XRP price analysts bullish on $5 next, long-term target of $18

Standard Chartered's Geoffrey Kendrick has a bold long-term forecast for bitcoin, predicting that the cryptocurrency will reach $500,000 by 2028. He attributes this potential rise to two key factors: growing investor access and declining volatility.

"Access is improving under the [Donald] Trump administration," Kendrick, Standard Chartered's global head of digital assets research, told The Block in an email Wednesday. "Institutional inflows will continue to gather pace. And vol will gradually come lower as the quality of flows improves and other infrastructure (eg. options markets) expand."

These potential factors are "enough to drive Bitcoin to $500,000 before Trump leaves office," Kendrick said.

Bitcoin is currently trading at about $98,700, according to The Block's bitcoin price page.

Increasing investor access and decreasing volatility

Kendrick noted in a new report Wednesday that the launch of U.S. spot bitcoin ETFs in January 2024 has significantly expanded investor access, bringing in $39 billion in net inflows so far. He expects bitcoin's volatility to decline as the ETF market matures and as financial infrastructure improves — particularly with the expansion of options markets and institutional counterparties.

Gold provides a useful comparison, Kendrick said, pointing to how its price surged 4.3 times after exchange-traded products (ETPs) were introduced in 2004. He expects bitcoin ETFs to follow a similar path but within two years instead of seven.

"As vol falls, Bitcoin's share of an optimized two-asset portfolio with gold increases," Kendrick said. "Investor access and lower vol should lead to price appreciation longer-term as portfolios continue to move towards their optimal/logical state."

Beyond the maturing ETF market, Kendrick sees further improvements under the Trump administration, particularly after the repeal of SAB 121, which lifted accounting restrictions for companies holding digital assets. He also pointed to Trump's executive order to evaluate a national digital asset stockpile, suggesting it could encourage central banks to consider bitcoin investments.

“Given these developments, which are in line with our previous expectations, we continue to target BTC to reach the $200,000 level by year-end 2025. Thereafter, we see BTC reaching levels around $300,000 by end-2026, $400,000 by end-2027 and $500,000 by end-2028, remaining there until end-2029,” Kendrick concluded.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Ethereum layer-2 project MegaETH is bucking the trend, opting out of the airdrop farming frenzy and unveiling The Fluffle, a non-fungible token (NFT) collection that grants network participants ownership stakes.

The 10,000-piece NFT collection represents 5% of the MegaETH network, with allocations set to evolve alongside the project. The NFTs are soulbound, meaning they cannot be transferred.

The NFT sale will be offered in two installments, with the first directed at over 80,000 whitelisted addresses. Each will be priced at 1 Ether . At current prices, the sales could net $28 million.

“We chose to launch a soulbound NFT collection because it avoids invasive KYC [Know Your Customer] requirements, remains anti-sybil, and uses stringent AML [Anti-Money Laundering] procedures,” MegaETH said in an X thread, adding that none of its team members will hold the NFTs.

The MegaETH project has been highly anticipated due to its advertised 100,000 transactions per second, and it includes Ethereum co-founders Vitalik Buterin and Joe Lubin among its backers. According to MegaETH co-founder Yilong Yi, the network’s public testnet is set to launch in early March.

MegaETH’s NFT plans come at a time when the sector is hemorrhaging interest. Total secondary NFT sales across blockchains haven’t broken the $1 billion mark since April 2024, according to CryptoSlam data. The number of unique buyers has remained below 1 million since May, while December’s brief market rebound has since faded.

On Monday, the crypto market experienced what was billed as the largest liquidation event in history, destroying upwards of $2 billion in positions. Amid calls for the colloquial ‘altcoin season,’ analysts are divided on whether February is the month or if crypto markets must wait until April.

The arguments and projections refer to past market crashes, such as those in 2020 and 2022, and how the sector responded.

Analysts Weigh In on the Crypto Market Recovery Timeline

BeInCrypto reported on Monday’s historic $2 billion liquidation event, provoked by US President Donald Trump’s tariffs. As it happened, the president reached an agreement with Canada and Mexico, prompting some level of recovery in the market.

However, analysts remain unconvinced that a full-blown market recovery is here, even as others call for an altcoin season.

Mathew Hyland, a blockchain analyst, shared his insights on the market downturn, emphasizing that recovery will take time. He highlighted that although Bitcoin did not break down, altcoins suffered significantly, resulting in the historic liquidation event. He says this indicates the extent of damage sustained by the altcoin market.

According to Hyland, while the massive liquidation event signified the market’s bottoming out, it is not yet ripe for a bounce back.

