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Bitcoin’s (BTC) price has continued its downward slide over the past week, struggling to regain momentum following the long-awaited approval of the first spot BTC ETFs in the US.
However, while the overall crypto market is still correlated to Bitcoin’s movements, some altcoins have shown impressive resilience and defied the market leader’s bearish price action.
Bitcoin Price Plunges 13% Despite Launch of Spot ETFs
The past week has seen Bitcoin’s price fall by 13%, from $49,000 down to today’s price of $42,400.
This latest drop comes on the heels of 11 spot BTC ETFs launching in the US from heavyweight firms, including BlackRock, Fidelity, and Grayscale.
Technical analysts are now watching to see whether Bitcoin can maintain above the crucial $40,000 level or whether it will plunge back below.
Price is hovering around a critical support zone just above $41,000, which has held firm since early December.
This indicates a large volume of buy orders are likely located in the area, propping up Bitcoin’s value.
However, the bad news for BTC holders is that the Crypto Greed & Fear Index has dropped from “Extreme Greed” to “Neutral.”
Such a significant sentiment shift could trigger selling pressure as fearful investors cash out before a potentially larger decline.
Which Altcoins Are Still Showcasing Bullish Momentum?
While Bitcoin dominates the market discussion with its bearish price action, the story for some altcoins has been much more positive.
As investors diversify into coins and tokens outside of Bitcoin, three altcoins have managed to gain impressive momentum over the past week:
1. Bitcoin Minetrix (BTCMTX)
The first altcoin that has shown bullish growth despite Bitcoin’s decline is Bitcoin Minetrix (BTCMTX).
This Ethereum-based platform aims to democratize access to BTC mining through its Stake-to-Mine protocol, which allows users to earn mining rewards by staking BTCMTX.
Rather than requiring expensive specialized mining equipment, Bitcoin Minetrix has developed a simple yet effective model.
By staking BTCMTX, users earn “mining credits,” which can be used to obtain cloud mining power.
In turn, this cloud mining power can be deployed to mine Bitcoin virtually – no hardware or technical knowledge is needed.
The project appears to have strong momentum, evidenced by the millions raised already in its ongoing presale.
Per Bitcoin Minetrix’s whitepaper, once the presale ends, the development team plans to list BTCMTX on exchanges to broaden access for retail investors.
However, early investors can still buy BTCMTX tokens for $0.0128 during the presale – a price that’s expected to be lower than the eventual listing price.
With the process of Bitcoin mining expected to draw more attention as the next BTC halving event draws closer, Bitcoin Minetrix could be primed to capitalize on this increased interest.
Visit Bitcoin Minetrix Presale
2. Celestia (TIA)
Next up is Celestia (TIA), which has shown immense growth potential in early 2024.
The native TIA token is up 39% in the past week, now trading around $19.02 and ranked first on CoinMarketCap’s list of trending cryptocurrencies.
As the core token of the Celestia blockchain network, TIA allows users to pay gas fees and participate in governance decisions.
The recent price pump of TIA reflects investors’ confidence in Celestia’s vision of building modular, customizable blockchain infrastructure for enterprises.
Specifically, the surge in staking activity has added momentum, with staking wallet addresses doubling in recent weeks.
Ultimately, short-term speculation has undoubtedly lifted TIA’s value, but its long-term growth potential lies in the continued development of the Celestia blockchain.
As such, TIA is another altcoin impressing investors, even as Bitcoin staggers.
3. Radworks (RAD)
Last but not least is Radworks (RAD), which is up 26% over the past seven days.
This price rise has been fueled by strong community support for the platform’s mission to fund censorship-resistant technologies.
As the native token allowing participation in Radworks’ decentralized governance system, RAD enables users to guide decisions on backing Web3 projects linked to internet freedom and privacy.
Radworks’ growing ecosystem for developers and creators has helped boost RAD trading volumes in recent weeks, with the token now boasting a market cap of over $100 million.
With many believing that internet freedom is under threat, Radworks’ commitment to permissionless technologies seems to be resonating with investors worldwide.
For this reason, RAD is one of the few altcoins still demonstrating solid growth while BTC’s price pulls back.
Source: https://finbold.com/bitcoin-price-continues-to-stagger-following-etf-approval-but-these-altcoins-are-bullish/