MicroStrategy has rocked the crypto market with a Bitcoin purchase worth $1.11 billion this week.
The Bitcoin price now sits at $60,411, its highest value in ten days.
BTC Rallies As Microstrategy Buying Spree Continues, ETF Inflows Return
MicroStrategy’s holdings now total 244,800 bitcoins worth $9.45 billion.
Michael Saylor, its founder and CEO, announced the most recent purchase on his X account, which was 18,300 bitcoins at $60,408 each. In U.S. dollar terms, the investment was worth $1.11 billion.
While MicroStrategy’s average cost, including expenses and fees, was $60,408, Bitcoin’s market value at the time of the announcement was $58K.
However, immediately after the announcement, the BTC price rose, peaking at $60,642 on Friday night.
MicroStrategy has acquired 18,300 BTC for ~$1.11 billion at ~$60,408 per #bitcoin and has achieved BTC Yield of 4.4% QTD and 17.0% YTD. As of 9/12/2024, we hodl 244,800 $BTC acquired for ~$9.45 billion at ~$38,585 per bitcoin. $MSTR https://t.co/WBBRSKxA1U
— Michael Saylor⚡️ (@saylor) September 13, 2024
The investment comes just days before the highly anticipated Federal Open Markets Committee (FOMC) meeting, in which the Federal Reserve is expected to cut interest rates.
Also, Bitcoin ETF inflows have returned after predominant outflows since late August. This signals a shift in sentiment among institutions, adding to the likelihood of a positive market reaction to the forthcoming FOMC meeting.
That said, short sellers continue to dominate the futures market, indicating a bearish consensus among leveraged traders.
DaanCrypto says this is “generally healthy” for the market, with pressure on short sellers to pay long buyers a premium to keep their positions open.
#Bitcoin Has been consistently trading at a spot premium for the past 2 months.
— Daan Crypto Trades (@DaanCrypto) September 13, 2024
This means shorts are paying longs funding rate to keep their positions open.
This is generally healthy but it's also skewed by people doing the basis trade through Ethena & the BTC ETFs. pic.twitter.com/Bv68ogzMa5
Echoing this mixed sentiment, the Crypto Fear and Greed Index currently sits at 38, which is fearful, edging on neural.
However, with Bitcoin above $60K and institutions injecting capital, the broader market may be lagging in its outlook.
Best Cryptos to Buy Now
Considering the fearful market sentiment, this could prove a timely investment opportunity ahead of the next bullish wave.
With that in mind, let’s review five cryptos that are showing high potential.
Pepe Unchained
Pepe Unchained is a meme coin with its own layer 2 blockchain. It’s an industry first, and the project is currently undergoing a presale.
Thousands of traders have seized the opportunity to buy $PEPU early, with the presale raising over $13 million so far.
It’s proving one of the hottest new projects on the market, which will work in its favor as crypto prices rally.
The project is building a Pepe-themed Ethereum layer 2. It will be 100x faster than Ethereum and much cheaper.
Some of its centerpiece features include a staking mechanism, a dedicated Ethereum bridge, and a block explorer.
Staking is live and provides a 156% APY, which will decrease as the staking pool grows.
The current Pepe Unchained presale price is $0.0096897, but this will rise in one day.
Bittensor
Bittensor has been one of the top-performing cryptos in the past 24 hours. It has shot up by 12% today and 38% this week.
However, that’s not the only reason TAO might be one of the best cryptos to buy.
The project is building a decentralized AI network equipped with cutting-edge innovations like inference. This allows a “distributed trust-less style of machine learning where requests are authenticated and verified using the digital ledger,” essentially bolstering the collective intelligence of the AI models on its network.
AI cryptos are in a solid position, with GPU chip manufacturer Nvidia continuing to show strength on the stock market. This is a signal that AI technology is very much still a hot investment category.
Bittensor is one of the most valuable AI cryptos, so it will likely benefit from the rising tide of the AI sector.
The current TAO price is $324, and it holds a $2.3 million market cap.
Crypto All-Stars
In bullish periods, meme coins often see the most gains. Crypto All-Stars provides a unique diversified opportunity to gain exposure to 11 of the top meme coins.
The project is building a unified staking protocol for meme coins. Users will be able to stake their joke tokens (like Dogecoin, Shiba Inu, and Pepe) and generate passive $STARS rewards.
However, they must hold $STARS to access the platform. Furthermore, they are incentivized to hold as much as possible because the more they earn, the more they hold.
Imagine all the top meme coin communities uniting under the umbrella of one token – that has the makings for unprecedented demand – and it’s what $STARS aims to create.
Holders can also stake their $STARS tokens to generate even more gains.
The project is undergoing a presale and has raised $1.2 million so far. The current $STARS presale price is $0.0014419, but this will rise in two days.
Polygon
Polygon is an Ethereum-compatible blockchain with an extensive ecosystem of applications and technologies.
Like Bittensor, Polygon is one of the market’s frontrunners today. It is currently up 11.3% and 14.6% this week.
Why is Polygon a buy? As mentioned, Polygon has a wide range of technologies within its ecosystem. Some of these, like Polygon zkEVM, are groundbreaking in providing decentralized, secure, and scalable on-chain transactions.
Meanwhile, Polygon is starting to see a spurt in network adoption. One of the hottest upcoming trends is prediction markets and betting, and Polygon currently has the biggest market share in terms of TVL.
Update:@0xPolygon's share of the prediction market TVL in crypto has grown from 71% to 79%
— agglayerzone (@agglayerzone) July 30, 2024
source: defillama https://t.co/dNBEBLU9La pic.twitter.com/BZZ5tabnGE
Polygon is currently trading at $0.42. It recently shifted from the ticker MATIC to POL. Together, these two tokens have a $4.2 billion market cap.
Memebet Token
Highlighting the prevalence of prediction markets brings us nicely into Memebet token – a new meme coin-focused GambleFi project.
With Memebet, users can wager top meme coins on thousands of games and sportsbook events. It’s a compelling idea that merges two of crypto’s most high-octane use cases.
While the casino supports wagering in all the top meme coins, users get special benefits for wagering the $MEMEBET token.
These include bigger prizes, exclusive access to new features, airdrop entries, and high-volume bettors will even get invited to an inner-circle VIP group.
Memebet Casino will launch as a web app and Telegram application, ensuring widespread accessibility and seamless onboarding. It’s also KYC-free.
The project is undergoing a presale and has raised $220K so far.
70% of tokens are allocated to the presale, 20% to community rewards, and 10% to liquidity. Memebet Casino will fund its long-term development with fees accrued on its platform.
Investors can buy Memebet token today for $0.0251, but this price will rise throughout the campaign.