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Cardano price is up 24% in the last 24 hours to trade at $0.5881 starting at 1:30 am EST.
According to @IvanOnTech, a renowned X analyst, Cardano price could soon skyrocket to $0.75.
$ADA WORKING AS EXPECTED!!
Will probably hit $0.75 soon https://t.co/Wgry6NDaIw pic.twitter.com/IDDETBqGLE
— Ivan on tech – Moralis provides the best web3 APIs (@IvanOnTech) December 8, 2023
Cardano Price Prediction
Looking at the 1 hour ADA/USD graphics, the 50-period moving average has broken above the 200-period moving average to form a golden cross. This shows buying pressure on Cardano as the bulls look to retest the $0.6 level.
The Relative Strength Index indicator is currently in the overbought region while the MACD is moving in the green zone, showing bullish dominance for ADA.
As for volatility, the Bollinger Bands are moving far apart, showing high levels of volatility in the price of Cardano. This can be attributed to Cardano trading volume which increased by 281% in the last 24 hours.
Meanwhile, as the Cardano price surges, the new BTCETF token is making waves with its pre-sale as investors flock to the project daily. Pre-sales have now accumulated more than $3.1 million, demonstrating investor confidence in the project.
Cardano Price Prediction: Is BTCETF Token a Better Investment Than ADA?
As anticipation builds around the Securities and Exchange Commission's decision on spot bitcoin ETF filings in early 2024, the bitcoin ETF Token Pre-Sale (BTCETF) is gaining considerable momentum. This cutting-edge ERC-20 token aims to benefit from the acceptance and introduction of regulated spot investment vehicles in bitcoin.
BTCETF is already proving to be an attractive investment, with pre-sale transactions raising an impressive $3.1 million. The token's price has seen multiple increases, currently at $0.0064, a notable increase from its launch price of $0.005 per BTCETF during the pre-sale phase.
BTCETF plans to execute a deflationary strategy by burning 25% of its total token supply in five stages, depending on the ETF approval process. An additional 5% burn is expected if bitcoin reaches a value of $100,000, reducing the circulating supply to just 1.575 million tokens.
In addition to these deflationary measures, BTCETF permanently delists tokens and imposes a 5% transaction fee on all buy and sell transactions.
Milestones along the BTCETF path include a reduction in transaction tax from 2% to 1% when the aggregate assets under management (AUM) of bitcoin ETF exceed one billion dollars.
Milestone-driven tokenomics
BTCETF's innovative tokenomics further includes milestone-based adjustments. For example, upon reaching the fourth milestone of $1 billion in bitcoin ETF AUM, the transaction tax will decrease to 1% and 5% of the tokens in circulation will be burned.
The fifth milestone, marked by bitcoin reaching $100,000, triggers an additional 5% token burn, along with the removal of the 1% transaction tax.
BTCETF's unique tokenomics offers traders and investors the potential for upside profits and indirect exposure to SEC-approved and regulated spot bitcoin ETFs.
The success of the BTCETF pre-sale and the prospect of significant product inflows into bitcoin could contribute to all-time highs if bitcoin ETFs debut in early 2023.
The deflationary dynamics built into the BTCETF structure can drive exponential increases in token prices beyond current pre-sale rates.
BTCETF pre-sale is experiencing notable success, driven by regulatory expectations and strategic tokenomics.
As SEC decisions approach, BTCETF's trajectory remains closely tied to the changing landscape of bitcoin ETF approvals. So while you are watching the price of Cardano, remember to check out the BTCETF token.
Get your BTCETF tokens here.
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