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ethereum is approaching $3,000, adding 3.9% in the last 24 hours. After months of relative inactivity, eth is apparently waking up.
Currently, ethereum is up 3.95% and is trading at $2,914.
The move follows an exceptionally bullish weekly close for ethereum, where its price soared past the important $2.5K level.
ethereum's 21-day EMA and RSI indicators also reflect bullish momentum, with eth finding support at the 21-day EMA before its recent pump and the RSI seeing a notable rise.
It is likely that, in addition to fundamental advances, last week's decisive bullish momentum enabled today's strong weekly open.
A new investigation report Bernstein analysts say ethereum will be the next “institutional favorite,” alluding to its pending ETF applications and the significant liquidity inflows they could incur.
bitcoin has seen $600 million added to its market capitalization in the last seven days, driven by demand for ETFs and enthusiasm from speculators anticipating more inflows.
Returning to ethereum, Bernstein's analysis has stoked enthusiasm for a similar influx of demand for eth.
Meanwhile, chain detective Leon Waidmann noted that ethereum layers 2 have seen a significant increase in network activity.
This discerns criticism of previous bullish rallies, where ethereum fees reached astronomical heights.
The advancement and adoption of layer 2 technology provides an affordable haven for users to interact with ethereum. Advancing Layer 2 is a long-standing goal of ethereum, so this data is warmly welcomed by community members.
Moving on to what this could mean for the price of ethereum, analyst Rekt Capital suggests A “breakup process” has begun in the weekly time frame.
But while ethereum is rising, many smaller altcoins are also rising.
One of them is bitcoin Minetrix, an ethereum-based cloud mining protocol for users to mine bitcoin without hardware, expensive overhead costs, and technical expertise.
bitcoin Minetrix pre-sale exceeds $11.1 million
crypto-news.care/” target=”_blank” rel=”noopener”>bitcoin Minetrix has raised more than $11.1 million in the ongoing pre-sale.
During the pre-sale, the price of BTCMTX has been rising and the next rally will occur in 22 hours.
But to further reward early adopters, bitcoin Minetrix has launched a staking mechanism, providing pre-sale buyers a way to increase their investment.
Currently, staking offers an APY of 61%, but this will decrease as more tokens are staked.
bitcoin Minetrix is based on a “stake to mine” premise, where users deposit BTCMTX tokens in exchange for bitcoin mining credits.
They can then burn these credits to gain cloud mining power, which translates to free btc.
The process requires no hardware or technical expertise, and offers an easy-to-use alternative to traditional bitcoin mining.
Furthermore, the decentralized and transparent nature of bitcoin Minetrix eradicates the risk of cloud mining scams. The project has also received a smart contract. audit from third-party security company Coinsult, further demonstrating its robust security measures.
But one of the most anticipated features of BTCMTX is the inherent utility of the token and its correlation with bitcoin. Users need it to gamble, providing a constant flow of demand that helps offset speculation-driven volatility.
Meanwhile, btc rewards mean BTCMTX could rise alongside the world's most valuable currency; a significantly bullish factor given the upcoming bitcoin halving.
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