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The Bitcoin price rose 1.3% in the last 24 hours to trade at $46,354 as of 4:30 a.m. EST, with trading volume surging 32% to $51 billion.
The king of crypto’s muted response to the landmark approval of spot Bitcoin ETFs by the Securities and Exchange Commission yesterday has prompted some analysts to say it’s topped out.
That’s not the way SkyBridge Capital CEO Anthony Scaramucci sees things. He predicts that Bitcoin might be heading for a $12 trillion market cap, up from about $922 million now.
Bitcoin Price Prognosis
The Bitcoin price has rallied strongly since October, but the key question now is how high BTC can continue to climb
Bitcoin ETF approvals saw the crypto briefly surge to $49k for the first time since late 2021, though it has since fallen back.
Despite the strong catalyst of ETF approvals, however, Bitcoin could remain under $48k for the time being, as its price is struggling to breach resistance at $49,000.
Several technical indicators suggest that a move above $49k is a fair possibility, including wide Bollinger bands, and an RSI score that suggests that the coin is moving into oversold territory. Still, it is not quite there yet, leaving it with some room to grow.
Promising Alternatives to Bitcoin
One of the best alternatives to Bitcoin is another project that carries its name — Bitcoin Minetrix (BTCMTX).
This cloud mining platform was designed to be 100% decentralized and transparent. The project’s creators are aware of the massive demand for BTC mining and that most people cannot do it because of the investment in mining rigs worth thousands of dollars, and massive electricity bills.
At the same time, cloud miners have developed a bad reputation because there were many fraudulent platforms in the past. So, Bitcoin Minetrix created a decentralized solution that would bring back the faith in this technology.
Investors purchase its native token, BTCMTX, stake it, and receive credits, which are then used to mine BTC.
With demand for BTC mining being higher than ever in anticipation of the halving, the project has seen massive interest from the public. Its presale has already raised over $8.23 million, and its token, BTCMTX, is currently selling for $0.0128 per unit.
Interested buyers can obtain the token in exchange for ETH or USDT or buy it via credit or debit card. However, in 5 days, its price will see a scheduled increase, so buying it before that happens ensures that you benefit from any subsequent increase.
If you are interested, you can buy BTCMTX here.
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