The Bitcoin ETF approvals have significantly benefited many altcoins, with Ethereum Classic climbing 47% today.
Meanwhile, the new mining token Bitcoin Minetrix also looks poised to explode following the SEC’s approval, as its presale hits the $8.2 million mark.
ETC Pumps 47% as Excitement For Ethereum ETF Grows
Following the approval of the Bitcoin ETFs on Wednesday, the market’s attention immediately shifted to Ethereum, after institutional goliaths BlackRock and Fidelity filed applications in November.
Leading experts are confident the applications will be approved. Bloomberg Analyst James Seyffart speculates in a CryptoQuant private webinar that the SEC implicitly gave Ethereum the nod as a commodity by approving its futures ETFs last year.
The move has provided conviction that the SEC will now approve the Ethereum spot ETFs, leading to tremendous liquidity inflows.
Consequently, Ethereum has spiked 11.59% today, with traders anticipating a strong uptick in the lead-up to the ETF approvals.
Yet, Ethereum is not the only crypto to benefit from this narrative. Its related ecosystem tokens are also pushing ahead, with some leaders being Metis DAO, up 39.53%, Ethereum Name Service, up 60%, and Mantle, up 26%.
However, the Ethereum fork, Ethereum Classic, is also seeing tremendous gains, pumping by 50% today. The move has propelled ETC to the 21st largest cryptocurrency, holding a $4.5 billion market cap and capturing the number two spot on CoinMarketCap’s trending list.
Its trading volume has also drastically spiked, up 343%. This illustrates a growing interest, indicating further upside may be on the horizon.
The exact premise behind Ethereum Classic’s parabolic pump seems largely speculative. Its proximity to Ethereum provides a compelling argument that Ethereum Classic will benefit should the Ethereum ETF be approved.
That said, a recent report from Forbes explained that Grayscale is already paving the way for an Ethereum Classic ETF by transforming its Grayscale Ethereum Classic Trust (ETCG) into an SEC reporting company alongside its Grayscale Bitcoin Cash Trust (BCHG) and Grayscale Litecoin Trust (LTCN) vehicles.
Evidently, the growing altcoin spot ETF excitement has made its way to Ethereum Classic, generating monumental price growth.
But another crypto standing to experience significant liquidity inflows is Bitcoin Minetrix, a newly launched project enabling users to mine Bitcoin without managing mining hardware. All they need is a wallet and $BTCMTX tokens.
Trending Bitcoin Minetrix Presale Surges Past $8.2M as Bitcoin Spot ETFs Gain Approval
Bitcoin Minetrix is a Stake-to-Mine cryptocurrency that enables holders to generate Bitcoin rewards passively on its Ethereum-based protocol.
Users simply require an Ethereum-compatible wallet (like MetaMask) and $BTCMTX tokens.
It works by users staking $BTCMTX for Bitcoin mining credits. These are non-transferable ERC-20 tokens that they can burn for cloud mining power, translating to free Bitcoin.
Countless advantages lie in this innovative use case, one of the main ones being that anyone can get started free of hardware or technical expertise requirements. This provides a notable advantage to traditional Bitcoin mining, which is mostly reserved for deep-pocketed businesses and tech wiz-kids.
Another advantage is that the decentralized and transparent nature of $BTCMTX removes the risk of cloud mining scams, making Bitcoin Minetrix a more secure alternative to cloud mining solutions already on the market.
These benefits have rallied immense excitement, causing its presale to hit $8.2 million and leading analysts to provide bullish price predictions.
Currently, the Bitcoin Minetrix price is $0.0128, but this will incrementally rise throughout the presale, with the next hike expected to occur in four days.