Hey, Crypto People! Token Metrics Daily is coming at you – we're the crypto world's metal detector, beeping loudly at every buried treasure.
Inside:
➢ JP Morgan analysts predict Bitcoin gains in Q4 for Uptober.
➢ Take a look at today’s token underdog.
➢ News drops: Nick Szabo overtakes Len Sassaman as HBO's Satoshi reveals on Polymarket, Hong Kong to license more crypto exchanges by end of year + more.
JP Morgan Analysts Predict Bitcoin Gains In Q4 For Uptober
JPMorgan's analysts feel pretty upbeat about the crypto market, especially Bitcoin. Let's break down their recent report and see what might be in store for our favorite digital assets.
First up, let's talk about "Uptober." – Bitcoin has been on a roll during October more than 70% of the time. JPMorgan's team thinks this trend might stick around.
They say, "We think this popularization of 'Uptober' may influence behavior and result in a positive month for bitcoin this October." Could the power of positive thinking fuel a rally? We'll see!
But here's the thing – crypto isn't living in its own bubble anymore. JPMorgan points out that the crypto world is getting more and more tied to what's happening in the broader economy.
The Federal Reserve's recent interest rate cuts, and the ones they're planning, could boost the market. But don't pop the champagne just yet.
The analysts note, "We have yet to see the 'pop' in cryptocurrency prices expected from lower rates since the Fed's September 18 cut."
Now, let's talk about interest rates and crypto. It's a bit of a head-scratcher. Crypto came to life when interest rates were super low.
The JPMorgan team thinks that "stable rates, rather than just low ones, will benefit these markets the most." So, it's not just about low rates – it's about steady rates too.
What’s Happening on the Tech Side?
On the tech side, two big things are happening. First, BlackRock's spot ETF got approved for options trading. In simple terms, this could make the market more liquid and give investors more ways to play.
Second, Ethereum's gearing up for its Pectra upgrade. It sounds cool, but don't expect fireworks right away. The analysts see it as more of a long-term improvement.
Looking ahead, JPMorgan's team wraps it up nicely: "We continue to see the crypto ecosystem being incrementally more sensitive to macro factors, so we await the next major catalyst for development and enhanced retail engagement to provide secular growth for the ecosystem."
In other words, keep an eye on the big picture and watch for the next big thing that could really get people excited about crypto.
Today’s Token Underdog with High Potential
Token underdogs are tokens that aren’t very popular, undervalued, and have a high long-term potential, as deduced from the Token Metrics platform.
Today's token underdog is 5ire (5IRE), a pioneering fifth-generation blockchain platform that's making waves with its focus on sustainability.
By integrating environmental, social, and governance (ESG) factors into its consensus mechanism, 5ire is redefining the way blockchain projects approach social responsibility.
Its innovative use of Machine Learning to track over 700 ESG data sources in real-time sets a new standard for transparency and accountability.
Despite its modest market cap of $401,542 and the current price of $0.009265, 5ire packs a punch when it comes to potential.
Its unique approach to sustainability and robust technical foundation make it an attractive proposition for investors and traders alike.
Token Metrics Insights: 5ire boasts an impressive set of metrics, with a TM Investor Grade of 72.81% that highlights its potential for long-term growth.
Its Fundamental Grade of 64.18% underscores the strength of its tokenomics, team, and adoption prospects.
Meanwhile, a Valuation Grade of 83.6% suggests that 5ire is currently undervalued, making it a compelling investment opportunity.
With a TM Trader Grade of 79.1% and a TA Grade of 91.54%, 5ire is also well-positioned for short-term success.
Note - Token Metrics AI helps you spot profitable crypto opportunities others miss. Get easy-to-understand insights on 7,000+ tokens. Get 7-Day Free Trial Now.
Latest News
1. Nick Szabo overtakes Len Sassaman as HBO’s Satoshi reveals on Polymarket. Polymarket’s betting odds have shifted, with Nick Szabo now leading as the most likely candidate for HBO’s upcoming reveal of Bitcoin’s mysterious creator, Satoshi Nakamoto, surpassing Len Sassaman.
2. Hong Kong to license more crypto exchanges by end of year. Hong Kong’s Securities and Futures Commission (SFC) announced plans to issue additional licenses to crypto exchanges by the end of 2024, aiming to bolster the region’s position as a global crypto hub.
3. India Denies Targeting US Dollar as Dedollarization Reshapes Global Trade. The Indian government has refuted claims that it is actively working to undermine the US dollar, despite ongoing global trends towards dedollarization and increased use of alternative currencies in international trade.
4. Ether ETFs See Zero Flows for Second Time as Bitcoin ETFs Post Biggest Inflows in 6 Days. Ethereum exchange-traded funds (ETFs) experienced no new inflows for the second time this month, while Bitcoin ETFs saw their largest inflows in six days, highlighting a divergence in investor interest.
5. Archax, Assetera partner to offer 91 tokenized funds in the UK market. Archax and Assetera have teamed up to introduce 91 tokenized funds to the UK market, providing investors with a diverse range of digital asset investment opportunities.
Disclaimer
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other advice, and you should not treat any of the website's content as such.
Token Metrics does not recommend buying, selling, or holding any cryptocurrency. Conduct your due diligence and consult your financial advisor before making investment decisions.
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