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Bitcoin price has seen a significant increase in the last 24 hours and is currently trading at $46.9k, up 7.29%. Meanwhile, Bitcoin Minetrix is also seeing growth as presales reach $8 million.
ETF developments strengthen Bitcoin
Excitement surrounding a possible spot Bitcoin ETF approval has pushed prices to their highest levels since March 2022, with analysts predicting further upside.
The SEC recently issued additional comments on Bitcoin spot ETFs and further changes are expected on January 10th.
This is seen as a positive sign.
Meanwhile, Gary Gensler posted a thread on X explaining “a few things to consider when considering investing in crypto assets.”
The move strongly suggested that the ETFs would be approved.
Tell me you are about to approve the #Bitcoin ETFs without telling me you are about to approve the Bitcoin ETFs. 🙂
– Eric Weiss ⚡️ (@Eric_BIGfund) January 8, 2024
However, despite the growing bullish sentiment, analyst HornHairs noted that Bitcoin's funding rate is still low.
The financing rate refers to the premium that traders pay to buy an asset rather than sell it. A high funding rate represents overleverage and indicates that a potential downturn or deep decline is imminent, whereas low funding rates provide room for growth.
However, traders have also started turning their attention to altcoins in hopes of outperforming Bitcoin in the coming weeks.
Zia ul Haque explained that he gives “highest bids” for altcoins and expects a decline in Bitcoin dominance, which will lead to a significant increase in altcoins.
I offer a maximum of #Altcoins 👇
Bitcoin dominance rises = altcoin struggles
and it is the other way around.
Bitcoin dominance will likely reach the cyan line at 58-60% BTC dominance.
Will it happen before or after the halving?
We have to wait for the ETF approval first. pic.twitter.com/FU4Sjr3RGY
— Zia ul Haque (@ImZiaulHaque) January 9, 2024
So far, Bitcoin Minetrix, a stake-to-mine, is gaining traction.
Bitcoin Minetrix Reaches $8 Million in Presale
With Bitcoin ETF approvals likely just days away and the halving just four months away, savvy traders are looking for beta plays on BTC.
Stacks is one of those Bitcoin-related cryptos that has overtaken Bitcoin and is up 13% today.
However, analysts are even more optimistic about Bitcoin Minetrix.
Recently, Jacob Bury said that the token could rise in the next bull market.
Bitcoin Minetrix allows users to stake BTCMTX in exchange for Bitcoin mining credits.
You can then burn these credits for BTC cloud mining power.
Users do not require any hardware or technical expertise, making it ideal for beginners.
At the same time, the decentralized and transparent nature of BTCMTX eliminates the risk of cloud mining fraud.
Since staking rewards are paid out in mining credits and not BTCMTX, optimal supply and demand conditions are created that support the price.
In the current presale phase, BTCMTX is available for $0.0127.
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