The crypto markets saw a strong performance this past week, with major cryptocurrencies like Ethereum, Solana, and Cardano posting double-digit gains. Leading the charge was Bitcoin, which briefly surpassed $36,000 to hit its highest level since September, with Ethereum also putting in new highs.
But the spotlight is increasingly falling on an emerging project called Bitcoin Minetrix, a new ERC20 token gaining momentum through its novel “stake-to-mine” concept.
Ethereum Price Jumps Close to $1,900
Ethereum was among the top performers, jumping over 15% to trade around the $1,900 level. After bottoming out at around $1,300 in June, Ethereum has seen a steady recovery. Traders are now eyeing strong resistance at $2,000 which could signal a bullish trend reversal if crossed. The price could revisit $2,000 soon based on positive momentum indicators like the MACD and RSI.
Signs of continued optimism around Ethereum are also emerging on-chain. According to data from crypto tracker Spot On Chain, a major Ethereum whale known as 0xb15 withdrew over 17,000 ETH (worth $31.8 million) from Binance exchange over the past day.
When large holders move significant funds off exchanges into private wallets, it often signals a belief that prices may increase further. By withdrawing to personal wallets rather than keeping coins on an exchange, whales help reduce the liquid supply available on exchanges while also decreasing risks around frozen or seized funds. This recent whale activity highlights robust institutional confidence in Ethereum amidst its ongoing price gains.
Overall, the short- and medium-term outlook appears bullish for Ethereum according to altFINS, although the long-term trend remains bearish.
Solana and Cardano Also See Strong Gains
Besides Ethereum, alternative layer-1s Solana and Cardano also posted double-digit rises this past week. Solana rallied over 20% on the back of its Breakpoint conference held October 30 to November 3 in Amsterdam. The conference gave developers a platform to showcase innovations, with over 100 panel discussions and workshops lined up.
Moving forward, Solana is looking overheated in the short term based on an RSI above 70. A pullback towards support levels at $41, $37, or even $34 may be likely before Solana sees its next leg up.
In similar fashion, Cardano gained nearly 17% this week boosted by positive sentiment from its two-day Cardano Summit 2023. Since October 19, ADA’s price has surged over 40% amidst an overall crypto market rebound. Tailwinds include a rise in Cardano whale transactions and increased investor holding activity. However, daily active addresses have dropped even as prices rose, indicating potential exhaustion.
New ERC20 Token Bitcoin Minetrix (BTCMTX)
Amidst the positive price action across cryptocurrencies, an innovative new crypto project called Bitcoin Minetrix has grabbed attention for its unique staking-based cloud mining model. Having already raised over $3.3 million in presale funding, Bitcoin Minetrix lets users earn mining rewards by staking tokens instead of investing in expensive hardware equipment.
Bitcoin Minetrix utilizes a “stake-to-mine” system that issues mining credits for staking BTCMTX tokens. These credits provide designated cloud mining time slots that can be redeemed to earn real BTC rewards. Stakers can earn over 150% APY in rewards paid as additional tokens, boosting their future mining power.
Decentralized cloud mining through Bitcoin Minetrix provides easy, cost-efficient access to BTC mining profits without physical hardware. This makes tapping into bitcoin income streams accessible to regular crypto investors without technical expertise. Bitcoin Minetrix specifically addresses key issues like expensive mining equipment and misleading scams that have plagued the BTC mining space in the past. Its transparent model ensures a secure and seamless mining experience.
To participate, users simply need an Ethereum-compatible wallet like MetaMask. They can then purchase and stake BTCMTX tokens to start accumulating non-tradable mining credits. These credits are burned when users want to redeem actual cloud mining power for earning bitcoin.
BTCMTX tokens are currently in Stage 5 of their ICO presale, offered at the lowest price of $0.0114 before the next 10% increase. With its innovative mining solution and strong presale momentum, Bitcoin Minetrix presents an exciting early-stage investment opportunity in the crypto space. As it continues to gain traction, Bitcoin Minetrix could emerge as the next altcoin to watch with high upside potential.
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