Crypto market trading lines are all painted red for the last two weeks, and Bitcoin (BTC) is leading the charge.
The largest crypto has first dropped to $40K, after which it spiraled down to $39,700, which marks a 7% drop over the last week alone.
Bitcoin Bears started after the SEC approved its own ETF spot. Ironically, this development was expected to propel BTC to new heights of over $50K and more.
On the presale side of the market, a new BTC derivative, Bitcoin Minetrix ($BTCMTX) is recording new milestones in its ICO despite its cousin’s drops.
Let’s check it out in more detail.
Bitcoin Dominance is Dropping – When Will the Bears Stop?
Bitcoin’s journey post-ETF approval hasn’t quite followed the bullish script many traders anticipated.
Instead of soaring towards the $50K mark, it dwindled to the $39,700 mark, where it stands at the time of writing.
This downturn has led to a notable decrease in Bitcoin’s dominance, which now hovers below 50%.
For those new to the term, ‘dominance’ in the crypto world refers to the percentage of the totalidade market cap that Bitcoin occupies. It’s a key metric that reflects Bitcoin’s market influence compared to altcoins.
Crypto analyst Ali has voiced a sentiment shared by many – that significant recovery for Bitcoin might not be on the cards until the next halving event.
His analysis, shared on X (formerly Twitter), paints a picture of Bitcoin’s future trajectory:
“It appears this parallel channel is holding true! This suggests that #Bitcoin faced rejection from the channel’s upper boundary at $48,000, and now $BTC will retrace to the lower boundary at $34,000 and then rebound back to the upper boundary at $57,000.”
In essence, he anticipates a further drop to $34K before a post-halving surge to $57K.
In light of these projections and the current bearish trend, a shift in investor focus is evident. Many traders, having lost confidence in Bitcoin’s short-term prospects, are turning their attention to its cousin, Bitcoin Minetrix.
Bitcoin Minetrix has created an innovative mining solution. This new approach and the loss of faith in the original Bitcoin have pushed $BTCMTX’s presale to over $9 million in funding.
Bitcoin Minetrix’s Presale Pumps Despite the Original Bitcoin’s Drop
We said that BTC traders are now looking towards BTCMTX, but what exactly is driving investors to choose this newcomer over the established king of crypto?
The primary draw of Bitcoin Minetrix lies in its revolutionary approach to crypto mining.
Traditional Bitcoin mining requires substantial investments in hardware and technical expertise, making it an exclusive venture for those with the necessary resources. This exclusivity has long been a barrier to entry for many potential miners.
Bitcoin Minetrix, however, is changing the game. Introducing the stake-to-mine mechanism allows investors to earn Bitcoin simply by staking their BTCMTX tokens.
This model democratizes the mining process, making it accessible to a broader audience. Investors don’t need to worry about the complexities and costs associated with traditional mining methods.
Instead, they can participate directly by staking the native $BTCMTX token in exchange for mining credits.
Adding to its appeal, Bitcoin Minetrix offers impressive staking yields of 73% per year. This lucrative rate presents a dual-income potential for BTCMTX holders, combining the benefits of staking rewards with the gains from mining. It’s a compelling proposition that blends the best of both worlds – passive income and active participation in the mining process.
Given these groundbreaking features, it’s no surprise that Bitcoin Minetrix’s presale has been a resounding success, rapidly drawing investors looking for an alternative to the original Bitcoin’s volatility.
Halving Will Recover BTC and it Could Propel $BTCMTX to New Heights
The most significant external factor for $BTCMTX’s growth is the upcoming Bitcoin halving event, slated for April this year.
In the crypto community, it’s widely recognized that Bitcoin halving events have traditionally sparked significant bull runs.
These events are not just pivotal for Bitcoin itself but also tend to positively impact its derivatives.
Historically, Bitcoin halving reduces the reward for mining new Bitcoin blocks, effectively limiting the new supply of Bitcoin. This scarcity typically leads to an increase in Bitcoin’s value.
For BTCMTX stakeholders, this scenario is particularly beneficial. As Bitcoin’s value climbs, the rewards gained from staking BTCMTX for cloud mining power are likely to become more valuable.
All in all, the upcoming Bitcoin halving is not just a pivotal moment for Bitcoin but also a significant booster for the value and appeal of BTCMTX.
Minedrop is Rewarding Platforms Supporters with $30K Worth of BTCMTX
Bitcoin Minetrix is adding excitement to its presale phase with an enticing “Minedrop” campaign, offering $30K worth of $BTCMTX tokens.
Participants can increase their chances of winning, with up to six entries available by completing straightforward activities such as following Bitcoin Minetrix on their social media platform X.
But let’s not forget the bigger picture here. This Minedrop isn’t just about generosity – it’s a smart move by Bitcoin Minetrix to ramp up its visibility and get more people talking about it.
And it’s working! Their brand is getting serious recognition in the crypto circles.
Just a heads-up, though – with all this excitement around the presale and gradual price increases for $BTCMTX, you might want to jump in sooner rather than later.
The recent bear market has certainly been a reality check. It’s been a stark reminder that even the biggest names in the crypto world, like Bitcoin, aren’t immune to downturns.
Who would’ve thought that an underdog like Bitcoin Minetrix could do so well when the rest of the market is going down?
However, don’t risk losing on this one chance at buying $BTCMTX as well. At this pace, all of the tokens will sell out much sooner than expected.