Spot Bitcoin ETF hopes catalyze demand, traders watching 6 low market cap altcoins

With the Bitcoin ETF approvals potentially days away and Bitcoin halving in roughly four months, 2024 can be a defining year for crypto. Ambitious traders often sought projects with lower market caps which can outperform established coins like Bitcoin (BTC) and Ethereum (ETH).

This article considers price, utility, community, narratives, and tokenomics to provide the six low-cap gems that can rally this year.

Sponge V2

Sponge V2 is a second rendition of a meme coin which soared to a $100 million market cap in May 2023.

The project was called Sponge, and gained several accolades like listings on over 10 exchanges, gaining 30K social media followers in its first few days, and acquired by over 13K supporters.

However, the Sponge team is back to absorb the new bull market liquidity with Sponge V2, which comes packed with a play-to-earn (P2E) racing game.

The game will enable the community to earn crypto while bolstering Sponge V2’s demand potential, which may support prices.

Analysts are bullish on Sponge V2, with Crypto Gains speculating it could 100x “like the first one did.”

The project has also been featured in leading crypto media outlets like crypto.news.

Currently, Sponge V2 is conducting a buy-and-stake campaign.

Sponge V2 tokens can only be acquired from the Sponge.vip website, and tokens will be locked in the staking contract until the campaign ends.

Tokens will also earn an additional yield depending on the variable staking APY.

So far, the project has raised over $4 million.

Bitcoin Minetrix

Bitcoin Minetrix will allow users to cloud mine Bitcoin on Ethereum.

Its use case entails users staking BTCMTX to earn Bitcoin mining credits. They can then burn these credits and mine BTC.

This means users do not need expensive hardware or technical expertise to start; instead, they can mine BTC from an Ethereum-compatible wallet and BTCMTX.

The central role of BTCMTX means there will be a steady demand stream, also complemented by a low supply since most tokens will be locked for staking and rewards are paid out in mining credits, not BTCMTX.

Moreover, Bitcoin Minetrix is decentralized. This eradicates the risk of cloud mining scams.

The Bitcoin Minetrix presale price is currently at $0.0127.

Bitcoin Minetrix’s tokenomics and utility is why analysts like No Bs Crypto are bullish on BTCMTX.

Meme Kombat 

Meme Kombat is powered by a GambleFi token with elements of meme coin.

The project aims to offer investors the benefits of long-term utility and viral meme coin allure.

The ongoing presale has raised over $6.3 million.

Meme Kombat users gamble on AI-generated battles between meme coin characters. It hosts a battle arena where users can watch and wager on the fights up close, in real-time.

The platform also harnesses traditional odds mechanics to ensure a fair and engaging gambling experience.

Users will gamble on the battles using MK. 

It also supports a staking mechanism, offering a 149% APY. Stakers will receive rewards while also helping the token be scarce.

Analysts Michael Wrubel and Austin Hilton are bullish on the project.

GamerCoin

GamerCoin is a web3 gaming project.

Here, gamers can mine cryptocurrency with idle computing power, earning passive rewards while making use of otherwise wasted resources.

The platform’s token is up 129% this week with average trading volume of over $18 million. Its market cap stands at $17 million.

The fact its trading volume is larger than its market cap points to strong community interest, potentially meaning it could see continued gains in the coming weeks,

Analyst Jack and Crypto Fan are bullish on the project.

Render Network is a distributed GPU network offering a similar use case to GamerCoin but it holds a $1.3 billion market cap.

According to GamerCoin’s website, the project has already achieved multiple accolades like over 2 million completed transactions, the average user earning $200 per month on a home PC and 129,000 completed orders in the GamerHash store which sells digital products like gift cards and games.

Myro

Myro is a meme coin on Solana. It is currently trailing behind top dogs Bonk and Dogwifhat with a $58 million market cap.

Bonk holds a $641 million market cap.

From this, and considering its fundamental advantages, including utility, over Bonk, Myro has more room for growth. It recently deployed a trading bot for users to snipe new tokens on Solana.

The team plans to introduce new utilities in the future, including staking, depending on the community’s needs.

Currently, Myro is trading at $0.06188, up 160% this week but 44% this month. It also holds a 24-hour trading volume of $20 million, down 21% today.

Due to its recent bullish trajectory, analysts are notably optimistic about Myro’s next move.

According to Jemon – Run Wild and The Wolf Of Crypto Streets expect more upsides for the meme coins.

MXC

MXC is the “world’s first layer-3 zkEVM.”

The project leveraging zero knowledge rollup (ZK) technology to build a secure and decentralized “internet-of -things.”

This use case enables users to connect real world items to the blockchain, making data accessible, trustless and verifiable across the world. 

Currently, MXC is priced at $0.009246 with a $24 million market cap.

Its price is up 18% this week, 29% this month, but down 15% in the last day.

Over the past year, MXC is down 69%, but its recent uptick could indicate a potential breakout is on the horizon. 

Dr.Hash “Wesley” recently pointed out the potential macro trend reversal, stating “the monthly line shows a good accumulation in trend.”

One of the factors driving MXC is its new innovation, AXS.

This is a customizable web3 wallet for the project’s internet-of-things.

The wallet empowers users to: monitor data miners and performances from their mobile phones; mine, staking and trade many cryptos; and integrate functional NFTs within the project’s gamified metaverse.