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An overwhelmingly bullish 24 hours has swept the crypto market as Bitcoin surges past $63K. This puts it under 9% from its November 2021 ATH, sparking massive excitement among market participants.
The elation has spilled over into new altcoins also, with the cloud mining protocol Bitcoin Minetrix recently surging past $11.5 million in its presale.
Bitcoin surges as retail and institutional demand floods the market
Bitcoin’s rally from $40-$50K was spurred by institutional demand from Wall Street’s Bitcoin spot ETFs. However, retail buyers are attributing to its latest surge, creating a parabolic effect as Bitcoin jumps $12K in two weeks.
Currently, Bitcoin is trading at $62.1K after recently touching the $63K mark. It is up 8.51% today, 20.69% this week, and 47% this month.
The move has added a whopping $350 billion to its market cap, illustrating an immense discrepancy between supply and demand.
Spot Bitcoin ETF inflows have been ramping up, with James Seyffart recently reporting that BlackRock’s IBIT ETF just took its own record, drawing $673 million in inflows in the last day.
The analyst also noted that this takes IBIT’s assets under management (AUM) to over $9 billion.
The ETF analyst also announced a new record for trading volume yesterday at $7.69 billion. The previous record was $4.66 billion on the initial ETF launch day, illustrating a growing interest in the crypto market from institutional players.
Meanwhile, retail interest is also on the rise. A recent mishap on the Coinbase exchange saw the platform suffer an outage.
Coinbase Founder Brian Armstrong tweeted that the glitch was due to a traffic surge on the site.
Furthermore, analyst Joe McCann noted that Coinbase’s recent quarterly earnings report showed a spike in retail trading volume.
McCann published the tweet last week, suggesting “retail is coming.”
This illustrates that the recent outage was at least partly due to growing retail demand. However, the recent explosion of meme coins, like Pepe and Dogecoin, further signifies the traffic surge is retail-led.
Moving to what Bitcoin’s price could do next, Ali Martinez said, “There is no resistance ahead of Bitcoin. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 BTC.”
The analyst then displays a table showing the amount of traders in profit at different levels. This is used to determine potential areas of support and resistance.
According to the chart, Bitcoin’s support levels between $52K and $62K outweigh the resistance levels ahead.
While its next move remains to be seen, the level of interest at lower price points compared to higher ones indicates a potential uptrend continuation.
But while Bitcoin is poised for further success, traders are capitalizing on the market conditions by exploring high-growth altcoins like Bitcoin Minetrix. The project has raised over $11.5 million in its presale.
Bitcoin Minetrix presale raises over $11.5 million
With the halving less than two months away, Bitcoin mining is a hot topic.
Mining stocks are trading at a premium, and anticipation is rife about the decreasing Bitcoin supply.
Bitcoin Minetrix is a new presale capitalizing on this wave, offering a compelling, problem-solving use case and robust tokenomics.
The project lets users cloud-mine Bitcoin from the Ethereum network.
It works by users staking BTCMTX for Bitcoin mining credits, which they can burn for cloud mining power.
No hardware or technical expertise is required. This makes getting started effortless and ideal for beginners or those looking for a streamlined way to mine BTC in the bull market.
In a bid to bolster user experience, Bitcoin Minetrix will supplement BTC rewards with its native token, BTCMTX. While cloud mining is not yet live, presale investors can stake their tokens for BTCMTX.
Currently, they can receive a 59% APY, but this will decrease as more tokens are staked.
Taking a tiered approach to incentivize early adopters, Bitcoin Minetrix’s presale price will increase as the event advances.
BTCMTX is now trading for $0.0137.
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