As the second half of October lives up to its reputation of growth in the crypto market, event have turned sentiment positive – including the direction of the upcoming US election, record breaking inflows to Cryptocurrency Spot ETFs, the Fed cutting the interest rates – resulting in BTC hitting $69,000.
As Uptober continues, the market is set for a rally as the year ends, with Geoffrey Kendrick, who leads digital assets research at Standard Chartered, predicting that Bitcoin could reach US$80,000 by the end of the year. If this happens then the whole of the market will pump.
Ethereum’s Price Dip Creates Potential Investment Window
Ethereum failed to reproduce the gains seen by Bitcoin, after the release of the ETH spot ETFs. In fact, the lack of investor uptake shook the market so much that the price of Ethereum began to drop within days of their launches. By July 27th, the price of Ethereum had dropped from its summer high of $3983 to $3,165, from which it would continue to fall to its yearly low of $2232 in September.
Reasons for the slow uptake on investing in Spot ETFs are thought to be related to Bitcoin’s first mover advantage, and worries about Layer 2 scaling systems acting as ‘parasites’ that don’t add to the price of Ethereum.
Experts contend that Layer 2s are essential for adding value to the Ethereum Ecosystem, which indirectly should increase prices.
Whatever your opinion, one thing is clear, ETH is trading at $2,579, down 47% from its all time high of $4,878 and could be undervalued, with FUD clouding the minds of would-be investors.
Given Etheruem’s utility, established place in the world of blockchain, and potential investment vehicle, its likely that if Bitcoin breaks a new all time high, Ethereum may do so soon after.
Arbitrum’s Recent Challenges May Signal Buying Opportunity
Arbitrum hasn’t been receiving much positive attention lately, with the most recent news coming as a blow to ARB supporters – that Coinbase’s decentralized blockchain BASE has now overtaken Arbitrum in terms of TVL (total value locked) to become the fifth biggest chain.
The RRRoundup notes that “A significant portion of Base’s TVL is attributed to the decentralized exchange Aerodrome (AERO), which alone accounts for over $1.3 billion in deposits”, highlighting the possibility that Arbitrum may not have as good a DEX as BASE.
Further bad news followed, with the price of Arbitrum failing to hold the $0.61 support level, suggesting a retest of the $0.55 mark.
At the time of writing Arbitrum is currently trading at $0.56 down by 32.9% on the yearly chart. Although some sentiment and signals for Arbitrum are bearish, other indicators such as OI (Open Interest) show optimism for the future. Blockchains with good tech fall in and out of favor, and usually bounce back after bullish news.
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This means that Arbitrum could be an undervalued coin worth monitoring, though investors should keep token unlocks in mind and time buys accordingly.
New Cross Chain DEX Project Taps Into Meme Culture
Ethereum, Arbitrum and Cutoshi have something in common. They all operate with the safety, decentralization and technological advancements borne from years of development from the Ethereum team.
Cutoshi, like Ethereum and Arbitrum, seeks to make DeFi and other on chain activities more user friendly and inclusive. But Cutoshi is doing it through meme appeal, using the avatar of the Chinese Lucky Cat to draw people into their community.
Cutoshi is building a decentralized and cross chain dex to make using DeFi and web3 easy, and will provide staking options, yield farming, utility based NFTs and more. As we see from Aerodrome’s success on Solana, DEXes can be a powerful tool to generate more on chain activity, and Cutoshi has the potential to be a part of that for Ethereum.
Unlike the other Arbitrum or Ethereum, Cutoshi is a new project, still in presale. This presents both risks and opportunities. On the one hand, a new project still has to prove itself, and has far to go to reach the success of established coins.
But on the other hand, getting in early, especially on a coin that combines memes and DeFi, has the potential for huge gains – such as memecoin POPCAT, up by 10,000% this year, or Aerodrome’s coin AERO which is up 4,769% on the yearly.
Cutoshi is now in the second stage of presale at $0.022, up 49% from last month, and the price can continue to increase dynamically until the presale concludes.
For more information on the Cutoshi (CUTO) Presale:
Join and become a community member:
https://twitter.com/CutoshiToken
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