Bitcoin (BTC) and Ethereum (ETH) have started the week on a bearish note, declining amidst the broader risk-off sentiment in the crypto market.
Major altcoins have also struggled for momentum on Monday morning following a poor start to 2024.
However, while blue-chip cryptos continue to disappoint, exciting new altcoin projects like Bitcoin Minetrix (BTCMTX) are gaining traction – with its presale nearing the $10 million funding milestone.
Bitcoin is trading around $42,300, a slight decrease from its price 24 hours ago.
Technical indicators remain bearish for BTC in the short term, with yesterday’s daily candle closing with a long wick to the upside.
This suggests that sellers have gained some control in the market, and further downside could be imminent.
However, Bitcoin remains up 9% from last week’s low, with trading volumes around $14.8 billion daily.
Ethereum is faring slightly better than Bitcoin, currently hovering around the $2,270 level.
The second-largest crypto by market cap is down a marginal 0.43% since yesterday and is facing strong resistance from its 50-day exponential moving average (EMA) around $2,300.
Unless ETH can reclaim and close decisively above this level, there could be further price declines on the cards.
The good news for ETH holders is that spot trading volumes actually increased by 12% in the past 24 hours.
So, although the token’s price may be stagnating, this uptick in trading volume could be a sign of underlying bullish sentiment.
As Bitcoin and Ethereum struggle to find a definitive direction, this week could prove key thanks to some critical macroeconomic events on the calendar.
All eyes are on the US Federal Reserve’s policy meeting on Wednesday, where the central bank is expected to keep rates the same in their battle against stubbornly high inflation.
However, any surprises could spark significant volatility across risk assets like cryptocurrency.
Meanwhile, developments around troubled Chinese property developer Evergrande are also being closely watched.
Fears of contagion from a potential collapse contributed to last year’s crypto bear market – so further negative news could dampen sentiment.
Crypto sentiment is already near 3-month lows, according to the Crypto Fear & Greed Index, suggesting investors and traders remain cautious.
As such, leading cryptos like BTC and ETH could remain rangebound until the macro picture becomes clearer.
While flagship cryptocurrencies struggle due to market uncertainty, the standout performer right now is the exciting new altcoin project, Bitcoin Minetrix (BTCMTX).
This innovative protocol is gaining significant attention for its presale fundraising success, having already raised over $9.7 million and marching rapidly towards the $10 million milestone.
What sets Bitcoin Minetrix apart from its peers is its unique value proposition and real-world utility.
The project aims to increase access and lower barriers to entry into Bitcoin mining by enabling users to stake and earn BTC payouts.
Its dual-earning model creates a circular ecosystem that incentivizes long-term holding – miners earn BTC, which can be used to acquire more BTCMTX tokens that can be staked for compounded returns.
Currently, Bitcoin Minetrix offers staking APYs of 68%, with over 610 million tokens pledged already.
Bitcoin Minetrix’s team is even developing a user-friendly mobile app and forging partnerships with leading cloud mining platforms to expand capacity further.
As interest in crypto mining surges ahead of the next Bitcoin halving event, Bitcoin Minetrix looks perfectly positioned to capitalize on growing demand.
This potential has led to bullish predictions from YouTubers like Jacob Bury, who stated that it could be the “best crypto to buy now.”
While short-term technicals and macro uncertainty hamper Bitcoin and Ethereum, Bitcoin Minetrix continues to win over investors seeking crypto investments with clearer prospects.
As such, the project could be poised for substantial growth once it rolls out its mining-focused services later this year.
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