- Bitcoin price nears $70,000 as investors anticipate further gains.
- Stacks Layer 2 upgrade set to boost decentralized finance on Bitcoin.
- Hamster Combat token launch faces community backlash after sharp value drop.
Bitcoin is past $66,000, and Altcoin Buzz has broken down what can fuel the push to reclaim $70,000. Industry pundits cite the recent Federal Reserve’s interest rate cuts as a key factor in Bitcoin’s future price movements, as lower rates trigger more investment in riskier assets.
But long-term holders are reportedly selling off, which could make the market more volatile. This increase in sales is evident in the liveliness indicator, a metric that tracks activity by these holders.
As Bitcoin’s price reaches key levels, such selling behavior has the potential to slow its rise. Despite these concerns, Altcoin Buzz mentioned that technical indicators suggest that Bitcoin could still rise by as much as 35%, potentially reaching $81,550.
Stacks Layer 2 Prepares for Major Nakamoto Upgrade
Stacks, a Bitcoin Layer 2 solution, has experienced a surge in its native token STX, with prices increasing by 30% in the past week. The community is now preparing for the Nakamoto upgrade, scheduled for October 9. This upgrade will improve decentralized finance (DeFi) capabilities on Bitcoin, introducing faster transactions and a new Bitcoin-pegged token called SBDC.
The Stacks Foundation recently announced a record number of smart contracts deployed on its platform, signaling growing interest in Bitcoin-based DeFi. Data from DeFi Llama also shows that Stacks’ Total Value Locked (TVL) has surged by 70%, jumping from $91 million on September 18 to $112 million at present.
Hamster Combat Token Launch Goes Wrong
The launch of the Hamster Combat token, tied to a tap-to-earn game on Telegram, has been a mess. After its debut on September 26, the token’s value plummeted by 50%, angering users.
Read also: HMSTR Token Soars 581% After Binance Listing and Airdrop
Despite the game attracting over 300 million users since its March launch, many of the 131 million eligible players felt that their token rewards were disappointingly small, with some allocations valued at less than $10.
The project also faced criticism over alleged unfair token distribution, with claims that influencers received more favorable allocations. The hashtag #HamsterScam quickly began trending on social media, as users voiced their dissatisfaction. Technical glitches during the launch further compounded these issues, hampering access to the tokens.
FET Dominates AI Cryptocurrency Sector
FET, a cryptocurrency tied to AI, continued to solidify its position as a leader in the AI sector with a $4.2 billion market cap. Altcoin Buzz cited that FET holds the largest market cap among AI-related coins, with 75% of its addresses in profit.
Historically, this proportion of profit holders has led to significant price surges, and if current trends hold, FET could soon test key resistance levels at $2.28 and potentially surpass $3.48.
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