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This Week in Crypto: Bitcoin Falls, BlackRock Blockchain Speculation, and Binance Delisting This Week in Crypto: Bitcoin Falls, BlackRock Blockchain Speculation, and Binance Delisting

Grayscale Altcoins, Tesla’s Bitcoin, and More

This week in the crypto market, Bitcoin’s price surpassed $68,000, and the market capitalization returned to over $2.28 trillion.

BeInCrypto noted special investor interest in events such as Grayscale’s review of 35 altcoins for potential investment products and investors’ expectations of an altcoin season ahead of the US elections.

Additionally, Miles Deutscher has suggested several altcoins, claiming they might have a strong growth potential. The community is also paying attention to Craig Wright’s legal plans and Tesla’s Bitcoin movements.

Grayscale Unveils 35 Potential Altcoins

Earlier this week, Grayscale announced a list of 35 altcoins under consideration for future investment products. Following the announcement, many of these altcoins experienced significant price increases over the week. The top 10 altcoins on the list saw gains ranging from 13% to 49%.

Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season

The Top 10 Best-Performing Altcoins of the Week are part of Grayscale’s Potential Candidates. Source: Dropstab

Thirty of the 35 altcoins enjoyed a green week, with only Kaspa (KAS) and Helium (HNT) facing notable declines of -4% and -7.4%, respectively.

“Assets Under Consideration lists digital assets not currently included in a Grayscale investment product but identified by our team as possible candidates for inclusion in a future product,” Grayscale explained.

Additionally, Grayscale filed with the SEC to convert its Digital Large Cap Fund into an ETF, following the success of transforming Bitcoin Trust and Ethereum Trust into spot ETFs.

Miles Deutscher Highlights 4 Altcoins

Investor Miles Deutscher introduced four altcoins that he believes could deliver 10x returns. These altcoins focus on GameFi, artificial intelligence (AI), Decentralized Physical Infrastructure Network (DePIN), and real-world assets (RWA) sectors, including:

  • SuperVerse (SUPER)
  • Bittensor (TAO)
  • Mantra (OM)
  • Render (RNDR)

Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024

Miles Deutscher Reveals 4 Altcoins for Up to 10X Gains.
Price Performance of Altcoins Suggested by Deutscher. Source: TradingView

Since his announcement, the prices of these altcoins have slightly declined, which occurred as Bitcoin Dominance reached a three-year high. Deutscher also commented on meme coins, suggesting they are at a crossroads and may face a short-term correction.

Craig Wright Plans to Sue Bitcoin Core

On October 11, a tracker from the UK High Court revealed that Craig Wright is taking legal action against Bitcoin Core and Square.

Wright, representing himself in the case as a “direct claimant,” is seeking £911 billion ( ~$1.18 trillion) from Bitcoin Core and Square, alleging they misrepresented Bitcoin (BTC) as the true version of the digital asset created by Satoshi Nakamoto.

Additionally, Wright threatened to sue MicroStrategy CEO Michael Saylor for allegedly misrepresenting Bitcoin. The Australian computer scientist is also filing three other legal appeals in the UK, two against the Crypto Open Patent Alliance (COPA) and one targeting Peter McCormack.

Read more: Satoshi Nakamoto – Who is the Founder of Bitcoin?

Altcoin Season Ahead of US Presidential Election?

Throughout the week, several crypto industry experts expressed optimism for altcoin’s price ahead of the US presidential election. Ki Young Ju, CEO of CryptoQuant, suggested that a Trump victory could spur regulatory changes that would trigger an altcoin season.

“If Trump wins, expect regulatory changes, including fee switches enabling token burns for revenue-generating projects,” Ki Young Ju said.

Technical analysts Michaël van de Poppe and CRG also predicted that the altcoin season could begin next month. Echoing these views, Crypto Rover forecasted an impending altcoin season by monitoring Bitcoin Dominance’s movements. Bitcoin Dominance (BTC.D) represents Bitcoin’s share of total market capitalization. Its adjustments often signal an altcoin rally.

Read more: Bitcoin Dominance Chart: What Is It and Why Is It Important?

