At the end of August, the price of bitcoin (BTC) rose to nearly the high of the month, but then fell to below $26,000. A small rally on August 29 saw the value of digital gold reach as high as $28,184.
The rise was due to digital asset manager Grayscale winning a court victory against the U.S. Securities and Exchange Commission. The regulator had prevented the organization from converting GTBC into a spot BTC ETF. However, the judge ruled to grant Grayscale’s motion and overturn the SEC’s decision.
Nevertheless, the victory was a temporary catalyst for growth, and at the time of writing, BTC is trading at $25,585. The decline of the market leader leads traders to favor new promising assets, such as Bitcoin BSC.
What Bitcoin BSC attracts investors
Bitcoin BSC (BTCBSC) is a new analog of digital gold. It is launched based on a more powerful blockchain – BNB Smart Chain. The pre-sale started on September 5 and will primarily interest those who missed the opportunity to invest early on in the most successful cryptocurrency in history – Bitcoin.
This coin has generated a lot of negative press because of its environmental impact. Ilon Musk even refused to use BTC as a means of payment for Tesla electric cars. However, such criticism cannot be directed at the new Bitcoin BSC coin.
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BTCBSC runs on a PoS (proof-of-stake) algorithm rather than PoW (proof-of-work), making the token a “green” version of bitcoin. In many ways, the new cryptocurrency borrows the best components of Bitcoin and places them in a more modern blockchain.
Moreover, BTC’s latest “successors” are showing significant growth. For example, the BTC20 coin, which is similar to Bitcoin BSC due to its steaking mechanism, was launched recently and its value has already increased by 54%.
According to the technical document, the pre-sale consists of two stages, and the unchanged price of the cryptocurrency is $0.99. This is how much bitcoin cost in 2011. 29% of the total BTCBSC, or 6,125,000 coins, will be sold in the presale. 69% of the supply will head to smart contract staking, with the remaining 2% reserved for liquidity. As you can see from the tokenomics, the team did not keep any coins, which is a positive indicator.
To participate in the presale, you need to follow a few simple steps. First, you should go to the official Bitcoin BSC website, connect your wallet to the buy widget and exchange ETH, USDT or BNB for BTCBSC tokens. The presale has already raised $31,000, and given the coin’s low cost ($0.99), investors are expected to buy up the cryptocurrency quickly.
Features of the new Bitcoin analog:
- The coin was created with the tokenomics and philosophy of the original Bitcoin, but on a more optimized blockchain.
- Unsold tokens are returned to a smart staking contract.
- Investors enjoy all the benefits of the BEP-20 standard (cheap transactions, support for the largest exchange Binance, connectivity to dApps, etc.).
Whether it is worth investing in bitcoin in September
Predictions regarding the price of BTC in the upcoming bull cycle were the subject of discussion at the Baltic Honey Badger 2023 conference, which took place on September 2-3 in Riga, Latvia. When asked when the value of bitcoin will rise to $100,000, many analysts answered: in 2024. More precisely, before halving. This process, which aims to reduce the rate of BTC issuance, occurs every 210,000 blocks.
Moreover, according to experts, the main catalyst for BTC growth in the coming months will be the approval of a spot ETF in the United States. However, Adam Back, CEO of Blockstream, stated that the cryptocurrency does not need a fund to reach new highs.
Back emphasized that if you look at past cycles, the bitcoin price usually rises within six to nine months after halving. As an example, the analyst pointed to 2021, when BTC reached $69,000 thanks to users buying it. Adam Back suggests that this could happen again, and without institutional intervention.
The Blockstream CEO also named the reasons that prevented BTC from the previous bull cycle. According to the specialist, the slowdown in the cryptocurrency’s price growth was influenced by the pandemic, supply chain problems, failures in decentralized financing (DeFi) and the bankruptcy of the FTX exchange.
As noted by trader and investor Scott Melker, September is the worst month for the value of bitcoin. The expert believes that it will be the same this year, unless there is some significant impulse that can turn the situation around. Confirmation of these words can be seen on the chart provided by CoinGlass. Since 2013, bitcoin has closed lower in September on 9 occasions.
It is difficult to give a precise answer as to why the asset is falling this month. However, we can assume that two factors are influential: the macroeconomic context and market psychology.
Regarding the former, there is a saying in the financial markets, “sell in May and go away”. The implication is that the summer months and early fall (in the northern hemisphere) tend to be slower or less profitable due to vacation periods and reduced corporate activity. While BTC does not necessarily follow the same trends as traditional assets, it may be influenced by the same market participants and therefore exhibit similar behavior.
The second factor is directly related to the mindset of investors themselves. For example, if enough traders believe September is a bearish month for BTC, they may make decisions based on that belief. Thus, the “prophecy” is being fulfilled.
Conclusion
Finding the best new cryptocurrency to invest in is not an easy task. Traders should do thorough independent research before investing in any coin. They should also pay attention to whether the project has positive characteristics such as established concepts, unique solutions, a clear roadmap, and transparent pre-sales.
Bitcoin BSC cryptocurrency Bitcoin BSC has all of the above qualities. Despite the fact that the project idea is based on BTC, the new token was launched on the basis of a significantly improved BNB chain. This allows to realize the functions of a smart contract, improve security, provide a reward for staking and reduce the cost of transactions.
It is worth emphasizing that BTCBSC is not officially related to Bitcoin and is an independent project, although it borrows many of its aspects. The cryptocurrency is not a fork of the original coin, such as Bitcoin SV or Bitcoin Cash.
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Author: Saifedean Ammous, an expert in cryptocurrency economics.
