Disclosure: This article does not represent investment advice. The content and materials appearing on this page are for educational purposes only.
Amid broader market growth, ethereum has surpassed the $3.2 mark. Meanwhile, the bitcoin Minetrix pre-sale has raised over $11.4 million.
eth Rally Sees $43 Million Short Liquidation
ethereum has enjoyed notable buying demand today, leading to massive short liquidations. The development follows a broader market appetite for cryptocurrencies, as bitcoin reaches $57,000.
Additionally, anticipation for the upcoming ethereum network upgrade, Dencun, also adds to the overall bullish sentiment.
As the price chart below shows, eth's momentum has intensified this month as the price action goes from diagonal to near vertical.
With a current price of $3,221, ethereum is up 3.72% today, 10.17% this week, 42% this month, and 97% this year.
Its market capitalization is $388 million, while its 24-hour trading volume is $21 billion, an increase of 62%.
According eth” target=”_blank” rel=”noopener”>data According to CoinGlass, $43 million in short positions have been liquidated in the last 24 hours, compared to just $24 million in long positions.
Meanwhile, its funding rate has skyrocketed, indicating advancing bullish sentiment.
Anticipation of the Dencun upgrade, which will occur in the first quarter of 2024, is one of the main drivers of ethereum.
Dencun will usher in “proto-danksharding,” dramatically reducing the cost of layer 2 transactions and facilitating more seamless data availability.
The upgrade will dramatically expand the capabilities of Layer 2 networks, opening them to new use cases and improved user experiences.
Returning to ethereum price, analyst Michael van de Poppe suggests“ethereum season appears to be here.”
Michael said the Dencun upgrade and anticipation of ethereum spot ETFs are notable catalysts that could enable growth.
The analyst references the ETHBTC chart and points out a possible breakout that could allow ethereum to massively outperform bitcoin in the coming months.
That said, with the price of ethereum rising, traders should keep an eye out for early investors looking to make profits.
according to data from Lookonchain, a 2014 ethereum ICO investor recently transferred his entire $770,000 worth of eth to Coinbase after being dormant for 8.6 years.
While a $770,000 sell-off is unlikely to send the price tumbling, it illustrates that many early investors may look to take profits in the coming months, adding selling pressure that could suppress eth's upside potential.
With this in mind, traders can look for alternatives like bitcoin Minetrix. The pre-sale of BTCMTX has raised more than $11.4 million.
bitcoin Minetrix raises $11.4 million
crypto-news.care/” target=”_blank” rel=”noopener”>bitcoin Minetrix is a cloud mining platform for users to receive btc effortlessly and securely.
Based on the ethereum network, bitcoin Minetrix invites users to stake BTCMTX to earn bitcoin mining credits. They can then burn these credits to gain cloud mining power, which translates to free bitcoin.
The simple process is beginner-friendly and democratizes the mining industry by allowing anyone to participate.
Additionally, users can be assured that bitcoin Minetrix is legit.
Previous cloud mining solutions have been accused of scams and bad practices. However, bitcoin Minetrix addresses these issues by leveraging the security of ethereum smart contracts and being examined by the external audit firm Coinsult.
Platform rewards are primarily paid in btc, but there are also complementary rewards in BTCMTX.
While the staking mechanism for mining is not active yet, investors can stake their tokens for BTCMTX. They can currently earn an APY of 59%, but this will decrease as more tokens are staked.
The bitcoin Minetrix pre-sale is ongoing and has raised over $11.4 million. It is currently priced at $0.0137, but will increase as the pre-sale progresses.
Disclosure: This content is provided by a third party. crypto.news does not endorse any products mentioned on this page. Users should conduct their own research before taking any action related to the company.