Bitcoin Dominance fluctuations.
Bitcoin Dominance fluctuations. Source: Crypto Rover.

Tesla Moves Bitcoin Worth Up to $760 Million

This week, Elon Musk’s Tesla unexpectedly moved nearly all of the Bitcoin it had held for the past three years to new wallet addresses. Initially, investors feared Tesla might be preparing to sell the BTC through OTC, but those concerns quickly dissipated as Bitcoin’s price remained unaffected.

“No proof it’s an OTC deal yet. Even if it was, that means someone else bought it so it’s not entirely bearish. Who knows,” Sir Doge of the Coin said.

Read more: Who Owns the Most Bitcoin in 2024?

Many now believe the move was a simple reallocation. In 2021, Musk had stated that Bitcoin payments made to Tesla would be held as Bitcoin, not converted into fiat.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Nhat Hoang

https://beincrypto.com/this-week-in-crypto-grayscale-altcoins-season/

2024-10-18 12:00:00

bitcoin
Bitcoin (BTC) $ 68,343.31 1.86%
ethereum
Ethereum (ETH) $ 2,642.00 1.43%
tether
Tether (USDT) $ 0.999798 0.09%
bnb
BNB (BNB) $ 598.89 1.50%
solana
Solana (SOL) $ 154.20 2.70%
usd-coin
USDC (USDC) $ 0.99994 0.06%
xrp
XRP (XRP) $ 0.544928 0.15%
staked-ether
Lido Staked Ether (STETH) $ 2,642.04 1.48%
dogecoin
Dogecoin (DOGE) $ 0.137868 7.30%
tron
TRON (TRX) $ 0.158898 0.70%
the-open-network
Toncoin (TON) $ 5.21 1.08%
cardano
Cardano (ADA) $ 0.347657 1.56%
avalanche-2
Avalanche (AVAX) $ 27.86 2.56%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,125.18 1.63%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 3.02%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,219.28 1.88%
weth
WETH (WETH) $ 2,643.07 1.56%
bitcoin-cash
Bitcoin Cash (BCH) $ 365.06 1.95%
chainlink
Chainlink (LINK) $ 11.38 3.28%
polkadot
Polkadot (DOT) $ 4.25 1.60%
near
NEAR Protocol (NEAR) $ 4.84 2.26%
dai
Dai (DAI) $ 0.999874 0.01%
sui
Sui (SUI) $ 2.10 2.65%
leo-token
LEO Token (LEO) $ 6.09 0.62%
uniswap
Uniswap (UNI) $ 7.38 0.17%
litecoin
Litecoin (LTC) $ 73.23 0.02%
aptos
Aptos (APT) $ 9.97 0.48%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,775.38 1.52%
pepe
Pepe (PEPE) $ 0.00001 5.38%
bittensor
Bittensor (TAO) $ 572.22 1.69%
internet-computer
Internet Computer (ICP) $ 7.97 4.18%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.42 4.73%
kaspa
Kaspa (KAS) $ 0.128799 2.97%
monero
Monero (XMR) $ 159.18 1.57%
ethereum-classic
Ethereum Classic (ETC) $ 19.21 1.07%
stellar
Stellar (XLM) $ 0.096212 1.40%
blockstack
Stacks (STX) $ 1.91 4.17%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.367555 0.80%
first-digital-usd
First Digital USD (FDUSD) $ 0.998478 0.01%
dogwifcoin
dogwifhat (WIF) $ 2.61 2.34%
whitebit
WhiteBIT Coin (WBT) $ 17.67 3.64%
immutable-x
Immutable (IMX) $ 1.54 3.44%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
okb
OKB (OKB) $ 40.54 0.32%
aave
Aave (AAVE) $ 156.89 2.63%
filecoin
Filecoin (FIL) $ 3.73 1.75%
injective-protocol
Injective (INJ) $ 21.82 2.44%
optimism
Optimism (OP) $ 1.70 1.64%
render-token
Render (RENDER) $ 5.37 2.79%
crypto-com-chain
Cronos (CRO) $ 0.077757 0.28%