The controversial analyst also pointed out that December highs for most altcoins may not return for at least two months, if not longer. Based on this outlook, Hyland cautions traders to temper their expectations, adding that even V-shaped recoveries like in 2020 took weeks with several dips along the way.

Another technical analyst, CryptoCon, echoed Hyland’s sentiments. He described the event as a major shakeout for overleveraged traders. While the analyst acknowledges that the cycle is well on track, he did not suggest an imminent recovery.

CryptoCon’s outlook aligns with several other analysts, including Rover, who hold that the trajectory remains intact. In a post on X, CryptoRover highlighted that altcoins would go “parabolic” soon.

Arguments for Altcoin Season in February

Meanwhile, like CryptoCon, sentiment for February remains positive among other analysts, including Merlijn The Trader. In a related post, the analyst predicts that February will signal the start of an altcoin season and, therefore, market recovery. The analyst cites historical data suggesting that altcoin rallies have consistently begun in February, and this cycle should be no different.

Others point to Bitcoin’s dominance as a key indicator, noting that the top is almost in for this metric, setting the stage for an altcoin season. Similarly, Coinvo, an analyst, reiterated the sentiment.

Another crypto analyst, DevKhabib, offered a contrasting perspective, highlighting February as a good month for Bitcoin. The analyst identified the $91,000 level as a crucial support floor for the Bitcoin price. He emphasized that the price rebounded strongly, expressing optimism about the market’s future.

Moreover, according to data from IntoTheBlock, the range between $95,620 and $98,505 represents significant support for Bitcoin price

Any efforts by the bears to push the price below this level would be met by buying pressure from approximately 1.74 million addresses who bought BTC at an average price of $97,195.

After a somewhat difficult start to the week, stablecoins, meme coins, and the crypto market in general saw a glimmer of light yesterday, with the introduction of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act.

Introduced by US senator Bill Hagerty, the bill aims to establish a regulatory framework for stablecoins. If passed into legislation, Tether ($USDT), USD Coin ($USDC), and other stable coins with market caps above the $10B mark would need to adhere to US Federal Reserve regulations.

Meanwhile, stablecoins with market caps below the $10B threshold would be regulated by the individual states.

Hagerty announced the introduction of GENIUS at yesterday’s White House press conference on digital assets.

At the same press meeting, AI and crypto adviser David Sacks noted that ‘Stablecoins have the potential to ensure American dollar dominance internationally to increase the usage of the US dollar digitally as the world’s reserve currency and in the process create potentially trillions of dollars of demand for the US Treasury.’

What Does The GENIUS Act Mean For Stablecoins, Meme Coins, And Other Altcoins

The Trump administration being in support of stablecoins – or any type of cryptocurrency for that matter – is good news all the way. And while the market has seen a downturn, the community sentiment is bullish.

With prices generally down across the board, now’s a good time to buy the dip. That’s especially true when it comes to meme coins, which exploded last year. If you’re thinking of investing in meme coins, here are five that have high growth potential. 1. Solaxy ($SOLX) – The First-ever Solana Layer 2 Ecosystem

Solaxy ($SOLX) is grabbing a lot of investor attention – and for good reason. This meme coin, currently in presale, will power the world’s first-ever Solana Layer 2 ecosystem. Exciting news indeed.

Not only will it incorporate Solana’s outstanding characteristics (good speed and low transaction fees) but it will also get rid of the pain points that plague the Solana blockchain – congestion and failed transactions.

If that’s not enough good news, it will add even more speed and scalability to the equation. In all, it means a highly robust platform for meme coins and dApps.

$SOLX is also a multi-chain token, yet another reason why we have high hopes for Solaxy. It will exist on both Solana (renowned for the hottest meme coins) and Ethereum, which has a massive DeFi and asset tokenization ecosystem.

The Solaxy presale launched in December last year, raising an $5.8M in the first five days alone. That figure now stands at a hefty $18M. A price increase is imminent, but 1 SOLX currently costs $0.001626, with 224% staking rewards. 2. Mind of Pepe ($MIND) – A Powerful AI Agent With Valuable Insights For Token Holders

Another meme coin we’re keeping a close eye on is MIND of Pepe ($MIND). More than just yet another iteration of Pepe the Frog, this is a powerful AI agent, and the first meme coin of its kind.

The Pepes of the crypto world often do very well for themselves. Take Wall Street Pepe ($WEPE), for instance – another Pepe-inspired meme coin currently on presale. $WEPU has become a phenomenon, having raised close to $69.5M (yes, you read that figure correctly). And as the presale draws to a close, all eyes will be on $MIND to see if it follows in $WEPE’s footsteps.

$MIND will set up autonomous X and other social media accounts, and it’ll use those to amass a follower base and identify upcoming crypto market trends, through the clever use of hive-mind analysis.

