Ethereum (ETH) added 3% in the past 24 hours amid a mild recovery in the crypto market. Bitcoin (BTC) also rose above $37,000 after a dip earlier this week, influencing altcoins such as ETH.
With the market gaining momentum, the focus is shifting to the presale phase of Bitcoin Minetrix (BTCMTX), a new crypto-mining platform.
Ethereum adds 7% on bullish on-chain metrics
The ETH price is up by over 7% from the Nov. 22 low, regaining the crucial $2,000 level.
This rally comes as the crypto market rebounds from losses sustained following news regarding Binance and former CEO Changpeng Zhao.
However, more importantly, the ETH reversal aligns with its bullish on-chain metrics.
According to FXStreet, the top 200 ETH wallets have been accumulating in the past year.
This formation suggests that “whale” investors are bullish on the coin.
ETH supply on exchanges has decreased by almost 20% in the past six months, reaching its lowest since May.
This decrease in supply on exchanges may support prices since it reduces selling pressure.
Moreover, interest in Ethereum appears to be increasing, as more than 422,000 ETH wallets are currently active. This is a significant surge in the past few days.
Crypto market gains $60b after Binance fallout
The broader crypto market also shows signs of recovery following the massive news of Binance’s landmark settlement and the loss of its founder, Changpeng Zhao.
Bitcoin has rebounded over 5% from Nov. 22 lows, with other altcoins like Solana (SOL), XRP, and Cardano (ADA) also posting sizable gains.
The total crypto market cap now stands at $1.48 trillion, adding over $60 billion since yesterday.
This rebound seems driven by optimism that the regulatory uncertainties surrounding crypto might be resolved, particularly following the recent developments with Binance.
Some analysts say the settlements, while harsh, could provide much-needed clarity for the crypto sector’s future progress.
Additionally, macroeconomic factors like stabilizing inflation data have supported a risk-on environment for crypto as an asset class.
While risks remain, the market is regaining footing.
Bitcoin Minetrix raises $4.2 million
As the market stabilizes, attention is turning to a project in its presale phase – Bitcoin Minetrix.
According to the project’s whitepaper, Bitcoin Minetrix is a decentralized cloud mining platform that allows users to stake BTCMTX and earn BTC rewards.
Its “Stake-to-Mine” model gives users mining power based on token holdings, eliminating upfront costs, fixed contracts, and hidden fees associated with traditional cloud mining firms.
Being an ERC-20 token on Ethereum, users can stake BTCMTX simply by connecting an Ethereum-compatible wallet.
Bitcoin Minetrix’s potential is closely tied to the upcoming Bitcoin halving in April 2024.
As mining rewards get cut in half, Bitcoin could enter a bull run that sends miner profits soaring.
BTCMTX exposes users to this potential scenario without the need for expensive mining equipment.
The project has raised $4.2 million from over 5,400 Telegram community members.
Bitcoin Minetrix is ranked third on CoinSniper.net and second on ICOBench.com.
The Bitcoin Minetrix roadmap includes plans for a mobile app, exchange listings, and partnering with cloud mining providers.
Visit the Bitcoin Minetrix presale
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Source: https://crypto.news/ethereum-price-up-3-crypto-mining-token-also-gaining-momentum/