What to Know:
- Pi Network’s deployment of new DEX and AMM liquidity pool features.
- Bitcoin’s impressive performance, surpassing $121,000.
- Ripple’s XRP shows potential for a breakout.
In a series of exciting events, Pi Network has made significant progress, and Bitcoin (BTC) value has surged past $120,000. The following sections detail these developments and more.
Pi Network’s Noteworthy Developments
This week, Dr. Chengdiao Fan, co-founder of the project, presented at the TOKEN2049 crypto conference in Singapore. The highlight of his speech was the introduction of new decentralized exchange (DEX) and automated market maker (AMM) liquidity pool features by Pi Network.
These tools, currently available only on Testnet, will enable developers and Pioneers to directly engage with token swaps. This will provide a comprehensive understanding of DeFi before they participate on Mainnet and interact with real PI tokens. Fan assured that comprehensive documentation of the entire process will be made available in the coming weeks.
In another update from Pi Network, the .pi Domains Auction, which started in mid-June, has concluded. However, the team has extended the window for participants by 24 hours after the final bidding event.
“However, if a domain receives a bid within the last 24 hours of the auction, the bidding window for that domain will automatically extend for 24 hours. If another bid occurs in the extended window, it will extend for an additional 24 hours, and so on.”
Bitcoin’s Bullish Run
Bitcoin, the primary cryptocurrency, has started October on a high note, recently surpassing $121,000 for the first time since mid-August. Currently, it is trading at approximately $120,300, marking a 10% increase on a weekly scale.
The rise in Bitcoin’s price is in line with the US government’s shutdown, the crypto community’s optimism about October, often termed “Uptober,” and the consistent accumulation by long-term holders.
Prominent analyst, Ali Martinez, disclosed that they have purchased more than 3,800 BTC in the past month. This indicates a strong conviction among investors, potentially motivating others in the market to follow suit.
In a recent revelation, Martinez stated that whales have purchased over 30,000 BTC (worth approximately $3.6 billion) in the last 48 hours. This substantial purchase is expected to reduce the circulating supply of the digital asset and could trigger a further price rally, assuming demand sustains.
The Future of Ripple’s XRP
Ripple’s cross-border token, XRP, has been mirroring Bitcoin’s performance in the recent days and is currently trading well above $3. Martinez predicts that it is ready to break out of a specific triangle pattern, setting $3.60 as the next target.
Other analysts, including Cobb and Amonyx, have even more bullish predictions. Cobb anticipates that XRP could skyrocket to $6.32 by the end of 2025, while Amonyx envisions a surge to an impressive $20.
Despite the optimism, investors are urged to remain cautious and monitor the Relative Strength Index, currently nearing the bearish territory of 70. This suggests that the asset could be overbought and may experience a short-term pullback. However, anything below 30 might be interpreted as a buying opportunity.
In conclusion, the crypto market is witnessing remarkable developments from Pi Network and bullish trends from Bitcoin and Ripple’s XRP. However, investors should remain cautious and make informed decisions while navigating the dynamic cryptocurrency landscape.
