Bitcoin, Bitcoin, bitcoin! That is all we are hearing about lately and for good reason too. After a rocky start ‘Uptober’ finally lived up to its name and Bitcoin pulled the crypto market out of bearish conditions. Now, in November, a traditionally great month for Bitcoin, the token is setting new yearly highs at an almost daily rate.
Experts believe that the bulls are fully in control and $40k looks like a real possibility soon. Elsewhere there are two other Bitcoin-related projects that are thriving during their respective presales. Bitcoin ETF Token (BTCETF) and Bitcoin Minetrix (BTCMTX) both focus on different parts of Bitcoin but both look like they could be very successful once their listings begin.
So, before we look at Bitcoin itself, let’s look at these two presale coins and what gives them so much potential.
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Bitcoin ETF Token- This project is hoping to capitalize on massive Bitcoin ETF progress
On the 24th of October, the price of Bitcoin shot up by 12% in just 24 hours. For crypto’s number one currency, and normally the least volatile, this was quite unusual and was its largest jump in price in that time period for over 6 months. It was caused by a small bit of news regarding BlackRock’s spot bitcoin ETF application.
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All that happened was the ticker of BlackRock’s spot Bitcoin ETF, IBTC, was listed on the Depository Trust & Clearing Corporation website. This was seen as a small bit of progress for the Wall Street asset management company’s application but still was enough to see Bitcoin pump 12%. This is where Bitcoin ETF Token (BTCETF) comes in. If this small bit of news was enough to see a big price pump in the crypto with the highest market cap, imagine what it could do for a token like Bitcoin ETF Token.
They have set themselves up perfectly for a chance at massive future gains. Every time progress is made in relation to BlackRock, or any other Wall Street company’s Bitcoin ETF application, the project is likely to see big gains. The presale has only just begun but already they have reached the halfway point of the first stage and have raised nearly $400k. Interest is clearly building.
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This project is not just reliant on Bitcoin but also has some valuable utility
While we do think that this project will be successful thanks to attaching itself to a seemingly guaranteed win when it comes to Bitcoin ETF applications, the project has made sure to strengthen itself with utility. Staking will be the backbone of the ecosystem and should provide a decent passive income for investors. A massive 25% of the total allocation of BTCETF has been dedicated to staking and investors can start right away once they purchase their tokens.
That isn’t the only clever move the project has made in terms of sustaining the ecosystem. Scarcity becomes more valuable every year in the crypto market and a massive 50% of BTCETF will eventually be burnt. As the project passes milestones a certain proportion will be burnt until the goal is met. A 5% burn tax will also be applied to transactions to create even more scarcity and increase the worth of BTCETF.
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Bitcoin Minetrix- Whether you mine Bitcoin or not this token could make you rich
Bitcoin Minetrix (BTCMTX) is a project that focuses on Bitcoin mining. This is quite a niche industry but the presale has raised over $3.7 million and has been a roaring success. Why is this? Because you don’t have to mine Bitcoin to profit from a project that could revolutionize the whole sector. Mining Bitcoin has become too exclusive and Bitcoin Minetrix aims to solve that issue.
People used to be able to mine Bitcoin in their houses but now, the success of the crypto has actually had a negative effect on how mining is done. Crypto’s very ethos is decentralization but now to mine crypto you need to be uber-wealthy as most mining is done on an industrial level scale. This has boxed out the everyday investor and caused the mining process to become exclusive.
Bitcoin Minetrix’s solution to this is a combination of staking and cloud mining. Cloud mining was the initial solution to the Bitcoin mining issue. How it works is that individuals can enter into cash contracts with mining companies and for a fee and a share of the spoils they can mine Bitcoin. However, the fees being charged are way too high and the sector is rife with scammers meaning yet again the everyday man is screwed.
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The solution Bitcoin Minetrix will supply
The genius way that Bitcoin Minetrix will give the power back to investors is through a stake-to-mine system. This shows us what a big part staking will play in the ecosystem. The first part works as normal. Users can stake their tokens but can also unstake and sell them at any time. They can also hold onto them and earn a very decent APY which, at the time of writing, stands at 158%.
Then there is the third option. This is where investors can exchange their staked tokens for mining credits. These are secondary ERC-20 tokens that must be burned. In exchange, the investor can receive mining time or a share of the mining yields. This is a greener and cheaper way to mine and there are no hidden fees or scams. The investor is in control again finally and we can’t see how this project can be anything but a success.
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A matter of when, not if, when it comes to Bitcoin reaching $40k
The above chart shows Bitcoin’s (BTC) price performance for the last 30 days. It makes for truly wonderful viewing not only for Bitcoin investors but crypto lovers as a whole. November is traditionally Bitcoin’s most profitable month and as we are only 1/3rd of the way through we can easily see Bitcoin breaking the $40k mark.
Add to the mix that Bitcoin’s next halving event is only a few months away and we feel comfortable predicting that $40k will only be a stop-off on its way to a new record high. Some experts believe that Bitcoin will even have such a large breakout that it will enter into the mainstream conscience and we tend to agree.
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Conclusion
We started this piece off by talking about how everything seems to be going great for Bitcoin and we are going to finish it the same way. Bitcoin looks great and so do the two Bitcoin-related presales we discussed. Both Bitcoin ETF Token and Bitcoin Minetrix are having very successful presales and look primed to return massive gains for investors once their respective listings begin.
The post Experts Predict Bitcoin to Rally to $40k, While New BTC Alternatives Thrive in Presale! appeared first on Analytics Insight.
Source: https://www.analyticsinsight.net/experts-predict-bitcoin-to-rally-to-40k-while-new-btc-alternatives-thrive-in-presale/