ethereum (eth) added 3% in the last 24 hours amid a slight recovery in the crypto market. bitcoin (btc) also rose above $37,000 after a drop earlier this week, weighing on altcoins like eth.
As the market gains momentum, attention is focused on the pre-sale phase of bitcoin Minetrix (BTCMTX), a new crypto mining platform.
ethereum Adds 7% in Bullish On-Chain Metrics
eth price is up more than 7% from the Nov. 22 low, reclaiming the crucial $2,000 level.
This rally comes as the cryptocurrency market recovers from losses suffered following news about Binance and former CEO Changpeng Zhao.
Most importantly, however, eth‘s reversal aligns with its bullish on-chain metrics.
According to FXStreet, the top 200 eth wallets have been ethereum-price-rally-could-extend-riding-on-bullish-on-chain-metrics-202311220816″ target=”_blank” rel=”noreferrer noopener”>accumulating in the past year.
This formation suggests that “whale” investors are bullish on the currency.
The supply of eth on exchanges has decreased by almost 20% in the last six months, reaching its lowest level since May.
This decrease in supply on exchanges can support prices by reducing selling pressure.
Additionally, interest in ethereum appears to be increasing, as there are currently over 422,000 active eth wallets. This is a significant increase in recent days.
The crypto market gains $60 billion after the consequences of Binance
The broader crypto market is also showing signs of recovery following the massive news of Binance’s landmark deal and the loss of its founder, Changpeng Zhao.
bitcoin has recovered more than 5% from the Nov. 22 lows, with other altcoins such as Solana (SOL), XRP, and Cardano (ADA) also posting considerable gains.
The Total crypto Market Cap Now it’s found at 1.48 trillion dollars, adding more than 60 billion dollars since yesterday.
This rally appears fueled by optimism that the regulatory uncertainties surrounding cryptocurrencies could be resolved, particularly after the recent developments with Binance.
Some analysts say the agreements, while tough, could provide much-needed clarity for the future progress of the crypto sector.
Additionally, macroeconomic factors such as stabilizing inflation data have supported a risk environment for cryptocurrencies as an asset class.
While risks remain, the market is regaining ground.
bitcoin Minetrix raises $4.2 million
As the market stabilizes, attention turns to a project in the pre-sale phase:crypto-news.care/” rel=”noreferrer noopener”> bitcoin Minetrix.
According to the project technical documentbitcoin Minetrix is a decentralized cloud mining platform that allows users to stake BTCMTX and earn btc rewards.
Its “Stake-to-Mine” model provides users with mining power based on token holdings, eliminating upfront costs, fixed contracts, and hidden fees associated with traditional cloud mining companies.
Being an ERC-20 token on ethereum, users can bet BTCMTX simply by connecting an ethereum compatible wallet.
The potential of bitcoin Minetrix is closely linked to the upcoming bitcoin halving in April 2024.
As mining rewards halve, bitcoin could enter a bull run that would skyrocket miners’ profits.
BTCMTX exposes users to this potential scenario without the need for expensive mining equipment.
The project has raised $4.2 million from more than 5,400 Telegram Community members.
bitcoin Minetrix ranks third in CoinSniper.net and second in ICOBench.com.
The bitcoin Minetrix roadmap includes plans for a mobile app, exchange listings, and partnerships with cloud mining providers.
crypto-news.care/” target=”_blank” rel=”noreferrer noopener”>Visit the bitcoin Minetrix pre-sale
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