With the crypto markets shifting bullish, Bitcoin and Ethereum are pushing ahead and up by 3.9% and 2.1% in the last 24 hours, respectively.
Other altcoins like Solana have seen even more gains, while the trailblazing Bitcoin Minetrix ($BTCMTX) presale is also bullish, having raised over $1.5m so far throughout its presale.
Positive Market Sentiment Rockets Top Crypto Prices
With the widely anticipated Bitcoin halving just six months away, optimism is brewing as Bitcoin and Ethereum begin to spike. This begs, is the bear market bottom in?
Several bullish factors have attributed to the market leaders’ recent success. For instance, Former White House Communications Director and SkyBridge Capital Founder Anthony Scaramucci recently made headlines for predicting, “Bitcoin could easily become a $15 trillion asset.”
This would put Bitcoin’s market cap ahead of gold, valued at $12.839 trillion.
Another promising advancement is that the SEC chose not to go ahead with an appeal in its case against Grayscale regarding its Bitcoin ETF. This increases the likelihood that the SEC may soon approve Bitcoin spot ETFs, making it much easier for institutions to offer Bitcoin to their clients.
This also has a knock-on effect on Ethereum since it signifies the SEC’s diminishing foothold over the crypto industry, opening the door to further innovation and growth. In recent months, the SEC has attacked several prominent Ethereum-based projects, leading to significant sell pressure.
Meanwhile, Twitter commentator MacnBTC has highlighted a high-potential chart pattern that Bitcoin is currently forming.
According to the analyst, Bitcoin’s volume-weighted average price (VWAP) ratio has found strong support at around $25K.
The VWAP indicator displays the ratio of an asset’s price compared to the volume it’s traded – the price trading above the VWAP is regarded as bullish and bearish when trading below.
MacnBTC’s analysis shows the price is trading above the VWAP, indicating strong price potential.
Moving to Ethereum, Santiment data shows investor sentiment is growing, with social dominance outpacing its price for the first time since 2022, when the price exploded significantly. This is a sign of increasing community interest and could indicate an uptick in price ahead.
Meanwhile, analyst Solldy recently noted that the ETH price is holding above the 50-day EMA on the 1-hour time frame as it approaches a key resistance.
According to the trade idea, ETH will break above this resistance before pumping toward $1,600.
However, investors must stay aware that significant volatility may occur over the next few days.
According to analyst Adam Cochran, CoinTelegragh recently misreported that the SEC had approved a Bitcoin spot ETF.
So far, this approval is unofficial, but CoinTelegraph initially reported it as a fact. This caused the price to pump but quickly sell off, worrying some pundits that it may decrease the likelihood of the SEC approving Bitcoin ETFs.
Regardless, the Bitcoin Minetrix presale is racing ahead, with analysts calling for 10x gains following its exchange launch.
Revolutionary Bitcoin Mining Presale Bitcoin Minetrix Surges Past $1.5 Million
Bitcoin Minetrix is a new Stake-to-Mine project enabling investors to mine Bitcoin by staking $BTCMTX tokens on its platform. This groundbreaking use case delivers effortless mining, free of the difficulties that often prevent people from earning Bitcoin.
The project is currently in its presale, having raised over $1.5 million in around three weeks. Its first presale round has just sold out, but investors can still buy the token at $0.0111. However, they must act quickly as the price will increase by 10% in the next round.
Besides providing a simplistic and convenient way to mine Bitcoin, the project is much more secure than other cloud mining solutions thanks to its decentralized and transparent token. Furthermore, it does not require users to hold technical knowledge or buy expensive mining equipment.
Its presale has grabbed the attention of the industry’s most prominent influencers. Analyst Michael Wrubel told his 300K YouTube subscribers that the project holds massive potential. Meanwhile, Jacob Bury called for 10x gains on the project following its exchange launch.
With this in mind, potential $BTCMTX investors must act now or risk paying a higher price in a later presale round.