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Bitcoin’s (BTC) price has been on a tear in recent months, rising over 62% since mid-October. As the world’s largest cryptocurrency continues its remarkable rally, a new crop of Bitcoin clones and alternatives are emerging that could be poised for massive growth in 2024.
This article explores why BTC is rising before analyzing two other crypto contenders that could also rise in sync.
Spot ETF hype, legal tailwinds, and slowing inflation boost Bitcoin
Bitcoin rise can be attributed to several key factors.
Firstly, anticipation about the approval of a spot Bitcoin ETF has been a significant driver of price.
Spot ETFs could open the floodgates to significant investment inflows from mainstream investors who want Bitcoin exposure through their brokerage accounts.
As demand rises with this new capital, Bitcoin’s price could benefit massively.
Secondly, cooling inflation levels have boosted Bitcoin’s price outlook.
As inflation cools, pauses in Federal Reserve (Fed) interest rate hikes (or even rate cuts) become more likely – which is bullish for BTC.
Additionally, positive developments on the legal front this year have supported Bitcoin’s rise.
The federal court ruling in favor of Ripple Labs in its long-running battle with the SEC has contributed to positive sentiment in the crypto market.
Meanwhile, the settlement of the Binance case with the Department of Justice has removed some of the regulatory uncertainty hanging over major crypto exchanges.
With inflation coming down and regulatory uncertainty clearing, Bitcoin has become a more appealing asset for investors .
Which Bitcoin clones could rally in 2024?
While Bitcoin has captured most of the attention and headlines, several alternative cryptocurrencies have quietly gained traction.
Looking ahead to 2024, two Bitcoin clones could be poised for breakouts if current trends continue.
Bitcoin ETF Token looks to leverage spot BTC ETF hype
Bitcoin ETF Token is an Ethereum-based token whose tokenomics and rewards directly aligns with the developments around the approval of a spot Bitcoin ETF.
As a way to speculate on the impacts of a spot BTC ETF, BTCETF has quickly captured investors’ attention.
The token employs a deflationary mechanism that benefits long-term holders – each time an ETF approval milestone is reached, 5% of the total token supply is burned.
As outlined in the project’s whitepaper, 25% of the 2.1 billion BTCETF supply will be destroyed across five key milestones.
Additionally, Bitcoin ETF Token will have a 5% transaction tax attached to enhance the deflationary effects.
Having raised over $2.9 million through its presale so far, BTCETF is demonstrating high investor interest in gaining exposure to the ETF narrative.
Once the presale concludes, the token will be launched on DEXs to increase accessibility.
Influencers, like Matthew Perry, believe these listings could drive the BTCETF token higher in 2024.
Bitcoin Minetrix aims to reshape crypto mining
Bitcoin Minetrix allows users to earn BTC rewards through cloud mining credits without needing expensive hardware or technical knowledge.
The platform uses a staking model where its native tokens, BTCMTX, are staked to generate mining credits, which can be redeemed for cloud mining power.
By eliminating the barriers to entry for Bitcoin mining, BTCMTX appears to be turning heads in the market.
Nearly $5 million has been raised in the presale across various stages, each seeing the BTCMTX price rise incrementally – incentivizing early participation.
Another feature drawing attention is BTCMTX’s staking rewards at 120% APY.
The project has even been audited by blockchain security firm Coinsult, adding another layer of credibility for investors.
With its “stake-to-mine” concept and high rewards, BTCMTX appears to be gathering momentum ahead of its launch.
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