It has been a volatile week in the altcoin market so far, with most coins currently in the red.
However, Ethereum (ETH) and Bitcoin Minetrix (BTCMTX) have bucked this trend, showcasing impressive resilience amid the broader market downturn.
Ethereum Eyes Breakout as Trading Volume Spikes
At the time of writing, ETH is trading around the $2,430 level – just below last week’s high.
ETH has posted two bullish daily closes in a row and looks to be heading for a third if the current momentum can be sustained.
From a technical perspective, ETH’s price is still trapped in a range between $2,150 and $2,450 – a range that has been in play since early December.
However, the recent bounce from the 50-day exponential moving average (EMA) on the daily time frame suggests that the token could be positioned to break out of this range to the upside.
Spot trading volume for ETH has soared 35% in the past 24 hours as investors look to get involved before any breakout occurs.
This uptick in trading volume has come at the same time as the Crypto Fear & Greed Index ticking into “Extreme Greed” territory.
As such, all of the necessary factors are there for ETH to potentially make a run back to December’s yearly high in the coming days.
Bitcoin Minetrix Continues to Post Presale Gains as Stake-to-Mine Feature Catches Attention
Alongside Ethereum, another altcoin that’s making progress while the market struggles is Bitcoin Minetrix (BTCMTX).
Unlike ETH, Bitcoin Minetrix is not yet listed on the open market and is still in its presale phase – yet has just passed the $8 million funding milestone.
Investors have been piling into the presale in recent weeks due to the discounted price of BTCMTX that’s on offer.
Currently, investors can buy BTCMTX tokens for just $0.0127 – although this price is only available for one more day before increasing by 8% in the next stage.
Bitcoin Minetrix’s presale has seen enormous traction, mainly due to the project’s groundbreaking Stake-to-Mine feature.
This feature enables everyday crypto users to stake BTCMTX tokens and earn “cloud mining credits” as a reward.
These cloud mining credits can then be used to mine Bitcoin – significantly streamlining the mining process.
Given that the Bitcoin mining sector is expected to be valued at over $4.7 billion by 2028, this Stake-to-Mine setup has the potential to tap into a significant and growing market.
More than 16,500 people now follow Bitcoin Minetrix on Twitter, demonstrating the growing interest in the project’s features.
With a stellar roadmap containing plans for a dedicated mobile app and cloud mining partnerships, Bitcoin Minetrix could be an altcoin with an exciting future ahead.
Visit Bitcoin Minetrix Presale
SEC ETF Confusion Triggers Altcoin Selloff
Although Ethereum and Bitcoin Minetrix are performing well, most coins in the altcoin market are currently experiencing a downturn.
Investor sentiment appears to have shifted bearish in the past 24 hours, leading to price drops for leading altcoins like Solana (SOL) and XRP (XRP).
Avalanche (AVAX) has been one of the worst-hit altcoins, dropping over 8% in the past 24 hours alone.
This bearish trend appears to be linked to the ongoing confusion around whether a spot Bitcoin ETF will be launched in the US or not.
On Tuesday afternoon, the SEC’s official Twitter account was hacked, leading to a fake tweet being posted that said a spot ETF had been given the green light.
However, shortly after, SEC chair Gary Gensler announced this was incorrect and that a spot BTC ETF had not yet been approved.
Unsurprisingly, this led to chaos in the crypto market, causing the price of Bitcoin to rally and then drop.
The volatility spread to the altcoin space, contributing to the sell-off in major coins and tokens.
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