AI is the driving force behind this meme coin, enabling it to continuously learn and self-evolve. And as $MIND’s influencer status grows, it will shape conversations and gain valuable insights, which MIND of Pepe will share exclusively with $MIND token holders.

MIND of Pepe will even have blockchain access and the ability to launch tokens. And, of course, $MIND holders will have exclusive early-bird access to those.

The MIND of Pepe presale has already raised more than $5M, and right now 1 $MIND will cost you $0.0032662 (with staking rewards at 444%). To find out more about how you can invest in $MIND using $ETH, $BNB, $USDT, or $USD, take a look at our guide to buying $MIND. 3. Meme Index ($MEMEX) – Coin Baskets For Greater Exposure With The Benefit Of Diversified Risk

Exposure is the name of the Meme Index ($MEMEX) game. The meme coin market exploded last year, but as even the past week has reminded us, the crypto market is unpredictable. That’s why risk diversification is highly appealing to investors, and $MEMEX does just that.

$MEMEX has four meme coin baskets (in another word, indexes) to choose from, each with varying levels of volatility.

The Titan Index is the least volatile but with slower rewards. It’s home to $DOGE, $SHIB, $FLOKI, $PEPE, and more of the top and better-established meme coins.

Up next is the Moonshot Index, where you’ll find meme coins that are poised to rub shoulders with their counterparts in the Titan basket, but have market caps below $1B. $POPCAT and $PNUT are two of the meme coins in this index.

The Midcap Index, meanwhile, is where the risk factor is turned up a notch further. Tokens in this meme coin basket, among them $TURBO and $BOME, have considerable growth potential but, at the same time, are also prone to volatility.

Then, there’s the Frenzy Index, which cranks up the heat with high-risk tokens that have potentially explosive rewards. Think $ZEREBRO, for instance. Being Degen territory, however, this index is not for the faint of heart.

$MEMEX holders have the additional benefit of community governance, with ability to propose and vote on both the future of the project, as well as which meme coins are in the four indexes.

To date, Meme Index has raised close to $3.4M, and 1 $MEMEX costs $0.0159077, with 687% staking rewards. It won’t stay that price for long, though, with a price increase set for less than two days.. 4. Fartcoin ($FARTCOIN) – A Humor-centric Meme Coin With Lots Of Potential

When the market takes a tumble, as it recently has, no one would be blamed for having a good cry. However, a good laugh thanks to Fartcoin ($FARTCOIN) is another alternative, one that could well pay off in the long term.

The premise of Fartcoin is simple – initial tokens could be claimed by submitting fart jokes and memes. Launched in late 2024 on the Solana blockchain, $FARTCOIN also features a ‘Gas Fee’ system, with each transaction accompanied by a digital fart sound.

As for utility? There is none. Yet after a CEX listing with a $978M market cap, and reaching the $1B market cap milestone in January, who are we to judge?

Like the rest of the market, Fartcoin has been left bruised by the recent downturn.

After an all-time high of $2.61 in mid-January, the price has since plummeted to $0.7015. But with the swings and roundabouts of the crypto market, we think $FARTCOIN could recover, with potential for, forgive the pun, explosive growth. 5. Pudgy Penguins ($PENGU) – The Resilient Meme Coin New To Solana

Technically speaking, Pudgy Penguins ($PENGU) isn’t exactly new, having been on the Ethereum blockchain since 2021. But in December last year, in a move to extend its community and attract new investors, $PENGU launched on Solana. And it’s been (mostly) onwards and upwards ever since then.

Pudgy Penguins is an NFT collection of 8,888 pudgy little cartoon characters – representing love, happiness, empathy, and compassion, among other emotions. But don’t let that ‘awwwww’ factor fool you – $PENGU packs a punch.

To be fair, the recent downturn of the crypto market has been less than kind to our little penguin friend. Just under a month ago, for instance, Pudgy Penguins had a $2B+ market cap. That market cap has since dropped to a comparatively dismal $820M.

But – and it’s a big but – $PENGU has historically been a strong performer, and we expect this resilient little meme coin to recover in due course. After an all-time high of $0.05738 in mid December, it hit an all-time low of $0.01015 two days ago.

Right now, $PENGU is up +28.59% on that ATL, at $0.01298. And that price is an increase of 159.63% for the year, according to CoinMarketCap.

In A Nutshell…

The recent ‘trade wars’ have hit the crypto market hard. So it’s a relief that the GENIUS Act and other crypto-focused legislation is being formalized to the market’s benefit. And the current downturn is a good time to buy the dip.

As for the best crypto presales, now’s the time to invest at a low private sale price before listing. But remember, it’s important to always DYOR before making any investment decision.

