The cryptocurrency market is again seeing traction after a long time of correction. In the last 24 hours, Bitcoin (BTC) has increased 3.29% after breaking the $63,500 resistance level. According to fund house analysts, the coming election can increase the positive sentiments towards the crypto market.
Meanwhile, DTX Exchange (DTX), the first hybrid online trading platform, has gained significant attention by raising more than $4.6 million in less than two months of presale launch. It is also called the alternative to Solana (SOL) and may surpass SOL’s market cap in 2025.
BTC Price Reverses After Double Bottom Formation
BTC regained the $65,000 mark as investors brushed aside concerns about slightly higher inflation. Instead, they shifted their focus to China’s upcoming fiscal policy update. On Saturday, China’s Finance Minister, Lan Fo’an, announced more support for the struggling property sector and heavily indebted local governments.
BTC’s price made its first bottom on 3rd October and second bottom on 10th October, forming a double bottom reversal pattern. However, in the breakout, the volume in BTC price volume action is very low, which might indicate lower participation. The important resistance is the upper zone of the wedge pattern, which is a potential breakout point for BTC.
USDe Stablecoin Development In Solana (SOL)
Ethena Labs has proposed adding Solana (SOL) as a backing asset for its decentralized stablecoin, USDe. The plan suggests using SOL with a hedging mechanism already used for Bitcoin and Ethereum perpetual futures. In 2024, Solana (SOL)’s favorable funding rates and liquidity provide a strategic benefit.
If Ethena’s independent Risk Committee approves, the platform will gradually introduce Solana (SOL) as collateral for USDe. The initial target for SOL’s allocation is between $100 million and $200 million, accounting for around 5-10% of Solana (SOL)’s global open interest.
Expert Gives 4,650% Projection For DTX Exchange (DTX)
DTX Exchange (DTX) has reached 130k user registrations within six weeks of the presale launch. Recently, it entered the fourth stage of the presale, and demand has increased due to the supply shortage. One of the price action analysts who invested early in BTC and Solana has given a projection for the DTX Exchange. According to him, by Feb 2025, DTX can rise over 4,650% from the current price of $0.08 to $3.8.
If an Investor puts $100 in the DTX token, the initial amount can rise to $4,750. This gives retail investors an opportunity to ride the trend for a big return.
DTX is providing a unique end-to-end solution through a hybrid platform with a functional marketplace at its core. Its features stand out the most among other products. Here, you can employ leverage of up to 1000x and exchange above 120,000 digital assets of various categories, such as equities, bonds, FX, and cryptocurrencies.
Joined by its ingenious trading surface, DTX Exchange allows investors to implement wallets and decentralized applications (dApps). Merchants also get set up by DeFi smoothly with what they need.
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