- Bitcoin maintains stability above US$50K, defying expectations of a significant drop.
- Quant and BitTorrent show notable gains, rising 17% and 16.8% respectively.
- Market analysts suggest Bitcoin’s fundamentals are solid, with a temporary bearish outlook expected to end post-September.
- Network hash rate records for Bitcoin suggest a long-term focus on enhancing network security and robustness.
Crypto continues its volatile sideways action, avoiding a major sell-off, despite some community expectations for Bitcoin dropping below US$50K (AU$75K).
This lack of excitement in the market is possibly why Swissblock titled their recent newsletter “Wake Me Up When September Ends”. It may also be why a recent Bloomberg article called Bitcoin “a port of calm” – at least when compared to Nvidia’s volatility in recent days.
Related: Arthur Hayes Closes Short Position, Expects Explosive Reversal in Bitcoin Price
Quant, BitTorrent Surge as Bitcoin Trades Sideways
But crypto wouldn’t be crypto without some coins trading against the odds. Several projects, such as Cardano (+5.8%), Bittensor (+6%) and Avalanche (+6.5%) are all up, but two crypto-projects are really taking off: QNT and BTT.
Quant (QNT) has gained 17% in the past 24 hours, while BitTorrent (BTT) also surged 16.8%, followed closely by Solana memecoin Popcat with 9.4%.
Quant’s surge may easily be due to speculation about staking and some legal clarity for the platform.
Quant uses its Overledger Network to connect different blockchain networks, allowing developers to create decentralised multi-chain applications (MApps) by holding Quant tokens. This aims to bridge the gaps between various blockchains and serve as the foundation for a future digital economy.
Pinpointing a reason for BTT’s surge may not be as easy. Since TRON acquired BitTorrent in July 2018, it has introduced new tools and the native cryptocurrency, BTT, enhancing its status as the world’s largest decentralised P2P protocol.
The active community and continued expansion, including a recent memecoin addition, could be behind the rally.
Swissblock Says Despite Momentum Loss, Bitcoin Fundamentals “Not Negatively Impacted”
Back to the analysts from Swissblock, they wrote in the previously mentioned note that Bitcoin’s fundamentals have slightly improved.
Related: Ethereum Reaches Its Lowest Price In 2024 As BTC and ETH ETF Inflows Drop to New Lows
Network Growth experienced a slight dip before climbing back to previous levels, while Liquidity has consolidated within a range.
SwissblockThey add that despite an increase in risk and a lack of price momentum, the fundamentals “have not been negatively impacted”.
Therefore, the bearish outlook should be only temporary, which brings us back to their statement to wake them once September is over.
Further, the network hash rate for Bitcoin has hit a new all-time high, indicating that miners are prioritising the long-term strengthening of Bitcoin’s infrastructure over short-term price fluctuations, enhancing its security and robustness.
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