Bitcoin just hit a record high of $69.2K, fueled by a rising appetite across institutional and retail domains.
Meanwhile, the Bitcoin Minetrix presale is also exploding as it surges toward the $12 million total raise mark.
New BTC ATH Prompts Anticipation For Further Upside
The market-leading cryptocurrency hit an all-time high of $62,230, exceeding its November 2021 record of $68,999.99. The price rally to its new ATH was predominantly spurred by investors purchasing Bitcoin spot ETFs, which went live on 10 January 2024.
Bitcoin started on 10 January at $46K, equating to a 50% increase in under two months.
This demand is reflected in the valuation of Bitcoin spot ETFs, which recently exceeded $55 billion.
“The ten spot Bitcoin ETFs have blown through $50B in assets under management. They began life seven weeks ago under $30B. About $8B is from inflows, the rest from Bitcoin value going up,” explained Eric Balchunas, a senior ETF analyst at Bloomberg.
In addition to institutional demand for Bitcoin ETFs, retail interest is also rising, with the Coinbase application reportedly climbing to the 49th top spot on the app store in the United States today.
The recent ATH marks an unprecedented event in Bitcoin history, being the first time it occurred before the Bitcoin halving.
This has sparked speculation on what it could mean about the upcoming market cycle. Analyst DeFi Panda filtered it to two outcomes: an earlier bull market peak than previous cycles or a lengthy “super cycle.”
Ultimately, the broader market sentiment is swinging toward the latter option, with most analysts euphoric amid the recent rally.
One such analyst is Dylan LeClair, noting the time it took Bitcoin to double in price following new ATHs in previous cycles. The longest stint was in 2017, which took 84 days; other times, it was 18 days or less.
However, Bitcoin swiftly rejected after breaking the ATH, currently trading at $67.2K. But the market remains optimistic, anticipating an imminent reclaim.
“This is a typical leverage flush of all the confident late longs. We will break $69K, and we are going much higher,” said prominent analyst Ash Crypto.
But while Bitcoin is enjoying monumental success, altcoins are also exploding. According to TradingView data, the altcoin market cap is currently at $1.1 trillion, its highest level since April 2022.
This presents vast opportunities for traders, with many altcoins poised for outsized gains in the coming months.
Currently, one of the most promising altcoins is the trending Bitcoin Minetrix, which is quickly approaching the $12 million total raise milestone at presale.
Stake-to-Mine Bitcoin Minetrix Nears $12M and Offers 58% Staking APY
As a Bitcoin-related project, Bitcoin Minetrix has enjoyed notable support recently, with several top analysts suggesting it could 10x once it launches on exchanges.
One of those is Jacob Bury, dubbing it the “Next 10x potential crypto” to his 31K YouTube subscribers.
But as well as its relation to Bitcoin, Bury references its resounding utility and innovative staking model.
Offering investors passive Bitcoin rewards, Bitcoin Minetrix created a flagship Stake-to-Mine mechanism, inviting users to cloud-mine Bitcoin easily and securely.
It works by users staking $BTCMTX in exchange for Bitcoin mining credits, which are non-transferable ERC-20 tokens that they can burn for cloud mining power. This then translates to free Bitcoin.
$BTCMTX’s hard-wired utility means the token demand aligns with the platform’s popularity. With that in mind, the allure of effortless and passive BTC rewards suggests considerable $BTCMTX demand.
To further adoption, Bitcoin Minetix will supplement the Bitcoin rewards with $BTCMTX. As per its website, 12.5% of its total supply has been allocated to staking rewards.
Holders can currently garner a 58% APY, but this will decrease as more tokens are staked.
And in a two-pronged approach to incentivizing early adopters, the presale price will incrementally increase. Currently available at $0.0138, the next uptick will occur in just 18 hours.
