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bitcoin and ethereum started December 18 in the red, down 2.53% and 3.67%, respectively. However, the newly launched bitcoin Minetrix is outperforming other cryptocurrencies as its pre-sale surpasses $5.4 million.
bitcoin and ethereum fall to local highs amid extreme transaction fees
bitcoin Ordinals took center stage recently, with prices of related projects rising astronomically. Meanwhile, ordinal-related activity on the bitcoin network has also skyrocketed, causing bitcoin transaction fees to rise to an average of $37, according to BitInfoCharts.
There have only been two times in history where bitcoin fees have been higher, at the bull market peaks of 2021 and 2018.
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Due, Mempool.space data shows that this has led to over 290,000 unconfirmed bitcoin transactions still not being processed.
This has negatively affected investor sentiment, raising concerns about how unusable bitcoin may become as the bull run progresses.
According to analyst whale wireSpikes in transaction fees often coincide with a market high.
“Historically, during market peaks, #bitcoin experiences an increase in transaction fees and network congestion. The media, as always, does not talk about this, but rates are now at dangerously high levels (the second highest level in history). This indicates immense pressure on the network.”
Analyst X WhaleWire
bitcoin price has since fallen below a crucial trend line, according to one analyst. mobile crypto.
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In a follow-up tweet, the analyst warns that $800 million in long bitcoin positions will be liquidated if btc hits $40,600. If this occurs, these positions would be forcibly closed by opening opposing sell positions, causing the price of bitcoin to retreat much further.
Meanwhile, YCharts data shows that ethereum has also faced its own battle over transaction fees, hitting its highest rates in six months on Friday.
However, simultaneously, bitcoin and Solana have begun to capture ethereum's dominance. nft-non-fungible-tokens/nft-overview/nft-trade-volume-by-chain” target=”_blank” rel=”noopener”>nft Trading Volumeand bitcoin outperformed it significantly in recent days.
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At the same time, chains like Cardano, Avalanche, Solana, and Injective Protocol are gaining momentum. This combination of high fees and loss of market share on multiple fronts is likely hurting ethereum's market sentiment, evident in its declining price and trading volume, as seen in the price chart below.
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That said, the market continues to present lucrative opportunities, and one of the most promising new cryptocurrencies is bitcoin Minetrix, an attractive mining staking protocol that is currently in pre-sale.
bitcoin Minetrix pre-sale surpasses $5.4 million as analyst predicts 100x increase
crypto-news.care/” target=”_blank” rel=”noopener”>bitcoin Minetrix is a new cryptocurrency that allows anyone to mine bitcoin effortlessly and safely.
It is based on a cloud mining system, where users stake $BTCMTX tokens for bitcoin mining credits. These are non-transferable ERC-20 tokens that can be burned for cloud mining power.
This means users can get started with no technical experience, startup costs or overhead costs required. Additionally, it also provides an invaluable iteration of previous cloud mining protocols.
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In the past, cloud mining has been criticized for scams and inefficiencies, where operators ask users for extra money or do not pay their rewards in bitcoin. However, the decentralized and immutable nature of $BTCMTX eradicates this risk, ensuring the security of the dapp.
Blockchain audit firm Coinsult also conducted a smart contract audit who found bitcoin Minetrix safe and secure.
Its compelling use case, combined with strong security and the high utility of $BTCMTX, has led to interesting price predictions from analysts. One of the most promising comes from renowned YouTuber Jacob Burywho speculates that it could increase 100 times after its IEO.
So far, the bitcoin Minetrix pre-sale has raised over $5.4 million, indicating immense community interest. Investors can buy $BTCMTX for $0.123, but they must hurry as the price will rise in three days.
crypto-news.care/” target=”_blank” rel=”noopener”>Visit the bitcoin Minetrix pre-sale
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