Thursday, November 16, 2023 – The Bitcoin price is retracing higher as bulls retarget $40,000, while 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 $37,422 today, up 4.2% in the past 24 hours. The leading cryptocurrency has put on 123% year-to-date gains, outperforming all other asset classes. It is little wonder market participants are eagerly anticipating even bigger gains when a spot Bitcoin ETF approval eventually does arrive.
Bitcoin Minetrix ($BTCMTX) has less than 24 hours to go before next price rise
There are less than 24 hours before $BTCMTX rolls into Phase 8 of its presale and the price of the token increases from $0.0116 to $0.0117.
However, with only $500k to go to hit the Phase 7 target of $4,683,971, the token could sell out before the next step up on the price ladder, so prospective buyers need to move quickly.
Something of a feeding frenzy has been in evidence in the market due to rising expectations that a spot Bitcoin ETF will be approved by the SEC.
Consequently, Bitcoin-related coins are in demand as alternative investment propositions offering exposure to the bull run.
Bitcoin Minetrix ($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 a number of key advantages over the dominant cloud mining model, and top of the list is 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
Why a spot Bitcoin ETF approval is such a big deal for Bitcoin and $BTCMTX
There is no telling how high the Bitcoin price could go but it looks increasingly likely it could end up being 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 on the day a coin made an on-chain transaction.
A MVRV reading of greater than 1 means the average Bitcoin holder is in profit. 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 to say then, 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 the launch of a spot Bitcoin ETF in the largest capital market in the world cannot be underestimated.
Bitcoin supply shock to send Bitcoin Minetrix to the moon
There are currently around 80,000 Bitcoin wallet addresses valued at greater than $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 find its way into 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 own 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 who have no capital outlay expense for mining rigs.
Looking at exchange balances for Bitcoin and it adds more grist to the mill for the supply shock thesis. Bitcoin balances on exchanges are at a five-year low.
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.
The post Bitcoin Price Bulls Retarget $40,000 While Traders’ Favorite Bitcoin Minetrix Soars Past $4m in its Stake to Mine ICO appeared first on Cryptonews.
