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Bitcoin has dipped below the $58,000 mark, creating uncertainty in the market and impacting various cryptocurrencies. Amid this volatility, DTX tokens are emerging as a potential game-changer for Binance Coin (BNB) holders.
With a promising 10x breakout potential, DTX could offer a lifeline for those affected by Bitcoin's decline. In this article, we will discuss how BTC's recent drop affects the market and explore why DTX tokens might be a crucial opportunity for BNB investors.
Almost three-quarters of bitcoin produced is considered illiquid, a record level that suggests increasing scarcity of the cryptocurrency in the market and a potential bullish impact on its price.
Data tracked by ETC Group and Glassnode shows that illiquid entities now own 14.61 million Bitcoin (BTC), worth over $826 million at current prices, equating to 74% of the cryptocurrency's total circulating supply of 19.75 million."Bitcoin (BTC)'s illiquid supply reached a new all-time high of almost 74% of circulating supply according to data provided by Glassnode, signaling that the Halving-induced supply shock is actually intensifying.
This should provide an increasing tailwind for Bitcoin (BTC) and other crypto assets over the coming months," André Dragosch, head of research at ETC Group, said in a report shared with CoinDesk.
Glassnode identifies illiquid entities based on the ratio of cumulative outflows and inflows over the entity's lifespan.
Increasing Bitcoin (BTC) scarcity in the market means a pick-up in demand could have an outsized bullish impact on the cryptocurrency's going market rate.
Binance Coin (BNB) is approaching a critical price point that could influence its future direction. This comes after two consecutive days of price increases. As of September 1, Binance Coin (BNB) was dangerously close to dipping below $500.
In August of this year, Binance Coin (BNB)’s price formed an ascending channel on the daily chart, allowing the digital currency to climb from $464 to $600. Nevertheless, a subsequent 15% decline posed a risk to this trend, with signals hinting at a possible recurrence of the price plunge observed on August 5th.
The bulls successfully stopped the drop in value, helping Binance Coin (BNB) rise to $536.40. As the price approaches the supply zone between $550 and $560, where sellers tend to outnumber buyers, surpassing this point might be challenging.
In the past, entering this territory has typically led to a decrease in prices unless there is a spike in demand. It seems challenging for Binance Coin (BNB) to break through this resistance because the current level of buying interest may not be strong enough to drive prices up.
As Bitcoin (BTC) and Binance Coin (BNB) experience declines, DTX Exchange (DTX) is seeing a significant surge in investor interest. Many are seizing the chance to invest during its premier presale, which is currently in stage 3 at $0.06. Expert analysts predict a potential price surge of 800%, making this a highly attractive opportunity for early investors.
These analysts speculate that DTX Exchange will outperform many top altcoins upon its launch because the token is already disrupting the crypto market with the momentum of its presale, which has rapidly transitioned from the private seed round to its current stage, raising over $2.4 million.
Although the entry price is very affordable and DTX Exchange offers new investors a sign up bonus of 25% when they join using the “DTX25” code, investors are still rewarded with access to various premium features on the platform such as high leverage up to 1000x, reduced trading fees and access to seamless anonymous trading across crypto and CFDs.
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