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The Bitcoin price is retracing higher as bulls retarget $40,000. At the same time, switched-on crypto traders continue to place bets on new stake-to-mine Bitcoin alternative Bitcoin Minetrix as its ICO soars past $4 million.
After fake reports about an XRP ETF, followed by the not-unexpected news that the US Securities and Exchange Commission (SEC) has deferred a decision on the first spot Bitcoin ETF application it was considering, traders had plenty of excuses to book profits.
However, after slipping back towards $35k, Bitcoin is trading strongly higher at $37,422 today, up 4.2% in the past 24 hours. The leading cryptocurrency has put on 123% year-to-date gains, outperforming all other asset classes. It is little wonder market participants eagerly anticipate even bigger gains when a spot Bitcoin ETF approval eventually arrives.
Bitcoin Minetrix ($BTCMTX) Nears Next Price Increase With Less Than 24 Hours Remaining
There are less than 24 hours before $BTCMTX rolls into Phase 8 of its presale, and the token’s price increased from $0.0116 to $0.0117.
However, with only $500k to hit the Phase 7 target of $4,683,971, the token could sell out before the next step up on the price ladder, so prospective buyers must move quickly.
A feeding frenzy has been in the market due to rising expectations that the SEC will approve a spot Bitcoin ETF.
Consequently, Bitcoin-related coins are in demand as alternative investment propositions offering exposure to the bull run.
Bitcoin Minetrix ($BTCMTX) is tokenizing the cloud mining of Bitcoin, and it is a one-of-a-kind crypto asset, which is why $4 million has flowed torrent-like into its presale.
Built on the Ethereum blockchain, users of Bitcoin Minetrix will stake the $BTCMTX native token of the ecosystem and be allocated cloud credits to mine Bitcoin.
This approach has several key advantages over the dominant cloud mining model, and at the top of the list is the ease of use, low cost of entry, and the welcome absence of scammers.
Big news! 📢#BitcoinMinetrix proudly announces a colossal accomplishment, more than $4,000,000 raised! 🪙 pic.twitter.com/neW7VEgkjJ
— Bitcoinminetrix (@bitcoinminetrix) November 16, 2023
Understanding The Impact: How A Spot Bitcoin ETF Approval Could Significantly Benefit Bitcoin And $BTCMTX
There is no telling how high the Bitcoin price could go, but it looks increasingly likely to be valued at multiples of $100k. Price targets vary, but most analysts believe we are off the bottom of the bear cycle.
The chart below shows the market value to realized value ratio. Realized value is measured as the mean price of Bitcoin supply when a coin makes an on-chain transaction.
An MVRV reading of greater than 1 means the average Bitcoin holder is in profit. The MVRV ratio is a key metric for identifying market bottoms and tops, and it shows we are coming off the bottom, as designated by the crypto winter moniker. The left-hand scale displays the price of Bitcoin logarithmically.
In plain English, there couldn’t be a better time to get into the market, and new tokens like Bitcoin Minetrix are an enticing way to play the bull cycle.
When BlackRock said it had applied to launch a spot Bitcoin ETF, it was a significant landmark for crypto assets. Globally, BlackRock is the largest fund manager, with assets under management of $8.54 trillion.
It matters immensely when BlackRock enters a new market. Its boss, Larry Fink, has made a U-turn after previously being a doubter of Bitcoin: he now thinks it is digital gold.
Suffice it to say, a spot Bitcoin ETF is set to unlock an inflow of billions of dollars coming into the crypto space.
Financial advisors and pension fund managers who, for due diligence and regulatory reasons, may have been barred from investing clients’ funds in Bitcoin or Ethereum will, post-approval, have a regulated route into the asset class.
A spot Bitcoin ETF will be the most significant milestone for the asset class to date, bestowing on it the credibility it may have lacked up until now in some quarters.
In the US alone, the equity and fixed-income ETF sector combined is valued at $7 trillion – the total US equity market attracts a valuation of $44 trillion. The possible seismic impact of launching a spot Bitcoin ETF in the largest capital market in the world can not be underestimated.
Anticipated Bitcoin Supply Shock Set To Propel Bitcoin Minetrix’s Value Skyward
Around 80,000 Bitcoin wallet addresses are currently valued at over $1 million. As the price of Bitcoin rises, that number will increase. It will also increase as the number of whales mushrooms as new money from high-net-worth individuals starts to flow into the Bitcoin market.
Some of that money will also enter the Bitcoin mining industry. A novel coin such as Bitcoin Minetrix is in the first rank of the candidates for Bitcoin alternatives.
Bitcoin Minetrix provides the opportunity for capital and income growth. Owning the coin has its upside associated with the Bitcoin investment story, while its claim on mining rewards provides income for $BTCMTX owners.
Bitcoin mining is highly profitable at the current realized and market prices, even more so for tokenized cloud miners in the Bitcoin Minetrix ecosystem with no capital outlay expense for mining rigs.
Looking at exchange balances for Bitcoin adds more grist to the mill for the supply shock thesis. Bitcoin balances on exchanges are at a five-year low.
Bitcoin Minetrix: The Optimal Strategy For Capitalizing On The Bitcoin Boom – Begin Staking $BTCMTX Now
Even before the stake-to-earn system is launched, you can start staking today. Already, 284 million tokens have been deposited in the staking smart contract for $BTCMTX, earning 146% APY at the time of writing.
There are 158.5 tokens emitted as rewards for each ETH block mined. By earning extra tokens now, stakers can command a larger share of hash power (mining power) when they can be staked for mining in credits.
$BTCMTX tokens hold the unique utility of being redeemable for designated BTC cloud mining time slots, providing investors of all types with an easy and cheap way to access Bitcoin block rewards.
Stakers can earn passive income from Bitcoin mining rewards when the cloud-mining system is up and running. With so much going for it, Bitcoin Minetrix has supporters among the glitterati of crypto analysts, such as Michael Wrubel, who explains to his 310k subscribers on YouTube why he is bullish on $BTCMTX.
Mouth-watering as the Bitcoin bull case is, the return on investment potential is far greater for Bitcoin alternatives such as $BTCMTX.
Bitcoin Minetrix token has a much lower market capitalization than Bitcoin, and its future lifecycle provides a more realistic possibility of appreciating by thousands of percent.
In its ability to connect retail investors with the Bitcoin cloud-mining revolution, $BTCMTX will be a major beneficiary of the coming price explosion in crypto assets. Bitcoin-themed alternatives that enhance the value of the Bitcoin protocol in the way that $BTCMTX does are rare.
A relatively small investment could make life-changing returns, but do your research and don’t invest what you can’t afford to lose.
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