Although the cryptocurrency market started the week with a decline, it regained its upward momentum today. The effect of positive news in this positive atmosphere is also strong. Coinbase, the leading cryptocurrency exchange, announced that it added a meme coin popular in the US elections to its roadmap. With the impact of this development, the token price witnessed a sharp price increase.
Coinbase adds PNUT to Coin listing roadmap, meme coin skyrockets!
As you follow from Kriptokoin.com, crypto exchanges continue to expand their lists. Coinbase, the leading cryptocurrency exchange, uses the ‘roadmap’ option, a period in which it keeps some tokens under observation before listing them. After a while, it adds the relevant token to its list. In this context, Coinbase announced that it added Peanut the Squirrel (PNUT) to the coin listing roadmap.
After this development, the token price made a vertical ascent. PNUT price suddenly jumped to $ 1.3638 from the level of $ 1.06 during the day. Although the token then lost slight altitude, it still continues to fly higher. At the time of writing, PNUT was trading at $ 1.33, up about 30 per cent on a daily basis. Meanwhile, the token’s trading volume saw an interesting 6.5 per cent drop. This suggests that investors and traders have not yet shown enough interest in the token.
Altcoin season index paves the way for Bitcoin gains
Investment firm VanEck attributes strong altcoin performance to potential BTC gains. Thus, he shared optimistic views for Bitcoin. According to their analyses, when the Altcoin Season Index exceeds 60, Bitcoin tends to provide positive returns in the following months. The Altcoin Season Index measures the percentage of the top 50 cryptocurrencies that outperform Bitcoin over a 90-day period. A value above 60 indicates a strong altcoin season, which historically correlates with positive BTC performance.
VanEck’s findings reveal that after the index crosses 60, Bitcoin’s average returns are as follows: +10% in 1 month, +30% in 3 months, +73% in 6 months. Analysing 61 such examples, the study also highlighted Bitcoin’s positive return probability: 56.5% in 1 month, 59.9% in 3 months and 61.1% in 6 months. This means that BTC has the potential to rise to $ 160,000 by mid-2025.
Follow us on Twitter, Facebook and Instagram, and join our Telegram and YouTube channel to stay up to date with breaking news !
