Analysts are confident that Bitcoin is on a bullish breakout. They cite a potential uprise towards $130,000, provided it maintains a key support. In addition, subdued capital inflows imply that the rally can still gain further momentum before hitting a cycle where investor sentiment becomes overly optimistic. This cycle is known as the euphoria zone.
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As investors scan the horizon for early signals of a Bitcoin rally to $1 million, Bloomberg analyst Eric Balchunas has predicted that God candles will become a rarity. While price spikes will be few and far between, Balchunas noted that ETFs and corporate adoption will eliminate vomit-inducing drawdowns for the largest cryptocurrency. No More Bitcoin
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The crypto market went through major changes this week, starting with a bullish uptrend, then crashing and recovering at the end. For an average or new investor, this is too much instability, but experts know this is how the volatility of digital assets behaves. Notably, despite the ups and downs, the crypto investors remain greedy,
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Ethereum is enjoying a rise in institutional interest with CME Futures open interest at an all-time high of $7.85 billion. Additionally, spot ETFs with ETH have recorded over $5 billion in net inflows in the last 16 days. Institutional Demand for Ethereum Soars Ethereum futures open interest on the CME has reached an all-time high
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Michael Saylor and Strategy (formerly MicroStrategy) have shown no signs of tapering their Bitcoin accumulation spree. Investors are bracing for an imminent BTC purchase announcement in the coming days amid ambitious plans to raise cash. Michael Saylor Posts Portfolio Tracker, Signaling Imminent Bitcoin Acquisition Strategy Executive Chairman Michael Saylor has posted the company’s portfolio tracker,
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Palantir has hit another major milestone in its meteoric stock rise. It’s now one of the 20 most valuable U.S. companies.
The provider of software and data analytics technology to defense agencies saw its stock rise about 3% on Friday to another record, lifting the company’s market cap to $375 billion, which puts it ahead of Home Depot and Procter & Gamble. The company’s market value was already higher than Bank of America and Coca-Cola.
Palantir has more than doubled in value this year as investors ramp up bets on the company’s artificial intelligence business and closer ties to the U.S. government. Since its founding in 2003 by Peter Thiel, CEO Alex Karp and others, the company has steadily accrued a growing list of customers.
Revenue in Palantir’s U.S. government business increased 45% to $373 million in its most recent quarter, while total sales rose 39% to $884 million. The company next reports results on Aug. 4.
Earlier this year, Palantir soared ahead of Salesforce, IBM and Cisco into the top 10 U.S. tech companies by market cap.
Buying the stock at these levels requires investors to pay hefty multiples. Palantir currently trades for 273 times forward earnings, according to FactSet. The only other company in the top 20 with a triple-digit ratio is Tesla at 175.
With $3.1 billion in total revenue over the past year, Palantir is a fraction the size of the next smallest company by sales among the top 20 by market cap. Mastercard, which is valued at $518 billion, is closest with sales over the past four quarters of roughly $29 billion.