Thanks to the latest bullish momentum, Bitcoin is attracting significant attention from major institutions. Most recently, key players from major investment firms have recently given positive signals for the major crypto asset.
For one, BlackRock’s CEO continues to praise the asset, signaling positive shifts in institutional demand. At the same time, institutional interest in crypto is also benefiting other players. TON is set for major gains after its DeFi token Elluminex started going viral.
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BlackRock’s CEO’s Bold Prediction For Bitcoin
Like in many other cases, Bitcoin (BTC) is once again driving bullish momentum in the crypto market. Currently trading at $104,797, Bitcoin remains stable above the $100k mark. For these reasons among others, traders are excited about the king of crypto.
Bitcoin’s strong performance is also driving institutional interest. Most recently, BlackRock CEO Larry Fink made a bold prediction that will likely further drive interest in the asset. The executive suggested that Bitcoin could reach $700,000, increasing almost 7000% from its current levels.
Fink based this prediction on the potential for institutional adoption. He explained that hedge funds, pension funds, and other institutions could allocate 2% to 5% of their portfolios to Bitcoin. The main reason for such a decision would be Bitcoin’s function as “digital gold,” helping protect against inflation and crises.
If these players were to allocate that much of their funds toward Bitcoin, its market cap would increase significantly. What is more, BlackRock is also taking its own advice. The fund recently acquired $600 million worth of Bitcoin, making it its largest purchase of the asset yet.
Toncoin Set For Major Gains
As major institutions start accumulating Bitcoin, Telegram’s Toncoin is in a great position to benefit. Recent ecosystem news has suggested that Toncoin has the potential to be the future of blockchain.
Most recently, Telegram announced that it would make Toncoin the exclusive currency for its Mini Apps. The mini-app ecosystem enables blockchain dApps to work directly in the messenger app, making dApps more accessible than ever.
The latest decision means that anyone who wants to use Telegram’s services would have to use Toncoin. These include premium subscriptions, stars, ads, and more. In turn, this will likely boost demand for Toncoin, as it will gain a real use case in Telegram’s ecosystem.
The latest decision showcases just how much Toncoin benefits from its Telegram integration. The app has a monthly active user base of 950 million, which are all now potential TON users.
Elluminex Set To Supercharge TON’s Growth
The rapid growth of TON is attracting a significant number of dApps and DeFi applications to its ecosystem. One of these is Elluminex (ELX), a recently unveiled project that aims to fill the DeFi niche on TON.
Despite its rapid growth, TON has a relatively small DeFi ecosystem. This is a significant issue, as it hurts liquidity on the network, which is discouraging traders from engaging with it. Now, Elluminex aims to fix this by connecting TON with liquidity from over 40 major blockchains.
Thanks to a network of cross-chain bridges, Elluminex wants to enable easy swaps across these chains. This will in turn open up significant liquidity. This liquidity will help stabilize prices, as well as reduce slippage on trades.
If Elluminex is successful, it will be another catalyst that brings users and traders into the TON ecosystem.
For more information about Elluminex (ELX) visit the links below:
Website: https://elluminex.com
Twitter/X: https://x.com/elluminex
Telegram: https://t.me/Elluminex
This publication is sponsored. CryptoDnes does not endorse and is not responsible for the content, accuracy, quality, advertising, products or other materials on this page. Readers should do their own research before taking any action related to cryptocurrencies. CryptoDnes shall not be liable, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with use of or reliance on any content, goods or services mentioned.
