Bitcoin (BTC) Breaches $50K, Investors Turn To Chainlink (LINK) and Pullix (PLX) Presale To Maximize Gains
In the wake of the latest Federal Open Market Committee (FOMC) meeting, Bitcoin (BTC) has broken the $50K level, prompting investors to look towards alternative cryptocurrencies like Pullix (PLX) and Chainlink (LINK)to maximize gains. Notably, Pullix promises high returns as it enters the final stages of a presale event before the platform goes live later this month. Let’s break down the recent events and discuss what may lie ahead for these digital assets.
Fed’s Rate Stance Sparks Bitcoin (BTC) Rally
Bitcoin hit $52,000 this week after it slided to almost $38,000 as the market reacted to the Federal Reserve Chair Jerome Powell’s stern remarks suggesting that a near-term interest rate reduction is unlikely.
The Federal Reserve maintained its fed funds rate range at 5.25%-5.5% after the year’s first Federal Open Market Committee session. The focus for investors shifted to seeking signs of when the Fed might commence rate cuts, with speculation pointing towards a potential move in spring 2024.
Following these comments from Mr Powell, the cryptocurrency market experienced a notable decline within minutes. Bitcoin dropped to $42,300 from a daily peak of $43,700, with a further drop to $38,700 occurring soon after.
Although the drop clearly indicates that investors have their eyes locked on the FOMC comments, investors seem unbothered . Some cryptocurrency enthusiasts have turned their attention towards other digital assets with their unique narratives, such as Pullix and Chainlink.
Pullix (PLX): Bridging the Gap Between DeFi and CeFi
DeFi makes it possible to access financial services such as lending, borrowing, and trading without the need for intermediaries like banks. However, there are still challenges that need to be addressed, such as high gas fees, low liquidity, and slow transaction speeds. This is where Pullix comes in.
The Pullix trading exchange is designed to bridge the gap between decentralized finance (DeFi) and centralized finance (CeFi). With a two-way solution of connecting to institutional liquidity providers and rewarding PLX stakers for adding liquidity, Pullix will offer a seamless trading experience with lower fees and faster transaction speeds.
The benefits of holding PLX don’t stop there. PLX token holders will also get first access to new features, can vote on governance proposals, trade with fewer fees, and earn a share of platform fees. Plus, PLX tokens are burned periodically to reduce supply and increase value for holders.
Pullix allows users to trade anonymously by eliminating the need for Know Your Customer (KYC) procedures. All it takes is an email address and a crypto deposit to create an account and start trading across cryptocurrencies, ETFs, forex markets, and commodities.
The PLX token can be snapped up in the seventh presale round for just $0.10 per token. With more than $5m raised in the last six rounds, Pullix is well on its way to achieving its hard cap of $8m.
Industry experts predict that the PLX token will significantly increase in value as Pullix challenges the status quo of a trillion-dollar market. Should these experts be correct, 100x profits are not out of the question for those who get before the presale ends next month.
Will Chainlink (LINK) Reach $100 in 2024?
Chainlink is one of the most respected projects in the decentralized finance (DeFi) space, with a reputation for linking on-chain smart contracts to off-chain data sources. It has just leveled up once again with the release of the Chainlink Cross-chain Interoperability Protocol that allows various blockchain networks to communicate with each other.
Despite Bitcoin’s recent drop last week, Chainlink rallied from $15.20 to a peak of $19.75 as investors rushed to snap up the token in response to the network’s recent developments. This price surge wasn’t strong enough to surpass the $20 resistance level, with Chainlink currently trading at around $18.70 at the time of writing.
Looking ahead, Chainlink’s price may continue to fluctuate in response to market conditions and overall sentiment toward DeFi projects. However, the fact that SWIFT is testing Chainlink for the tokenization of assets, along with other major partnerships, shows the long-term potential of this project.
Analysts foresee the price of Chainlink continuing to grind upwards throughout 2024, with a price target of $100 by the year’s conclusion. Such a lofty gain of 500% may seem unrealistic for a project with an $18B FDV, but what Chainlink is attempting to accomplish is no small feat.
For more information regarding Pullix’s presale see links below:
