The crypto market has been bullish in the second half of October. The increased Bitcoin investment via Spot ETFs, and other big players such as Tesla moving their coins has resulted in an upwards trend. Bitcoin is a mainstay of any portfolio, but while Bitcoin stays in a bullish zone, many altcoins have outperformed BTC this year. Here’s an analysis of BTC and two other interesting coins, Cutoshi (CUTO) and Arbitrum (ARB) that are attracting attention this October.
Could Bitcoin Be On The Cusp Of An All Time High?
It was no big surprise that the approval and launch of the Bitcoin Spot ETFs pushed the price of BTC to a new ATH.
Ever since the launch of the Spot ETFs, BTC has seen massive inflows, even as it has experienced outflows, the conversion of Grayscales Bitcoin Trust into an ETF.
Now that those outflows are falling dramatically, the spot Bitcoin ETFs saw their biggest-ever day of inflows, at $2.1 billion in inflows last week. This supported Bitcoin’s price above $68,000 through the weekend. The largest single-day inflow occurred Monday, October 14, reaching $555.9 million. Total net inflows for Bitcoin ETFs have now reached $20.94 billion, an achievement that took gold ETFs significantly longer to reach.
If this bullish momentum continues, BTC could be set for a record-beating ATH in November.
Arbitrum Orbit May Push ARB To New Heights
Arbitrum, until recently the second biggest L2 blockchain by market cap, has released ‘Arbitrum Orbit.’ This project allows people to “create your own dedicated chain permissionless with a custom gas token, privacy, permissions, and more.”
According to a promo video from the team on X, the ecosystem has 29 chains already, with more developers working on new projects. This includes the popular portfolio tracker and crypto social network, DeBank.
According to Tokenomist.ai, the next big unlock ($51M) for Arbitrum is on November 16th.
From a technical analysis perspective, Arbitrum is showing signs of a potential breakout, provided it can surpass the key resistance level at $0.61. If Arbitrum manages to maintain its current support levels, the chances of it testing the $0.68 mark grow stronger.
Is Cutoshi’s Memefi Project Positioned To Take A Share Of CEX Traffic?
Cutoshi is appealing to investors, based on the Chinese Lucky Cat, the meme coin is aiming to include vital DeFi utilities. Inspired from the teachings of Satoshi Nakamoto the project includes a cross-chain DEX for easy and cheap swaps, NFTs that will unlock trading discounts, and yield farming. Given that memes are the top-performing sector of 2024 so far, the Cutoshi presale is attracting a lot of investors.
Although CEXes still have dominance, DEX use is growing, with CoinTelegraph stating, ‘Decentralized exchanges are becoming a growing threat to CEXs’ and noting that ‘Over the past year, DEX trading volumes grew “significantly larger,” surpassing the monthly $250 billion mark in March and June for the first time since December 2021.’
As Cutoshi is still in presale, it could continue to rise in the upcoming months. With its unique DeFi ecosystem and well timed P2P DEX, it could be poised for greater heights.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
