Cryptocurrency prices turned bullish again on December 28 after a brief pullback. ethereum is in the spotlight after surging 6.7%, hitting a high of $2,440, the highest level since May 2022. Meanwhile, ethereum-based tokens are also surging, with the newly launched bitcoin Minetrix has an upward trend in its pre-sale.
ethereum Set for Strong Gains
MN Trading CEO and founder Michael van de Poppe recently said that eth will post strong gains in the first quarter of 2024 as bitcoin dominance has seemingly peaked.
At the time, ethereum was trading at $2,310 and, after a brief pullback, rose 5.45%, surpassing a local resistance.
Michael further explained that ethereum will continue to advance from here and has strong support at $2,150.
But van de Poppe is not the only analyst optimistic about ethereum.
Stockmoney Lizards noted that eth has broken a macro trendline resistance on the weekly period. The analyst compared this to a similar pattern forged in 2020, suggesting that ethereum could be on the cusp of another parabolic run.
The trader does not provide a price target for ethereum. However, the chart shows that eth roared 2000% last time, implying that the coin may surpass $10,000 in the next cycle.
Still, even surpassing $10,000 would be a challenge for eth given its market capitalization.
On the other hand, many tokens in the ethereum ecosystem could outperform eth in the next cycle thanks to their lower valuations and relative ease of pumping.
michael van de poppe He highlighted the growing strength of ethereum ecosystem tokens in a recent tweet, suggesting: “The cycle is just beginning.”
One of them is bitcoin Minetrix, a project whose pre-sale is ongoing, raising $6.4 million.
bitcoin Minetrix raises more than $6.4 million in pre-sale
crypto-news.care/” target=”_blank” rel=”noopener”>bitcoin Minetrix allows users to mine bitcoin from ethereum in the cloud.
Its native crypto, BTCMTX, is an ERC-20 token, which users can stake on the bitcoin Minetrix platform to earn bitcoin mining credits, non-transferable ERC-20 tokens.
They can then burn these credits to gain cloud mining power, which translates to free bitcoin.
This process has no technical barriers or hardware requirements. Through this, bitcoin Minetrix aims to boost bitcoin mining.
Since the project supports staking, BTCMTX holders receive rewards when they lock tokens.
In the meantime, tokens will be locked in the staking contract and rewards will be paid in mining credits, not BTCMTX.
These factors indicate high demand and low supply, which can drive prices up.
Analyst Jacob Bury He recently made a video about bitcoin Minetrix, saying that the token could recover after its pre-sale.
Other analysts, including No Bs cryptocurrenciesThe token is expected to extend gains in the next bull run.
In the ongoing pre-sale, BTCMTX is available for $0.0125.
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