise to $0.1 soon. It has sold 905,217,065 tokens so far, as it has edged closer to 1 billion.
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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.
