As the cryptocurrency market heads into the weekend, it has seen a slight relief, with the industry’s total valuation climbing 0.7%. However, widespread dissatisfaction persists among holders of major cryptocurrencies such as XRP and Ethereum. October was anticipated to be a promising month, often referred to as “Uptober,” due to its strong historical performance. Instead, investors experienced one of the most frustrating months of the year, characterized by macroeconomic uncertainties, relative weakness compared to equities, and the industry's largest-ever liquidation event.
Consequently, many investors are shifting away from XRP and Ethereum in pursuit of alternatives with greater potential in the coming months. This trend is contributing to the increasing popularity of Bitcoin Hyper, a project developing the world’s fastest Bitcoin Layer 2 blockchain designed to address the network’s long-standing issues. Importantly, Bitcoin Hyper is not solely focused on payment transactions; it will unlock smart contract capabilities on the Bitcoin network. This advancement means it can support operations similar to those of Ethereum, but with enhanced security and speed. This raises the question: could HYPER be the best crypto to buy right now?
XRP and Ethereum Faced Significant Spot Outflows in October
Ethereum is currently trading at $3,862, showing a 0.6% increase over the past 24 hours. However, its price has declined by 1.7% this week and 11% this month, indicating a lack of enthusiasm among buyers. While it might be tempting to attribute this downturn solely to the October 10 liquidation event, this explanation does not provide the complete picture. According to CoinGlass data, Ethereum has experienced net spot outflows totaling $4.69 billion over the last 30 days, suggesting that holders are offloading their assets.
XRP is also exhibiting signs of weakness, currently trading at $2.51. It has gained 1.5% today, but this offers little relief against a 15% drop over the month. Similar to Ethereum, XRP has faced substantial spot selling pressure, with $2.99 billion in outflows over the past 30 days. Considering that XRP’s market capitalization is less than 30% of Ethereum’s, the strong selling pressure suggests potentially weaker sentiment within the XRP community.
While both XRP and Ethereum are navigating challenges, there has been a notable surge in investor interest in Bitcoin Hyper. Let's delve into what makes this project stand out.
Bitcoin Hyper Raises $25.4 Million for SVM-Powered Bitcoin L2
The Bitcoin network can currently process only 7 transactions per second (TPS). In comparison, two of its leading smart contract Layer 2 solutions, Stacks and Rootstock, enhance this capacity to 50 and 300 TPS, respectively. While this represents a significant improvement, it still falls short when compared to other modern blockchains, such as Solana, which can handle an impressive 65,000 TPS.
This disparity has motivated Bitcoin Hyper to integrate the Solana Virtual Machine (SVM) into the Bitcoin ecosystem. The project is developing an SVM-powered Bitcoin Layer 2 solution with the aim of handling thousands of TPS and supporting smart contracts, thereby significantly enhancing Bitcoin's functionality. This development opens the door for a wide range of applications, including DeFi, RWAs, meme coins, AI, and virtually any other use case imaginable, to come to the Bitcoin network.
In essence, Bitcoin Hyper aims to unlock the full potential of Bitcoin, leveraging its market-leading speeds and substantial liquidity of $2.2 trillion to underpin modern blockchain capabilities. Industry experts have taken notice; prominent analyst Umar Khan has even predicted potential gains of up to 100x once the project lists on the open market.
Currently, Bitcoin Hyper is in its presale phase, having successfully raised $25.4 million to date. Approximately $150,000 of this amount was raised in the past day alone, underscoring the project's market appeal. Its fundraising success has been remarkable, especially considering it occurred during a period when the broader market has faced difficulties.
Conclusion: Why HYPER Could Be the Best Crypto to Buy Now
October presented challenges for projects like XRP and Ethereum, yet Bitcoin Hyper managed to thrive. Looking ahead, several factors, including potential interest rate cuts, a US-China trade agreement, a more favorable regulatory environment, and the introduction of new altcoin ETFs, may contribute to more positive market dynamics in November and December.
Given Bitcoin Hyper's demonstrated ability to attract attention even in adverse market conditions, it may continue to perform well as the market shifts towards a bullish trend, potentially positioning presale investors for significant gains.