Matrixport, a digital asset financial services platform, has projected a year-end price of $45,000 for Bitcoin today. The forecast is based on several factors including the Fear Of Missing Out (FOMO) sentiment among investors, high futures funding rates, and a bullish market outlook. Currently, Bitcoin holds a 52.1% market share and recently recorded a single-day trading volume of $29 billion.
The firm also noted the potential approval of BlackRock (NYSE:BLK)'s spot Bitcoin Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) as a significant factor that could boost Bitcoin's price. Matrixport further estimated that if current gold ETF investors were to diversify 10%-20% of their investments into Bitcoin, it could lead to an influx of $12-24 billion into the Bitcoin ETF. This potential capital injection could further drive up the cryptocurrency's price.
In related news, the Bitcoin hard fork crypto project experienced a significant 25,000% trading volume increase in August, which has sustained through September and October. Despite this momentum, the future of this project remains uncertain.
On another front, Bitcoin Minetrix, known for its innovative approach to mining, has seen considerable success in its presale phase. Experts predict that this project could witness a substantial 1000% growth in the coming years, making it an attractive investment opportunity.
Meanwhile, Bitcoin Gold (BTG), despite experiencing a slight bearish sentiment recently, saw a 10% price rise and a 30% increase in trading volume in July and August. While BTG has not yet reached its October 2017 all-time high of $539.72, its long-term trend remains optimistic with price targets set at $10.06 by December 2023 and $21.08 in 2024.
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