After a stormy few weeks, Bitcoin is gearing up for another upsurge. At the time of writing, the BTC price was $28,976.22. The price action hints at a bullish momentum, which could take over the broader market soon.
Another trending cryptocurrency of this week is Bitcoin Minetrix ($BTCMTX), which is on its way to the $2M milestone.
October had a dull start, quashing the hopes of a much-awaited Uptober. But by the looks of it, the market is moving toward a bull cycle now. It is likely to begin by the end of October and peak in November.
Most of the market has been trading in the green on Friday, despite the occasional red. The growing optimism around spot BTC ETF applications is one of the key factors that could trigger a breakout for Bitcoin and the broader market this month.
According to Blockchain analytics firm CryptoQuant, $155 billion will flow into the bitcoin market cap if the bitcoin spot ETFs are approved. The approval would open the gateway for more spot ETFs and set the stage for new institutional investment in the Web3 space, paving the path for widespread crypto adoption.
Another factor that has raised hopes in the community is Ferrari’s announcement that it will begin accepting crypto payments in the US.
Crypto assets need more capital to support their journey ahead. The new trend of brand adoptions and integrations could catalyze the movement in the coming months.
According to a recent report by crypto financial services firm Matrixport, investing in Bitcoin mining opens opportunities for 2024.
With Bitcoin halving nearing, many analysts and industry experts are optimistic that BTC will break past its all-time high of $68K. But even if BTC touches $70,000, a new investor’s returns will be limited to 167%. Bitcoin miners, on the other hand, will earn substantially larger returns in the meantime.
A diversified portfolio of publicly listed bitcoin mining companies makes more sense than expanding the BTC portfolio at this point, as a result.
“For the sake of diversification, opting to invest in a selection of discounted bitcoin mining stocks or tokens with substantial growth potential could possibly represent the ultimate bet for 2024,” writes Markus Thielen, Matrixport head of research.
The recent report from Matrixport has generated a growing interest in Bitcoin Mintetrix ($BTCMTX). The project simplifies the process of investing in a diversified portfolio of mining companies through blockchain tokenization.
Introducing a novel concept called stake-to-mine, Bitcoin Minetrix allows retail investors to profit from bitcoin mining power by just staking their $BTCMTX tokens. The ongoing presale of $BTCMTX at discounted prices has been witnessing large traffic over the last few days as the market turned bullish toward Bitcoin.
It has raised $1.8M so far. Investors have two days to invest in the coin before the price increases.
$BTCMTX allows investors to get exposure to BTC mining, minus the massive initial investment, technical expertise, and time it traditionally demands. In other words, the project lowers the high barriers to the mining industry.
It makes mining, long confined to huge players, accessible to retail investors through its stake-to-mine dashboard. Here, users can stake their $BTCMTX tokens to accumulate mining credits and burn them to acquire BTC mining rewards.
The mining credits are credited as non-tradable ERC20 tokens as a means to eliminate the risks of hacks and thefts. The mechanism ensures that investors have full control over their assets even when they’re staked in the smart contract.
Additional processes like a smart contract audit from Coinsult and a liquidity lock on DEX listings further establish the credibility of the project. These mechanisms render Bitcoin Minetrix one of the safest crypto investment opportunities in the market right now.
Bitcoin is a decent investment now. Brand integrations and potential spot ETFs, along with the much-awaited bitcoin halving, add to its allure.
But Bitcoin’s high market capitalization leaves little room for growth. Investors should maintain realistic expectations about the BTC price as institutional adoption has yet to materialize for the asset. A portfolio confined to BTC would prove to be a dull strategy in the current scenario.
Young cryptocurrencies like Bitcoin Minetrix have better scope for growth and expansion. That explains the growing traffic to the presale. Leading crypto analysts and influencers like Michael Wrubel are bullish on the token and its journey ahead.
Being still in the presale stage, $BTCMTX opens an excellent early investment opportunity.
The project will improve its operations over time as laid out in the white paper, partnering with high-profile cloud mining institutions to boost capacity. While FOMO will fuel the initial price action, the expanding ecosystem will support its sustainable growth.
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