BNB Chain has been making headlines, setting records, and drawing investors worldwide. With a strong Q4 2024 and a $750 all-time high, its Binance-backed token is proving its mettle in a volatile market.

The Market Cap Growth Of BNB Chain

Although the last year has been somewhat turbulent for BNB, the fourth quarter of 2024 was a pivotal moment. Recent data shows that BNB’s market capitalization reached a solid $100 billion year-on-year (YoY).

Messari’s most recent quarterly report indicates that in Q4 2024, BNB Chain grew significantly. The triumph of US President-elect Donald Trump set off a positive crypto market that enabled the price of the crypto to soar on December 7 to an all-time high of $750.

Driven by growing institutional interest and demand for blockchain-based assets, this expansion conforms more to general market trends.

Network engagement has also been vital for BNB Chain’s development. By means of continuous improvements of projects and developers under the Binance Smart Chain, its ecosystem is reinforced and its key role among blockchain systems is confirmed.

Price Ascent And Market Reactions

On December 7, 2024, BNB reached $750 per token, marking a new milestone. Rising demand for Binance’s ecosystem, strategic token burning, and improved macroeconomic conditions supporting the bitcoin market have all contributed to this spike.

But, after hitting its peak, BNB faced the expected corrections. BNB is now trading for around $573 as of early February 2025, which is consistent with usual market fluctuations. Despite this, investor mood remains broadly positive, with many experts viewing it as a temporary reversal rather than a sign of a long-term collapse. Price Predictions And Future Outlook

Market analysts continue to have high hopes for BNB’s future. While altcoin Investors project a maximum price of $1,000, CoinCodex projects that BNB might rise as high as $732 by March 2025.

According to these projections, BNB still has space to develop as a result of ongoing adoption, Binance’s growing clout, and possible regulatory clarity in key areas.

Also, regular updates to the network and token incinerations may help keep prices rising. In the past, Binance has worked to keep prices stable and increase long-term value by regularly destroying some of its tokens. What’s Next For BNB?

With its past success and strong basics, BNB offers optimism for the future. The bitcoin market is usually unstable, but the altcoin has shown that it can handle challenges and benefit from increases in value.

Investors will closely watch changes in laws, the overall market situation, and future updates in the Binance ecosystem. It’s uncertain if BNB will reach a price in the thousands this year, but it remains an important part of the digital asset market.

Featured image from Binance, chart from TradingView

Reservoir, a crypto infrastructure startup that enables token trading for apps across blockchains, has raised $14 million in a Series A funding round.

Union Square Ventures led the round, with participation from Coinbase Ventures, Variant, Archetype, 1kx and others, Reservoir said Wednesday. As part of the deal, Nick Grossman, a partner at Union Square Ventures, joined Reservoir’s board, Reservoir co-founder and CEO Peter Watts told The Block.

Reservoir began its fundraising process in mid-2024 and closed the round earlier this month, Watts said. The round was structured as equity with token warrants, he said, declining to disclose the post-money valuation.

The Series A funding round brings Reservoir’s total capital raised to $26 million. The startup previously raised $10 million in a seed round led by Archetype in late 2022 and $2 million in a pre-seed round led by Variant in 2021, Watts said.

What is Reservoir?

Founded in 2021, Reservoir initially focused on providing infrastructure for integrating non-fungible token (NFT) trading into apps, with notable clients including Coinbase, OpenSea, Magic Eden, MetaMask and Zora. With fresh funding, Reservoir is expanding beyond NFTs to support token trading across all blockchain networks.

“We’re moving towards a world with millions of tokens issued across thousands of chains,” Watts said. “Reservoir’s mission is to enable seamless movement between all of these assets, to unlock powerful new use cases across finance and culture.”

Reservoir’s product suite includes Relay, a bridging and swaps platform for Solana, Bitcoin, Tron, Ethereum Virtual Machine (EVM) chains and rollup networks; Reservoir Swap, a decentralized exchange and token API; and Reservoir NFT, an NFT marketplace and API.

Watts said Reservoir’s offerings could be compared to developer platforms like Alchemy and Thirdweb, aggregators such as 1inch and 0x, and bridges including Across and Stargate. However, he argued that Reservoir’s approach is different because it integrates applications, infrastructure and protocols within a single system. Unlike broader developer infrastructure platforms, he said, Reservoir is built specifically for tokens and trading. He also pointed to its design for supporting thousands of chains rather than focusing on a handful of major networks.

Currently, Reservoir has a team of 25 employees, primarily based in the U.S., Watts said. With the new funding, the firm plans to expand to 40 people by the end of the year, hiring across product, engineering, design and go-to-market functions, Watts added.

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Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.