Saros, the Solana-based altcoin, has been on an impressive uptrend over the past month. The token’s price has formed new all-time highs (ATHs) nearly every day throughout March.
However, with the momentum showing signs of slowing, investors are wondering if this rally is nearing its end.
SAROS Refrains From Following Bitcoin
The correlation between Saros and Bitcoin (BTC) is currently negative, sitting at -0.43. This negative correlation has worked in Saros’ favor, as it allowed the altcoin to perform well during Bitcoin’s struggles throughout March. While Bitcoin faced significant declines, Saros was able to rally largely due to this inverse relationship.
The shifting dynamics between Bitcoin and Saros will be key to the future price movement of the altcoin. Should Bitcoin regain its upward momentum, Saros may face increased selling pressure. This is because the negative correlation that has benefited Saros may reverse, impacting the altcoin’s ability to maintain its upward trajectory.
The overall macro momentum of Saros shows that investor interest has remained strong. The Chaikin Money Flow (CMF) indicator has been increasing steadily over the past month, signaling consistent inflows.
Recently, it crossed the saturation threshold of 0.7, a level that has historically led to price corrections. This suggests that while Saros has experienced significant gains, the market may be nearing an overbought condition. If profit-taking begins, a price pullback is highly probable for the altcoin.
Saros has surged by an astounding 1,024% since the beginning of March, trading at $0.153 as of now. Throughout March, the altcoin has formed new ATHs almost daily, reflecting strong investor sentiment and demand.
The current ATH stands at $0.163, and the momentum could continue pushing the price upwards, potentially reaching $0.200 if the uptrend remains intact. However, as the price continues to rise, the risk of profit-taking increases.
If Saros faces such a pullback, it could fall back towards the $0.100 support level. If the altcoin loses this key support, the price could drop further to $0.055, invalidating the bullish outlook. Investors should keep an eye on these levels as they will help determine whether the current rally is sustainable.
Binance announced today that MGX, a sovereign wealth fund from Abu Dhabi, invested $2 billion in the company. The transaction happened entirely using stablecoins.
This is both the largest investment ever made in a crypto-related business and the largest investment ever made using cryptoassets. Binance didn’t specify which stablecoin was used, but the UAE has favored Tether products in the past.
Changpeng “CZ” Zhao, former CEO of Binance, also shared this news on X (formerly Twitter).
“MGX, an Abu Dhabi sovereign wealth fund, invests $2 billion in Binance for a minority stake. The transaction will be 100% in crypto (stablecoins), marking it the largest investment transaction done in crypto to date. This is also the first institutional investment Binance has taken. Onwards,Build!” CZ wrote.
Since then, however, interest has shifted back. The firm’s press release claimed that roughly one-fifth of its workforce is based in the UAE, for example.
Teng called the development a “significant milestone” and said Binance is “committed to working with regulators worldwide.” This MGX investment will likely increase economic ties in the region.
“We are excited to announce the first-ever institutional investment in Binance by MGX. This is a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance,” Binace annouced on X.
Binance’s announcements have been surprisingly light on the exact details of its future relationship with MGX.
However, they were very clear that it was a big deal. This marks the largest-ever investment in a crypto firm and the largest investment paid entirely in cryptocurrency. Wherever the partnership goes from here, it has already made history.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see how Bitcoin (BTC) is faring against public companies, precious metals, and ETFs (exchange-traded funds) on metrics of total assets by market capitalization. The pioneer crypto is proving formidable, taking the stage as a tech stock proxy to ‘dynamic hedge’ against equities and US Treasury risk.
Bitcoin Surpassed Google in Market Cap
Amidst renewed optimism, Bitcoin has surpassed Google, effectively joining the top five assets on market cap metrics.
According to data on companiesmarketcap.com, which tracks over 10,436 firms, Bitcoin is now the fifth most valuable asset after GOLD, Apple (AAPL), Microsoft (MSFT), and Nvidia (NVDA). As of this writing, it boasts a market cap of $1.86 trillion.
This growth comes as Bitcoin progressively gains attention as a hedge against traditional finance (TradFi) and US Treasury risk, which aligns with the most recent US Crypto News publication. As BeInCrypto reported, experts say Bitcoin’s number one purpose in a portfolio is to hedge against risks to the existing financial system.
In contrast, Gold is losing appeal after recently establishing a new all-time high (ATH). While President Trump’s tariffs catapulted Gold to new heights, there appears to be a capital rotation as investors’ appetite for risk grows.
“Bitcoin has surged past the prior $88,800 technical ceiling, clearing the psychological $90,000 mark to trade at an eye-watering $93,500. Meanwhile, Gold has slid 6 percent, reflecting a renewed appetite for risk and a clear rotation into digital assets,” QCP Capital analysts said.
According to analysts, institutions are no longer testing the waters of crypto. Instead, they are diving in headfirst. Based on this outlook, BeInCrypto contacted Standard Chartered Head of Digital Assets Research Geoff Kendrick, who forecasted a new ATH for Bitcoin price.
Standard Chartered Reiterates Next Bitcoin ATH
According to Kendrick, the increasing 10-year US Treasury term premium, now at a 12-year high, correlates with an increase in Bitcoin price. The term premium is the additional yield investors demand to hold a long-term bond instead of a series of shorter-term bonds.
“While correlations vary over time, the relationship between Bitcoin and the term premium is pretty solid, especially since the start of 2024. This relationship shows that Bitcoin has lagged the term premium increase in recent weeks,” Kendrick told BeInCrypto.
According to the analyst, this lag likely reflects the previous narrative that tariffs are hurting tech stocks and Bitcoin trading, such as Mag7 stocks.
“This could be what is needed for the next all-time high, and on that, I reiterate my current forecasts for Bitcoin, of 200k end-2025 and 500k end-2028,” he added.
As Bitcoin acts as a dynamic hedge, it remains to be seen whether it can flip Nvidia this quarter. Nevertheless, Kendrick does not rule it out, acknowledging that dominant narratives change and Bitcoin serves several purposes in portfolios.
