Bitcoin on Ethereum Coin BTC20 has experienced a remarkable surge in price, increasing by 600% within just 48 hours of its launch. This surge has attracted a significant number of crypto traders, leading experts to predict that the coin is on track to reach a market cap of $100 million. The BTC20 stake-to-earn coin mirrors the tokenomics of Bitcoin and is currently valued at $4.06, which is a more than 300% increase from its initial listing price of $1. The price briefly reached $6, resulting in a 600% return and setting a near-term price target for today.
According to data from the BTC20 website, out of the 6,050,000 tokens in circulation, 3,930,621 have already been staked, which accounts for 65% of the circulating supply. The remaining tokens are locked to pay out rewards, with an annual percentage yield of 66.97%. BTC20 replicates the block rewards system of Bitcoin from 2011, which was 50 BTC per block produced. BTC20 rewards accrue every 10 minutes and can be claimed at least seven days after the first staking. Staking began last Wednesday at 3pm UTC.
Wealthy investors, known as whales, have started buying BTC20 as they anticipate a market cap of $1 billion. One whale with a wallet worth nearly $2 million has already acquired a modest $6,049 worth of BTC20. As BTC20 climbs in value, more whales are expected to invest, potentially leading to gains of 100x.
Since Saturday, BTC20 has been trending in the top 10 on DEXTools, a decentralized exchange data and trading site, and has now claimed the No.1 spot. The number of token holders has increased to 3,922, and the 24-hour trading volume has reached over $3 million. Additionally, liquidity on Uniswap V2 is locked at 87.89% and registered at $347k.
The price trajectory of BTC20 suggests that it is on track for a 10x gain by August 16, which is when the first stakers will have the option to unlock their coins. Many stakers are expected to continue locking their coins to earn passive income, as the full annual percentage yield return requires staking for 12 months. However, some token holders may choose to take profits on their initial investment while leaving a portion of their tokens to earn yield.
Several factors are driving the increasing price of BTC20. The attractive annual percentage yield is expected to attract more buyers and stakers. The coin’s price history and prospects are also attracting more buyers, as it continues to trend on popular crypto data sites. BTC20 will soon be listed on Coinmarketcap and CoinGecko, which will increase its visibility and attract even more buyers. Additionally, the potential listing on centralized exchanges like LBank, OKX, and Binance could further drive demand.
The BTC20 team is also working on marketing efforts to increase the coin’s value. Notable crypto analyst Michael Wrubel has predicted that BTC20 will create millionaires, and the team plans to collaborate with influential figures in the crypto community. The marketing campaign will target popular crypto sites and engage with the crypto Twittersphere, creating more buzz around BTC20.
Another coin that follows the trend of staking is the XRP20 coin, which is currently in presale. Despite not being affiliated with Ripple or XRP, XRP20 allows token holders to earn rewards through staking. Experts are forecasting 10x returns for early investors in the coin, and it has already raised $2.3 million of its $3.6 million target.
While BTC20 still has significant potential for growth, XRP20 is also expected to boom, especially as investors in the low-cap crypto arena take note of BTC20’s success. It is important to note that investing in crypto is high-risk and individuals could potentially lose their entire investment. This article is informational and should not be considered investment advice.