In a day of significant market growth, Ethereum has surged past the $3.2K mark, fueled by increased buying demand and broader market enthusiasm. This surge coincides with Bitcoin Minetrix’s presale, which has successfully raised over $11.4 million.
The rally in Ethereum has led to the liquidation of $43 million in shorts within the last 24 hours, highlighting the strong bullish sentiment surrounding the cryptocurrency. This surge comes amidst Bitcoin’s climb to $57K and anticipation for Ethereum’s upcoming network upgrade, Dencun.
The Dencun upgrade, slated for Q1 2024, is expected to introduce “proto-danksharding,” reducing the cost of layer-2 transactions and enhancing data availability. Analysts predict that this upgrade will significantly expand layer-2 network capabilities, paving the way for new use cases and improved user experiences.
Currently priced at $3,221, Ethereum has seen remarkable growth, with a 3.72% increase today, a 10.17% increase this week, a 42% increase this month, and a staggering 97% increase year-to-date. Its market cap stands at $388 million, with a 24-hour trading volume of $21 billion, up by 62%.
Analysts suggest that Ethereum’s rally is just beginning, citing catalysts such as the Dencun upgrade and the anticipation for spot Ethereum ETFs. Michael van de Poppe notes the potential for Ethereum to outperform Bitcoin significantly in the coming months, based on the ETHBTC chart.
However, amidst Ethereum’s soaring price, traders are cautioned about early investors looking to take profits. Recent data shows a 2014 Ethereum ICO investor transferring their entire $770K worth of ETH to Coinbase after being dormant for 8.6 years. While this sale may not crash prices, it underscores the possibility of early investors seeking to capitalize on gains, potentially dampening Ethereum’s upward momentum.
In light of this, some traders may explore alternatives like Bitcoin Minetrix. The BTCMTX presale, having raised over $11.4 million, offers a cloud mining platform for users to effortlessly and securely receive BTC rewards. Leveraging Ethereum smart contract security and third-party auditing, Bitcoin Minetrix aims to democratize the mining industry, making it accessible to all.
Investors can currently stake their tokens for BTCMTX with an APY of 59%, although this rate will decrease as more tokens are staked. As the presale progresses, the price of Bitcoin Minetrix tokens will rise, offering investors an opportunity to participate in the project’s growth.
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