VanEck’s 10,000% Solana Predictions, Brazil’s USDT Dominance, and Korea’s Altcoin Love

Written by BTSE

October 30, 2023

As the Asian business week kicks off, Bitcoin futures contracts have surged in open interest, reaching $15.83 billion – the highest since June 2022, according to CoinGlass data. Since October, there’s been a 33.5% uptick in these contracts. Furthermore, Bitcoin options holdings are currently at a robust $15 billion, having peaked historically at $17.73 billion on October 27.

 

What to Watch Out for Today

 

  1. VanEck’s Bold Solana Predictions: Asset management firm VanEck has laid out a vision where Solana’s value could catapult by 10,000% by 2030, provided it ropes in 100 million users. Here’s the intriguing bit – SOL’s potential price could touch $3,211.28 per token, overshadowing Ethereum’s forecasted 2030 price. However, it’s not all roses. Solana’s technical stability is under scrutiny, with concerns about its adoption. So, what’s next? Crypto enthusiasts, diversifying your investments might be the way. Just ensure you’re wary of Solana’s stability glitches. Long Solana?

 

  1. USDT’s Meteoric Rise in Brazil: 2023 has witnessed Tether (USDT) dominate 80% of Brazil’s crypto transactions, with an impressive ~$55 billion turnover. But there’s more – Brazil’s Congress is now categorizing cryptocurrencies as “financial assets” for tax considerations, levying tax rates between 15% and 22.5% on international crypto gains. The bottom line? Brazilian crypto traders, keep your eyes peeled for regulatory changes and ensure you’re playing by the rulebook. 

 

  1. Korea’s Distinct Crypto Appetite: South Korea is bustling with crypto activity, boasting 6 million investors, according to a report from Despread Research. The intriguing twist? Their affinity towards altcoins, local projects, and local exchange Upbit, sometimes even overlooking global giants like Coinbase or Binance. July saw a 37% spike in trading volumes across the nation’s top crypto platforms. But here’s the kicker – transactions are leaning towards the Tron blockchain instead of Ethereum, mainly due to cost efficiency. Action steps? Investors, considering the Korean market’s peculiarities might just give you an edge. Dive into altcoins and monitor the Tron trend.

 

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Note: BTSE Blog contents are intended solely to provide varying insights and perspectives. Unless otherwise noted, they do not represent the views of BTSE and should in no way be treated as investment advice. Markets are volatile, and trading brings rewards and risks. Trade with caution.

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