Major cryptocurrencies saw a strong resurgence over the past day as the global crypto market cap expanded by 1.5%. Bitcoin surged past the $30,000 price level before correcting slightly to currently trade at $29.4K.
The largest cryptocurrency received a strong boost as MicroStrategy founder Michael Saylor revealed that his company purchased another 467 BTC tokens in July for $14.4 Million.
Crypto traders have been frustrated with the lack of upside displayed by Bitcoin in recent weeks. Despite its latest surge, it continues to trade between the $29K – $30K price range.
Investors are now looking for newly launched tokens that can outperform the sluggish crypto market, with XRP20 emerging as a top contender. The token is already nearing the $100k mark in the presale in less than a day.
Michael Saylor Remains Bullish On BTC Despite Recent Lack Of Volatility
Michael Saylor’s MicroStrategy is one of the biggest holders of Bitcoin in the world. Its purchase of additional 467 tokens in July puts its total BTC holdings at 152,800 tokens worth $4.5 Billion.
Furthermore, according to the latest SEC filing, the company sold $750 million worth of its Class A common stock and intends to use the proceeds to purchase additional BTC tokens.
MicroStrategy’s accumulation strategy has been traditionally bullish for Bitcoin. At the current price level, $750 million would amount to a purchase of additional 25,380 BTC tokens, which can provide a major boost and raise hopes of Bitcoin finally breaking above the $31k resistance.
Saylor is one of the biggest supporters of Bitcoin, calling it the best asset in the world on multiple occasions. He remains firm in his bullish stance on Bitcoin despite the recent lack of upside, which is not a surprise considering his BTC accumulation last year despite the ensuing bear market.
However, Saylor is now being joined by big money TradFi institutions in his support for the largest crypto asset. Bitcoin saw a major bullish growth in June when asset management firm BlackRock filed for a spot BTC ETF. Other mega institutions such as Citadel, Charles Schwab, Fidelity and Valkyrie have also entered the market to offer BTC trading.
Larry Fink, the CEO of BlackRock, recently stated in a CNBC interview that Bitcoin will outperform every international currency due to its global demand. A recent research paper published by BlackRock also recommended an optimal BTC allocation of 80-100% to its clients.
On-chain data firm Glassnode revealed that Bitcoin’s long-term holder supply reached a new all-time high by the end of July, highlighting that mature and smart money investors continue to hold the token.
However, retail investors are getting impatient over BTC’s lack of growth as the token is down 4% over the past month.
Expert crypto analysts Michael van de Poppe and CryptoCon believe that Bitcoin is already in a new bull cycle and can display explosive growth any time now. Similarly, long-term crypto analyst @CryptoJelleNL believes that the BTC price is primed for a strong upward move and will peak in the 4th quarter of 2025.
Another trader, @i_am_jackis, reveals that the upcoming decade will be a decade of commodities. Despite its hawkish stance on crypto, the SEC has stated that Bitcoin is one crypto asset that is definitely a commodity. Therefore, BTC can see sustained growth over the next decade, especially if the institutional money continues to back the token.
Which Other Token Can Show A Bull Rally?
Similar to Bitcoin, XRP has remained sluggish in recent weeks as Ripple’s post-win enthusiasm has faded and the threat of an SEC appeal looms large.
However, the new stake-to-earn XRP20 token is seeing an investor frenzy in its newly launched presale, capitalizing on the recent surge of interest in XRP.
New XRP20 Token Sees Surging Demand & $100K In Presale in Just 3 Days
The new XRP20 token is generating hype and FOMO as it claims a second opportunity for investors who missed out on XRP’s 22,700% bull rally.
The token is priced at just $0.000092 in the presale and claims to be offering the same growth potential as purchasing XRP at its all-time low of $0.0028.
Investors are lining up for the presale as the token has already raised over $90k in less than a day.
XRP20 is designed as an ERC-20 asset, offering compatibility with existing Ethereum platforms and wallets and making it easier for investors to trade, track and store the token. Its on-chain staking mechanism is also a major point of attraction for retail investors, providing an excellent opportunity to generate passive income.
10% of the entire token supply has also been reserved for providing decentralized exchange liquidity, ensuring a smooth trading experience for traders. Another 20% of the tokens have been allocated to be burned, resulting in deflationary supply and surging token value.
The recent hype around XRP and the pent-up demand for superior returns has set the stage for a stellar performance by XRP20.
However, the presale has a hard cap of $3,680,000, which is expected to sell out quickly.
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