crypto markets saw strong performance last week, with top cryptocurrencies such as 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, and ethereum also hit new highs.
But attention is increasingly focused on an emerging project called crypto-markets-turn-green-as-ethereum-price-rises-and-new-erc20-token-btcmtx-takes-spotlight” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>bitcoin Minetrixa new ERC20 token that is gaining momentum through its novel “stake-to-mine” concept.
ethereum price jumps near $1,900
ethereum was among the best performers, jumping more than 15% to trade around the $1,900 level. After bottoming 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 reach $2,000 again soon based on positive momentum indicators such as MACD and RSI.
Signs of continued optimism around ethereum are also emerging on-chain. According According to data from cryptocurrency tracker Spot On Chain, a major ethereum whale known as 0xb15 withdrew over 17,000 eth (worth $31.8 million) from the Binance exchange over the past day.
When large holders move significant funds from exchanges to private wallets, it often indicates a belief that prices can rise further. By withdrawing to personal wallets instead of holding coins on an exchange, whales help reduce the supply of liquid available on exchanges while decreasing the risks related to frozen or seized funds. This recent whale activity highlights strong institutional confidence in ethereum amid its continued 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
In addition to ethereum, Layer 1 alternatives Solana and Cardano also posted double-digit increases last week. Solana surged more than 20% thanks to its Breakpoint conference held from October 30 to November 3 in Amsterdam. The conference gave developers a platform to showcase innovations, with over 100 panel discussions and workshops scheduled.
Going forward, Solana appears overheated in the near term based on an RSI above 70. A pullback towards support levels of $41, $37, or even $34 is likely before Solana sees its next leg higher.
Similarly, Cardano gained almost 17% this week driven by positive sentiment from its two-day Cardano 2023 Summit. Since October 19, ADA price has risen more than 40% amid an overall crypto market rally. Tailwinds include an increase in Cardano whale transactions and increased investor holding activity. However, daily active addresses have fallen even as prices rose, indicating possible exhaustion.
New ERC20 bitcoin Minetrix Token (BTCMTX)
Amid the positive price action in cryptocurrencies, an innovative new crypto project called crypto-markets-turn-green-as-ethereum-price-rises-and-new-erc20-token-btcmtx-takes-spotlight” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>bitcoin Minetrix has attracted attention for its unique staking-based cloud mining model. Having raised over $3.3 million in pre-sale funding, bitcoin Minetrix allows users to earn mining rewards by staking tokens instead of investing in expensive hardware equipment.
bitcoin Minetrix uses a “stake-to-mine” system that issues mining credits to stake 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, increasing their future mining power.
Decentralized cloud mining through bitcoin Minetrix provides easy and profitable access to btc mining profits without physical hardware. This makes access to bitcoin income streams accessible to regular cryptocurrency investors without technical experience. bitcoin Minetrix specifically addresses key issues such as expensive mining equipment and deceptive scams that have plagued the btc mining space in the past. Its transparent model guarantees a safe and smooth 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 real cloud mining power to earn bitcoins.
BTCMTX tokens are currently in Stage 5 of their ICO pre-sale, being offered at the lowest price of $0.0114 before the next 10% increase. With its innovative mining solution and strong pre-sale 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 growth potential.
crypto-markets-turn-green-as-ethereum-price-rises-and-new-erc20-token-btcmtx-takes-spotlight” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit bitcoin Minetrix
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