Ethereum surging as crypto turns bullish, new altcoin set for more gains
Crypto prices are back to bullish ways on Dec. 28 after a brief pullback. Ethereum is in focus after rising 6.7%, peaking at $2,440, the highest level since May 2022. Meanwhile, Ethereum-based tokens are also surging, with newly launched Bitcoin Minetrix trending higher in its presale.
Ethereum set for strong gains
CEO and founder MN Trading, Michael van de Poppe,recently said ETH will post strong gains in Q1 2024 as Bitcoin dominance has seemingly peaked.
At the time, Ethereum was trading at $2,310, and after a brief pullback, it rose 5.45%, breaking above a local resistance.
Michael further explained that Ethereum will continue to push ahead from here and has strong support at $2,150.
But van de Poppe is not the only analyst bullish on Ethereum.
Stockmoney Lizards noted that ETH has broken a macro trendline resistance on the weekly timeframe. The analyst compared this to a similar pattern forged in 2020, suggesting Ethereum could be on the cusp of another parabolic run.
The trader doesn’t provide a price target for Ethereum. However, the chart shows ETH roared 2,000% last time, implying that the coin can rally above $10,000 in the coming cycle.
Even so, even climbing above $10,000 would be a challenge for ETH given its market cap.
On the other hand, many Ethereum ecosystem tokens could outpace ETH in the coming cycle thanks to their lower valuations and comparative ease of pumping.
Michael van de Poppe highlighted the rising strength of Ethereum ecosystem tokens in a recent tweet, suggesting, “It’s just getting started with the cycle.”
One of them is Bitcoin Minetrix, a project whose presale is ongoing, raising $6.4 million.
Bitcoin Minetrix raises over $6.4 million in presale
Bitcoin Minetrix allows users to cloud mine Bitcoin from Ethereum.
Its native crypto, BTCMTX, is an ERC-20 token, which users can stake on the Bitcoin Minetrix platform for Bitcoin mining credits, non-transferable ERC-20 tokens.
They can then burn these credits for cloud mining power, translating to free Bitcoin.
This process has no technical barriers or hardware requirements. Through this, Bitcoin Minetrix aims to drive Bitcoin mining.
Since the project supports staking, BTCMTX holders receive rewards when they lock tokens.
Meanwhile, tokens will be locked in the staking contract, and rewards are paid out in mining credits, not BTCMTX.
These factors indicate high demand and low supply, which may drive prices higher.
Analyst Jacob Bury recently made a video on Bitcoin Minetrix, saying the token may rally after its presale.
Other analysts, including No Bs Crypto, expect the token to stretch gains in the upcoming bull run.
In the ongoing presale, BTCMTX is available for $0.0125.
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