The crypto market has been very busy lately, with big price changes for popular cryptocurrencies. Bitcoin, the most well-known digital currency, made a low of $58,946 but jumped over 3% in the past 24 hours. Right now, it is trading at $62,900. Ethereum, which is the second-largest cryptocurrency, is also on the rise, trading near $2,450.
So, what’s making these prices go up? A report showed that the U.S. Consumer Price Index (CPI) dropped to 2.4% in September, meaning inflation was not as bad as expected. This made investors feel more confident about buying cryptocurrencies. Now, let’s dive into some of the exciting stories happening in the world of crypto.
AVAX Rises 10% After Important Announcement by Avalanche Foundation
AVAX, the token from the Avalanche blockchain, has gone up by 7% in the last 24 hours and is now trading at $28.49. The reason? The Avalanche Foundation said they are buying back tokens from the Luna Foundation Guard (LFG). LFG had sold many AVAX tokens in 2022 to strengthen their Terra blockchain.
Before going bankrupt in 2022, the Luna Foundation Guard held about 1.97 million AVAX tokens worth $60 million. At that time, they used these tokens as part of their plan to support their UST stablecoin. Now, Avalanche is buying back these tokens to make sure they don’t end up getting sold off during LFG’s bankruptcy process. This move will also reduce the number of AVAX tokens available, which might help push the price higher.
Once the buyback is complete, the Avalanche Foundation will get back those 1.97 million AVAX tokens, which will be used to help the Avalanche network grow. Looking at the charts, it seems AVAX might continue to rise, as it has broken out of a downward trend that lasted for months.
Arkham Token Jumps 15% After Exchange Launch Announcement
The Arkham token (ARKM) is also seeing big gains! The price went up by 18%, and it is now trading around $1.62. Arkham Intelligence, the company behind the token, said they are planning to launch a new crypto derivatives exchange soon.
A derivatives exchange allows people to trade financial contracts linked to cryptocurrency prices, and the demand for these has been growing fast. In fact, over $3 trillion worth of crypto derivatives were traded in September 2024, which is more than double the amount from last year.
Arkham’s new exchange will be based in the Dominican Republic, where they are waiting for their business license to be approved. Arkham Intelligence is already famous for its tools that help users find out who owns different crypto wallets. Their company has also gotten $12 million in funding from big names like Sam Altman, the creator of OpenAI.
BlackRock Buys Ethereum and Sells Bitcoin – What Does It Mean?
BlackRock, one of the biggest financial companies in the world, made some interesting moves recently. They sold $11.34 million worth of Bitcoin and bought $18.52 million worth of Ethereum. This has made people wonder why BlackRock is choosing Ethereum over Bitcoin right now.
According to reports, BlackRock still owns 369,640 BTC, which is worth more than $23 billion. At the same time, the company now holds 414,168 ETH, valued at about $1.01 billion.
Some market experts believe this switch means that investors are feeling more confident about Ethereum’s future compared to Bitcoin. Ethereum is used in many blockchain projects and smart contracts, which makes it very important in the crypto space. The crypto community thinks that these moves by BlackRock might increase the demand for both Bitcoin and Ethereum in the market.
It’s also believed that BlackRock made these purchases for an IBIT spot ETF (Exchange-Traded Fund), which allows investors to trade crypto like stocks on traditional exchanges.
X Empire Announces $X Token Launch and Airdrop
There’s some exciting news for gamers! X Empire, a tap-to-earn game based on Elon Musk, has announced it will launch a new token called $X on October 24, 2024. This token will be available on The Open Network (TON), and the company plans to give away a large part of it in an airdrop to players.
X Empire will distribute 75% of the total supply of $X tokens, which equals 517.5 billion tokens. The rest will be saved for new users and future game stages. Players can earn $X tokens by referring friends, completing tasks, and staying active on the platform.
The distribution will be based on how much time and effort players put into the game. Analysts expect the listing price of the token to be anywhere between $0.002 to $0.02, depending on how many people take part.
Memecoin Craze is Taking Over the Market
Memecoins are also making a strong comeback! After some recent ups and downs in the market, memecoins are back on the rise, attracting many investors. These fun tokens are often based on internet jokes or pop culture, but they can still become very popular and valuable.
One of the most popular memecoins right now is NEIRO, which launched on July 28, 2024. NEIRO saw a huge jump in its price after it was listed on Binance, one of the world’s largest crypto exchanges, on September 16. In just a few weeks, it became the 9th biggest memecoin by market cap.
In the last seven days alone, NEIRO’s price went up 85%! We also recommended buying NEIRO on our Wise Advice X page when the price was just $0.081. Soon after that, the price climbed to over $0.11 by October 12, giving investors nearly 45% profit. The coin’s trading volume also jumped, crossing $110 million in the past 24 hours.
What’s Next for the Crypto Market?
It seems like the crypto market is buzzing with new projects, rising prices, and exciting announcements. Bitcoin and Ethereum continue to dominate, but other tokens like AVAX, Arkham, and NEIRO are also making waves. The moves by big players like BlackRock are adding more energy to the market, and the launch of new tokens, such as the $X token by X Empire, shows that innovation is still at the heart of the crypto world.
With inflation coming down and more people jumping into crypto investments, we might see more price jumps and new opportunities. As always, it’s important to keep an eye on market trends and news to make smart decisions in the ever-changing world of cryptocurrency!