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Key takeaways
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MicroStrategy has recorded a profit for the first time in nine quarters, thanks to Bitcoin’s rally since the start of the year.
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AltSignals has completed 62% of its presale and looks to raise over $300k in the coming weeks.
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Market experts believe that the cryptocurrency market could record massive gains over the next few weeks and months.
MicroStrategy, one of the biggest bulls in the cryptocurrency space, has recorded a profit for the first time in nine quarters. The positive performance was attributed to Bitcoin’s 70% in the first quarter of 2023.
With Bitcoin and the broader cryptocurrency market rallying, new projects are emerging that seek to improve certain areas of the ecosystem. One of these projects is AltSignals.
AltSignals is looking to change how traders approach cryptocurrency trading. The project has already raised more than $600k in its presale event and will use the funds to complete the development of some of its products.
MicroStrategy records profit in Q1
MicroStrategy, the largest public holder of Bitcoin, posted a profit in the first quarter of 2023. This is the first time MicroStrategy is recording a profit in nine quarters, with the bear market affecting its activities.
The profit recorded by MicroStrategy was thanks to Bitcoin’s rally during Q1. The Bitcoin price rose by more than 70% in the first quarter of 2023. The rally allowed MicroStrategy to repay its loan and tap a one-time tax benefit of $453.4 million.
Despite the bear market, MicroStrategy purchased 7,500 BTC in the first quarter of 2023, bringing its total holdings to 140,000 BTC, making it one of the largest Bitcoin holders in the world.
Crypto prices could still rise, says Grayscale analysts
In response to the current market conditions, analysts at Grayscale believe that cryptocurrency prices could still rise.
The analysts cited the declining inflation figures in the United States, and the Federal Reserve’s rate hikes move as two factors that could result in the prices of cryptocurrencies soaring higher in the near term.
In addition to the positive news from MicroStrategy, Grayscale analysts pointed out that the failures of several regional banks demonstrate that investors continue to display an appetite for crypto during times of economic uncertainty.
The experts believe that there are several factors that could impact Bitcoin’s price in the short term, and the Fed’s upcoming rate hike could be one of them.
AltSignals’ demand could increase as investors troop in
The broader cryptocurrency market could benefit from MicroStrategy’s bullish move. As more investors enter the cryptocurrency space, demand for new projects could increase.
One of the projects that could gain attention is AltSignals, thanks to its niche-focused approach to the market. Still in its pre-sale stage, AltSignals has raised more than 60% of its required funds.
AltSignals could be the focus of investors thanks to the ActualizeAI product it is building and its other catalogue of services. AltSignals seeks to make it easier for traders to trade cryptocurrency futures, forex, and a few other financial assets.
The project’s AltAlgo too simplifies charts and indicators, making the entire trading process easier for people. With more traders in the market, AltSignals could see higher adoption, and ASI’s value could record massive gains.
AltSignals could be a good buy as market sentiment improves
AltSignals could be an excellent investment as the market sentiment improves. Market experts believe that the bull market could be close, and prices of most cryptocurrencies could set new all-time highs.
With the prospect of a possible bull cycle, AltSignals could be one of the projects to benefit greatly. If the development team keeps to its timeline and launches ActualizeAI, the project’s ASI token could perform excellently as its utility could increase.
As more traders use AltSignals and its ASI token, the value could increase over time. The price of ASI could depend on the development team delivering on its promise and the fundamental conditions of Bitcoin and the broader cryptocurrency space.
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