STRK Price Had Reached ATH Due to Vitalik Buterin Receiving a Grant

Bittime – The price of the Starknet token (STRK) has experienced quite large fluctuations in the last 24 hours. Prices touched a high of $1.29 and a low of $1.18. 

STRK Price Today

Summer: Over

At the time this article was written, STRK was trading at IDR 20,073 or $1.25 due to an increase of +2.90%.

Interestingly, even though trading volume jumped 755% to $324.17 million, STRK's market capitalization decreased 2.72% to $1.37 billion.

Check Today's Crypto Market:

Grants for Vitalik Buterin and Their Impact

The surprising news came from Starknet which allocated a grant of $1 million in locked STRK tokens to Ethereum co-founder Vitalik Buterin. This grant was given as a form of appreciation for Buterin's contribution to blockchain technology.

However, instead of increasing market confidence, the STRK token price decreased after the announcement. This is certainly a highlight among the crypto community.

Technology Breakthroughs and Market Outlook

The blockchain community's focus on Starknet is increasing with the announcement of their new layer-2 solution for Ethereum. This solution is a "zero-knowledge rollup" that is compatible with the Ethereum infrastructure.

This technology is named Kakarot (based on the main Dragon Ball character) and is currently in the closed trial stage (public whitelist).

Through Kakarot, Starknet switched to using zkEVM (zero-knowledge Ethereum Virtual Machine) which allows developers familiar with Solidity, Ethereum's main programming language, to build applications on Starknet. This decision is strategic to attract more developers to the Starknet ecosystem.

StarkWare CEO Eli Ben-Sasson stressed that the move from Cairo (a powerful but less popular programming language) to Solidity via zkEVM is an important step in Starknet's growth and maturity.

Apart from Kakarot, StarkWare also announced the launch of "Stwo", a new cryptographic prover that it believes will improve network security and efficiency.

Technical Analysis STRK/USD

Judging from the 4-hour STRK/USD price chart, you can see a rising wedge pattern (a triangle shape rising upwards). Prices move up with higher highs and higher lows but in a narrowing range.

This pattern is generally considered bearish because it indicates weakening upward momentum. If the price continues to fall, there is a possibility of a breakout below the lower border of the wedge pattern which could lead to further declines.

The nearest resistance (upper limit) levels before the price decline are around $1.28 and $1.25. Meanwhile, the nearest support (lower limit) after the breakout is around $1.20. If the price breaks this support level, the next decline could reach around $1.15.

The Relative Strength Index (RSI) indicator is currently around 49.72, indicating neutral momentum that is leaning towards bearish as its value is falling from higher levels. The Moving Average Convergence Divergence (MACD) indicator also shows a bearish signal with the MACD line being very close to the signal line and having a negative value.

Also Read: Starknet (STRK) Price Prediction 2024, 2025, 2030

Strategy for STRK Investors

Even though technical analysis currently shows a potential decline in STRK prices, there are still several expectations and strategies that investors need to consider.

1. Long-Term Impact of the Buterin Grant

Even if STRK prices fall in the short term, the grant to Vitalik Buterin could have a positive impact on market confidence in the long term. Support from a key figure like Buterin could attract greater attention and investment to the Starknet ecosystem.

2. Adopt Kakarot and Stwo

The launch of Kakarot and Stwo has the potential to improve the usability and security of the Starknet network. If the technology is well received by developers and users, STRK prices may increase as adoption grows.

3. Development of Crypto Regulations

Greater clarity in crypto regulations could fuel the growth of the entire crypto market, including STRK.

4. Long Term Investment

For investors who believe in Starknet's long-term potential, the current price drop may be an opportunity to buy STRK at a lower price. However, this strategy requires patience and tolerance for the risk of price fluctuations.

5. Dollar-Cost Averaging (DCA)

The DCA strategy can help investors reduce the risk of price fluctuations by investing a certain amount regularly over a certain period.

6. Research and Diversification

Investors are advised to conduct in-depth research before investing in STRK or other crypto assets. Additionally, it is important to diversify your investment portfolio to reduce risk.

Also Read How To Buy Crypto:

Conclusion

The STRK token price experienced significant fluctuations despite positive news regarding the grant for Vitalik Buterin. On the other hand, Starknet shows promising technological progress with the launch of Kakarot and Stwo.

Technical analysis shows a potential decline in STRK prices shortly. The crypto community needs to continue monitoring Starknet developments and STRK price fluctuations to get a clearer picture of the future of this project.

How to Buy Starknet (STRK) on Bittime

You can buy and sell Starknet (STRK) easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Starknet (STRK) is available on Bittime with the market pair STRK/IDR. To be able to buy STRK IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn the complete guide on how to buy Starknet (STRK) on Bittime. 

Monitor the price chart movements of Starknet (STRK), Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.

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DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.