all41author A quick 3min read about today’s crypto news!
The Ethereum price has gained 2% today, rising back to $2,260 as the wider market recovers from a sharp selloff earlier in the week.
ETH’s current price means that it has lost 4% in a week and 0.5% in the last 30 days, yet the biggest altcoin in the market remains up by a very healthy 81% in the past year.
In other words, this week’s haircut hasn’t done much to dislodge Ethereum from its strong position, with the coin potentially on course to ride a bull market in 2024 to new highs.
Ethereum’s indicators are in a mixed position right now, with the coin’s recent rallies arguably putting it in a position where it should correct downwards for a bit.
For instance, its 30-day average (yellow) has been well above its 200-day (blue) for a couple of months now, implying that traders had overbought it in recent weeks and that it needs to cool down.
At the same time, ETH’s relative strength index (purple) is hovering around 50, having been high at the start of December.
Its downwards trajectory since last month could mean that it’s on course to fall further, perhaps towards 30, before we see some concerted rises again.
Yet one thing holders can take heart from is the fact that ETH’s support level (green) has risen and held up consistently well since November, so even if ETH struggles to rise in the short term it’s unlikely to fall significantly.
In terms of when we can expect a recovery, the SEC’s potential approval of Bitcoin ETFs will lift the wider market massively, including Ethereum.
And given that the market is expecting the Fed to soften its rate stance this year, crypto could see another strong bull market, helped along by Bitcoin’s next halving.
Ethereum L1 is an API for security guarantees.
Everything happening on top is a cambrian explosion of innovation, attracting the brightest minds of our generation.
ETH is the asset powering this ecosystem, being deflationary and yielding 5%+.
Thats it. My thesis for 2024ff.
— f1go.eth 🛡️ 🦇🔊 (@FigoETH) December 31, 2023
As the second-biggest coin in the market, this will all feed into the Ethereum price, which could hit $3,000 by the middle of the year.
And given that ETH’s fundamentals are among the strongest in the whole sector, the coin is likely to enjoy growth on its own account.
It could even trouble its current ATH – of $4,878 – by the end of the year.
ETH may be one of the strongest major tokens in the market, but it isn’t the only coin with the potential to rally big in the coming weeks.
Indeed, there a wide variety of exciting newer tokens now available, including a number of presale coins that have been able to accumulate substantial momentum.
Probably the best example of this at the moment is Bitcoin Minetrix (BTCMTX), an Ethereum-based stake-to-mine platform that has raised over $7.5 million in its presale.
Exciting Update! 📢#BitcoinMinetrix proudly reveals another major milestone, exceeding $7,500,000 raised! 🪙 pic.twitter.com/r4LHnlqd4T
— Bitcoinminetrix (@bitcoinminetrix) January 5, 2024
What Bitcoin Minetrix promises to do is to make Bitcoin mining more accessible and decentralized, by enabling anyone capable of staking tokens to mine BTC.
That is, by staking its native BTCMTX token, users receive tokenized mining credits in return, which they can use to purchase Bitcoin hashing power.
Doing this enough will provide participants with newly mined BTC, while staking will also provide them with a passive income in the form of BTCMTX.
That Bitcoin Minetrix is set to be so rewarding for users explains why its presale has already done really well, with newcomers able to join the sale by heading over to the official Bitcoin Minetrix website.
Explore the #BTCMTX #Telegram Community, with over 10,000 participants.
📊 Stay updated with the latest advancements in cloud mining.
💬 Participate in discussions alongside passionate fans.
🔐 Unlock exclusive perspectives and priceless guidance.
🔗 https://t.co/jjqYaqOtyv pic.twitter.com/rBRo7ZOUrx
— Bitcoinminetrix (@bitcoinminetrix) January 5, 2024
By connecting their crypto wallets (e.g. MetaMask), they can buy BTCMTX before it lists at a price of $0.0126 per token.
This price is set to increase tomorrow, while the coin’s eventual listing on exchanges in the next month or so could see it rally big.
Visit Bitcoin Minetrix Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
A quick 3min read about today’s crypto news!
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