Potential ETF approvals for XRP, Solana, and other altcoins are looming in the near future, and traders are watching closely to determine which way prices may break—up or down.
The pending uncertainty has led to a swing in odds on some of Myriad’s most traded prediction markets.
Here’s a look at some of the hottest from this week.
(Disclaimer: Myriad Markets is a product of Decrypt’s parent company, DASTAN.)
XRP’s next hit: Moon to $4 or dip to $2?
Market Open: August 11
Market Close: Open to resolution
Volume: $26.6K
Link: See the latest odds on the "XRP's Next Hit: Moon to $4 or Dip to $2" market on Myriad
Ripple-linked asset XRP has never traded above $3.65, according to CoinGecko, but predictors on Myriad see a jump to $4 happening before any dip to $2.
Predictors currently give “$4” a 60% chance of happening as of Thursday morning. Those odds have been steadying throughout the week, but have been volatile since the market’s creation.
Less than one month ago, predictors had odds completely flipped with around 62% predicting a more bearish $2 move.
But headlines have been more favorable for XRP of late. For example, the first ETF with exposure to spot XRP went live for trading on Thursday, offering traditional investors access to the asset. Plus, even more spot XRP ETFs may be just around the corner with looming decisions of approval a “near lock,” according to some analysts.
Even a modest price gain of 3.6% in the last month has led to more predictions of a move to $4 as the asset trades at $3.12.
For XRP holders, a jump to $4 represents a 28% gain. Though, those with conviction in the move could stand to gain closer to 40% on Myriad.
What’s Next? Decisions on delayed XRP ETF applications are expected by mid-October.
BTC dominance next move: Pump to 63% or dump to 53%?
Market Open: August 26
Market Close: Open until resolution
Volume: $12.6K
Link: See the latest odds on the "BTC Dominance Next Move: Pump to 63% or Dump to 53% market" on Myriad
Alt season soon? Predictors on Myriad are keeping hope alive, with odds shifting in favor of a decrease in Bitcoin’s dominance to 53%, rather than a jump to 63%.
Bitcoin dominance measures the percentage of the total crypto market cap that belongs to Bitcoin. In other words, when the Bitcoin dominance percentage drops, as predictors suggest, it means that the market cap of BTC relative to the entire crypto market cap has decreased—typically via gains in altcoins as Bitcoin remains steady or dips.
As of Thursday morning, predictors favor the drop in dominance at 53%, a flip of 6% in the last 24 hours alone. That major move may coincide with the news that the SEC has created new generic listing requirements for crypto ETFs, setting an expectation that many assets beyond Bitcoin and Ethereum might soon have exchange traded products available.
Less than two weeks ago, though, predictors saw a jump in dominance as the favorite, so perhaps another shift is in store.
What’s Next? About 12-15 tokens are “good to go” with ETFs based on the new SEC announcement according to Bloomberg Senior ETF Analyst Eric Balchunas, meaning public markets may have the option of investing in them soon.
Will OpenSea launch its token before December?
Market Open: September 17
Market Close: November 30
Volume: $13K
Link: See the latest odds on the "Will OpenSea Launch Its Token Before December?" market on Myriad
Popular NFT marketplace turned broader token trading platform OpenSea will soon have a native ecosystem token—but how soon?
In a new market on Myriad, predictors are asked whether or not SEA will dock in wallets by December. So far, predictors think so, with odds of a token launch before December sitting at 63% less than a day after market creation.
Those odds have shifted about 12% higher since Wednesday evening, when the market was closer to 50-50.
While official details about the rollout have yet to come, the firm indicated that full tokenomic details would be announced by “early October” as it enters the final phase of pre-token rewards.
Just how long that final phase will last, though, has led to speculation that the token may not be as close around the corner as traders may hope.
OpenSea announced in February that a SEA token would launch to reward current and historical traders on its trading platform. Little else has emerged about the token since that time, though.
What’s Next? SEA tokenomics details are anticipated in early October.
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