The Bitcoin token on Ethereum, BTC20, saw its price explode 600% 48 hours after launch, with 10x gains on the horizon. As cryptocurrency traders are starting to take interest in this trending currency, it is on its way to reaching a market capitalization of $100 million.
The BTC20 token, which works on the principle of stakingreproduces the tokenomy of Bitcoin and is currently listed at $4.06an increase of more than 300% after being listed at $1. The price has already briefly reached $6, a return of 600%thereby establishing a benchmark for the short-term price target.
In addition, at the last count, 3,930,621 tokens out of the 6,050,000 in circulation were wagered, which represents 65% of the circulating supplyaccording to the latest real-time data from the BTC20 website dashboard.
The remaining tokens, out of a total supply of 21 million, are reserved for distributing rewards – the annual percentage return is currently 64.77%.
BTC20 simulates Bitcoin’s 2011 block rewards, which were 50 BTC per block produced. BTC20 rewards accumulate every 10 minutes and can be claimed a minimum of seven days after the first wager. Setting started last Wednesday at 15:00 UTC.
Following its launch, the BTC20 quickly established a solid base at $1. This stability is undoubtedly due to BTC20’s yield-driven tokenomy. After this stabilization phase, the price experienced a rapid rise yesterday, followed by a parabolic surge.
Whales Buy BTC20 Aiming for $1 Billion Market Cap
Well-capitalized ‘whales’ are entering the market. Among them, a buyer with a portfolio estimated at nearly $2 million recently invested in BTC20, a currently modest stake of $6,049.
Without a doubt, these buyers will continue to enter the market during short-term downturnsanticipating gains that could reach record highs such as 100xaiming for a market cap of $1 billion.
https://etherscan.io/tx/0xe62dc8d6299d3b41a77cd079c53c8ff99a20d3891af8b1a02ba8859d6e500ec3
BTC20 tops on DEXTools – FOMO is just getting started
Since the day before yesterday afternoon (Saturday) during the European session, BTC20 appears among the top 10 on leading data and trading sites for decentralized exchanges, DEXTools. Over the past hour, it’s taken the top spot as FOMO intensifies:
The number of token holders soared to 3,922, 24-hour trading volume jumped to over $3 millionand liquidity locked on Uniswap V2 reaches $347,000.
On the Uniswap V3 (BTC20/SDEX) trading pair, where liquidity providers may charge fees above 0.3% of V2, the liquidity reserve reached $369,000 and the 24-hour trading volume reached $661,000.
Impressive, 87.89% of liquidity on Uniswap V2 has been lockedso there is no concern that the project is a scam (“rug pull”).
On the contrary, BTC20 ($Bitcoin20) is gearing up to be the biggest Bitcoin-derived token launch of the year, outpacing competitors such as BTC 2.0 and HPOS10Ithe latter being identified by the ticker ‘BITCOIN’ on Uniswap.
BTC20 is on the way to 10x gains before the first stakes unlock – more participants are expected
On the 4-hour price chart, the price trajectory suggests a 10x gain by the seventh trading day, Wednesday August 16when the first stakers will have the opportunity to unlock their tokens.
Market participants will be watching this key milestone carefully to see how token holders perform, since the majority of circulating supply is tied up in staking.
However, to realize the full APY yield potential, it is necessary staker for 12 months. Knowing that many likely chose staking based on a long-term commitment to the project, it is fair to assume that many will continue to stake their tokens to generate passive income.
Of course, others will be concerned by preserving their capital and will want to make a profit on their initial investment, while retaining a portion of their tokens to continue to receive returns.
Token holders who wish to continue staking just leave their tokens in the staking smart contractand the smart contract automatically accumulates rewards until the staking period ends.
Here are other factors propelling the price of BTC20 higher – Listings on CMC and CEX
Even if some will completely withdraw their bet, it will probably be more than offset by sustained buying demand by several factors.
First of all, the attractive APY will attract more buyers to BTC20. If the overall number of stakers or the amount staked decreases, the APY will increase, inducing more investors seeking passive income to purchase and stake the token. Indeed, the team announces that they will introduce a ‘buy and stake’ button easy to use next week.
Second, the best advertisement for a coin is its price history and outlook. On this point, BTC20 will attract more buyers as the coin continues to stand out on popular crypto data sites.
Speaking of data sites, BTC20 will soon be listed on major crypto sites Coinmarketcap and CoinGecko. When that happens, hundreds of thousands of other market participants will take notice of the coin and start buying it and adding it to their watchlists.
Which CEX will be the first to list BTC20? LBank, OKX, Binance?
A third factor is the prospect of listing on a centralized exchange. Although the team claims that there are no current listing plans, at least according to communications on the Telegram group, this does not prevent CEX from listing the coin on their own initiative.
Due to fierce competition among CEXs to attract customers, their teams closely monitor market developments for trending tokens that generate significant trading volume – BTC20 is one such token.
Trading volume on Uniswap is approximately $4 million in the last 24 hours. Now that the coin is trending as a top pair on sites such as DEXTools, and will no doubt soon be listed on CMC and CG, volumes are likely to explode, and the price will continue its parabolic rise as new capital flows in.
The larger the trading volume and the number of token holders, the more likely it is that major CEXs like OKX and Binance register the token.
Marketing will kick into high gear to help BTC20 price rise to $10
In addition to its robust tokenomy and previously mentioned off-chain insights, there are also marketing efforts from the BTC20 team that help push the price up.
Crypto analyst Michael Wrubel, with 310,000 subscribers on YouTube, has already predicted that BTC20 will start creating millionaires – it seems he got it right. We should expect BTC20 members to start collaborating with even more high-profile influencers in the days to come.
The marketing so far has been flawless. The positioning of BTC20 in the market as ‘Bitcoin on Ethereum’ seduces everyone who has missed the various bull runs that Bitcoin has seen since its inception, and that’s a lot of people.
Token holders can expect increased digital marketing efforts in the crypto industry, targeting popular sites such as CMC, DexTools, Dexscreeneras well as banner ads on popular news sites.
Telegram’s alpha groups are also starting to liven up, so expect the crypto Twittersphere is exploding with mentions of BTC20, further bolstering FOMO around the new token.
Visit the official BTC20 website
‘Version 2’ coin staking is the hot new trend in crypto – will XRP20 be the next to soar?
Another coin that fits into the “version 2” theme is the XRP20 coin, currently in presale. Although XRP20 is not affiliated with Ripple or XRP, its launch is inspired by these initiatives.
Just like BTC20, it also innovates with staking, allowing XRP20 token holders to earn rewards by staking their token. YouTube experts predict 10x returns for early investors in this coin.
It also has a burning mechanism deflationary favorable to the pricewhich will encourage potential buyers to take a look.
The new token has raised $2.3 million on its hard cap target at $3.6 million, and the pace should pick up as investors in the small-cap crypto realm note the success of BTC20 and look for similar potential ten-fold targets.
BTC20 still offers strong potential for substantial gains. For its part, XRP20 could also be of significant interest. Moreover, it is currently in presale at a price of only 0.000092, i.e. 30 times less than XRP’s lowest record.
Visit XRP20 now
This article does not represent investment advice in any way. The information provided here should not be used as the basis for making financial decisions. Investing in cryptocurrency involves risk and can lead to significant losses. You should only invest what you can afford to lose and do your own research before making any investment decisions.