Altcoins
Best Crypto News to Buy Now As Bitcoin Price Hits $42,000 Level, Is Altcoin Season Next
Bitcoin recently hit its highest price since mid-2022, currently trading at $41.5k. This week, it climbed 12% after breaking its contested resistance of $38,000.
However, Bitcoin’s uptrend opens the door to major pumps for low market cap projects as liquidity flows into the sector. Ethereum will be the first to capture this liquidity, but small-cap cryptocurrencies such as Bitcoin ETF Token and Bitcoin Minetrix could benefit even more.
Altcoin Season Approaches as Bitcoin Dominance Approaches Resistance
Bitcoin is up 139% in the last year, while many other top cryptocurrencies have also risen. This pushes prices towards all-time highs (ATH), indicating that the bull run is upon us.
Looking ahead, one of the most lucrative elements of a crypto bull run is an altcoin season, where Bitcoin’s dominance declines as the altcoin’s prices significantly exceed those of the market leader.
These periods can generate extravagant gains for those who invest early, making altcoin season the most anticipated part of a bull run.
Bitcoin’s rally has propelled its market share, with Bitcoin’s dominance increasing from 40% in October 2022 to 54% today.
The chart above shows that Bitcoin dominance broke through a resistance level of around 49% in June and began to rise after a retest. The next potential resistance level is around 58%, where Bitcoin dominance could retreat and allow altcoins to rise.
Considering the time it takes to go from 49% to 54%, it could take around four months.
Interestingly, this aligns with the timing of the Bitcoin halving and the approval of Bitcoin ETFs, both of which are widely expected to generate significant amounts of liquidity in the market.
Analyst HORSE also predicts that a parabolic altcoin season will take place after Bitcoin ETF approvals. The SEC is expected to make decisions on ETFs in January, with market consensus being that they will be approved.
HORSE expects the alt season to significantly overshadow the altcoin pumps we’ve seen so far, stating that “what we’ve already seen will look like a rounding error.”
If this happens, we could see altcoins generate stunning gains in the months to come. With that in mind, our top three picks to buy now are Ethereum, Bitcoin ETF Token, and Bitcoin Minetrix. Now let’s explore each of them and see why they might be pumping.
Ethereum
Ethereum is the second largest cryptocurrency after Bitcoin. Its market capitalization and relative price stability make it a viable alternative to Bitcoin for the most conservative crypto investors. Additionally, it has unique advantages over Bitcoin in terms of utility and tokenomics.
It provides better utility than Bitcoin because Ethereum powers smart contracts and decentralized applications, and Ether is the primary value transfer currency within the ecosystem.
An analogy to differentiate Bitcoin and Ethereum is that if Bitcoin is similar to digital gold, then Ethereum is like digital oil.
Ethereum price has performed well recently, up 9% this week, 16% this month, and 71% this year.
Another advantage of Ethereum is its EIP-1559, which implemented a burning mechanism into the network, destroying a small portion of each transaction fee. This essentially makes Ethereum a deflationary token, earning it the title of “ultra-sound currency.”
The final factor hinting at significant upside potential for Ethereum is the Ethereum ETF narrative. BlackRock filed for an Ethereum ETF in November, helping to drive up the price of the asset.
If approved, in addition to injecting significant new liquidity into the ecosystem, an Ethereum ETF will help legitimize the asset, potentially making it one of only two cryptocurrencies with an ETF alongside Bitcoin.
Bitcoin ETF Token
While Ethereum undoubtedly has strong upside potential, one crypto that could explode even further is Bitcoin ETF Token. As predicted by HORSE, Bitcoin ETF approvals could kick off the next alt season, and this project looks set to benefit the most.
Bitcoin ETF Token is a new presale that rewards holders in line with Bitcoin ETF progress. The project has set five Bitcoin ETF milestones and will burn 5% of its total supply at each of them. This creates a sense of scarcity while the hype is highest, potentially equating to huge prize potential.
It also has a 5% burn tax on transactions, which will be reduced by 1% at each stage.
Another fundamental feature is the project’s staking mechanism, which currently offers an APY of 99%. Presale buyers can start staking immediately, but they need to hurry as the APY decreases as the staking pool increases.
Bitcoin ETF Token also aims to foster an active and engaged community through its Bitcoin ETF alerts. This is a news feed on its website, informing readers of the latest occurrences of Bitcoin.
These factors create a unique blend of cutting-edge tokenomics, utility, and positioning at the forefront of a dominant trend, all signs of a successful project.
Investors can buy $BTCETF for $0.0062, but should hurry as its price will gradually increase throughout the presale.
Bitcoin Minetrix
Another emerging Bitcoin-related project is Bitcoin Minetrix. This crypto offers a truly compelling use case aimed at reshaping the Bitcoin mining industry.
With Bitcoin Minetrix, users can mine Bitcoin in the cloud by staking $BTCMTX on its Ethereum-based platform.
It works thanks to users staking $BTMTX in exchange for Bitcoin mining credits. They can then burn these credits to the platform to get mining power in the cloud, which translates into free Bitcoin.
This removes major barriers to entry into Bitcoin mining, such as hardware and technical expertise requirements, and essentially pushes the industry toward mass adoption.
Additionally, the project does a great job capturing this value through the $BTCMTX token. Users need it for staking and the rewards are paid out in the form of mining credits. This creates compelling supply and demand dynamics, which could contribute to significant price potential.
Bitcoin Minetrix’s innovative use case has attracted many leading analysts to rally behind it. One of them is Jacob Bury, which recently speculated that it could grow 10x after its IEO. In the meantime, No crypto Bs is even more optimistic, predicting that it holds 100x potential.
The project is currently in pre-sale, having raised more than $4.8 million in just over two months. Investors can buy $BTCMTX at bitcoinminetrix.com for $0.012, but this discounted price will increase in just over a day.