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The Bitcoin price has seen a notable increase over the past 24 hours, currently trading at $46.9K, up 7.29%. Meanwhile, Bitcoin Minetrix is also also seeing growth as its presale hits $8 million.
ETF developments bolster Bitcoin
Excitement around a potential spot Bitcoin ETF approval has pushed prices to the highest level since March 2022, with analysts forecasting further upside.
The SEC recently issued additional comments on the Bitcoin spot ETFs, and additional amendments are expected on Jan. 10.
This is seen as a positive sign.
Meanwhile, Gary Gensler posted a thread on X explaining “some things to keep in mind if you’re considering investing in crypto assets.”
The move strongly indicated that the ETFs would be approved.
But despite the growing bullish sentiment, analyst HornHairs noted that Bitcoin’s funding rate is still low.
Funding rate refers to the premium that traders are paying to long an asset rather than short it. A high funding rate represents over-leverage and indicates a potential wash or deep retracement could be on the horizon, whereas low funding rates provide room for growth.
However, traders have also begun shifting their attention to altcoins, hoping to outperform Bitcoin in the coming weeks.
Zia ul Haque explained he is “max bidding” altcoins, anticipating a decrease in Bitcoin dominance that will cause altcoins to rally significantly.
So far, Bitcoin Minetrix, a stake-to-mine is gaining traction.
Bitcoin Minetrix hits $8 million in presale
With the Bitcoin ETF approvals likely days away and the halving just four months away, savvy traders are seeking beta plays on BTC.
Stacks is one of those Bitcoin-related cryptos to outpace Bitcoin, up 13% today.
However, analysts are even more bullish on Bitcoin Minetrix.
Recently, Jacob Bury said the token could rally in the next bull run.
Bitcoin Minetrix allows users to stake BTCMTX in exchange for Bitcoin mining credits.
They can then burn these credits for BTC cloud mining power.
Users require no hardware or technical expertise, making it ideal for beginners.
Meanwhile, the decentralized and transparent nature of BTCMTX eradicates the risk of cloud mining scams.
Since staking rewards are paid in mining credits, not BTCMTX, this creates optimal supply and demand conditions, supporting price.
In the current presale stage, BTCMTX is available for $0.0127.
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