Monday, 17 June 2024
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Crypto traders eye Memeinator (MMTR) amid bullish projections for Bitcoin

Bitcoin heading to the moon

  • Analysts are bullish on Bitcoin, Ethereum as prices hover above $71k and 3.8k respectively.
  • The outlook has investors eyeing new gems, with Memeinator (MMTR) potentially top target among memecoins.

Crypto traders have seen a massive run for memecoins over the past month or so. Meanwhile, Bitcoin spiked above $70,000 this week and has analysts projecting further gains amid unprecedented spot ETFs inflows.

While the current political buzz has several meme coins going parabolic, Memeinator (MMTR), a new market entrant, is among those likely to outperform in coming months largely due to its strong utility.

Bitcoin and crypto reacts to ECB rate cut

Crypocurrencies rose slightly as the European Central Bank (ECB) cut interest rates for the first time in five years. Market experts say the Fed and other central banks will soon follow this trend, aiding the long term outlook for Bitcoin (BTC) amid cheap money flow.

This week also saw reports emerge that Franklin Templeton, a $1.6 trillion asset manager, is looking to launch a crypto fund that will give investors exposure to cryptocurrencies other than Bitcoin and Ethereum. The fund will target institutional investors, The Information reported.

But notable from this is that crypto is on the ascendancy when it comes to the adoption curve, and recent traction in the spot ETFs market points to this.

For instance, Bitcoin ETFs recorded net inflows of $488 million on June 5, and $218 million on June 6. Over the past three days, net inflows have reached over $1.5 billion.

Analysts’ bullish price predictions for BTC, ETH

While prices have largely remained ranged for BTC and ETH, analysts are bullish on what’s next. Standard Chartered analysts this week projected Bitcoin could hit $100,000 ahead of the upcoming US election.

The Fear & Greed Index, currently at 78 and showing extreme greed suggests traders are confident, while open interest is at a historic $38 billion

Similar sentiment surrounds ETH. The total ETH futures Open Interest is currently over $16.6 billion as traders target the spot Ethereum ETF trading debut.

VanEck analysts recently noted that Ethereum price could rise to over $22k by 2030.

Crypto outlook and new gems like Memeinator (MMTR)

As top cryptocurrencies dominate bullish price predictions, analysts are also highlighting memecoins, AI tokens and the emerging Bitcoin-Fi (DeFi on…

Click Here to Read the Full Original Article at CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison…