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As Ethereum ETFs gain traction and Bitcoin loses momentum, investors are turning to new and emerging tokens.
We’re a month into the launch of Ethereum ETFs and current data shows that Ethereum is gradually making headway in the ETF space. Meanwhile, Bitcoin ETFs have lost some of the momentum they initially had. Numbers wise, however, Bitcoin still has the upper hand with $49 billion in assets, while Ethereum ETFs have only managed around $7 billion.
Yet, despite all of this push, BTC’s price has further dipped in the past 24 hours, landing at $59,377 at press time. This decline is driving investors to venture into new and unexplored corners of the crypto space. Among new players is an interesting new low-supply token — BitNance.
BitNance (BTN) is a store-of-value token that runs on the BNB Smart Chain (BSC). It has a token supply of 10 million tokens, out of which 5.6 million has been allocated for its presale. 2.75 million is reserved for centralized exchanges and the rest of the supply will be used as initial liquidity on listing day. This gives early investors and adopters the chance to boost their earnings before it is for sale to the masses.
The current presale price of a token is fixed at $0.357. However, the expected price once the token is listed on exchanges is forecasted to be $0.465.
While some projects explore dynamic supply mechanisms to navigate market fluctuations, BTN adopts a more conservative approach, limiting supply to less than 11 million coins. This is similar to Bitcoin’s original whitepaper design and it’s an effort to establish long-term stability despite the market’s notorious volatility. For this reason, there are several analysts calling BTN the new “Bitcoin on Binance Blockchain.”
But this is not the only reason for this comparison. Like Bitcoin, it is a fully decentralized network that lets investors trade and transact with no central authority. The founders of BitNance have renounced control over contracts. Moreover, similar to Bitcoin, BitNance aims to be not just a cryptocurrency, but also a store of value and a hedge against inflation.
With BitNance’s report of 60,000 tokens sold in its presale, this new coin is on the radar of analysts and investors. The BitNance team also hints that there could be a crypto product with BTN as the native coin during its presale’s final days.
All this shows that the BitNance project is definitely exciting. But only time will tell if it’s worth the hype. New projects, especially those with low supply like BTN, can be highly volatile. Investors must be extra cautious when parting with their money.
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