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It’s been a crazy few days in the crypto market, with most coins and tokens seeing significant price drops.
Ethereum’s (ETH) price slumped over 5%, while Bitcoin (BTC) also plummeted – leading to a sizable shift in investor sentiment.
However, the trending presale project Bitcoin Minetrix (BTCMTX) is defying the bearish trend and continuing to make headway in its limited-time presale.
Ethereum Price Drop Erases Gains from Futures ETF Launch
ETH is now trading just above the $1,650 level, dropping over 5% in the past 24 hours.
Price has completely retraced Sunday’s bullish candle, erasing most of the gains made in the run-up to the launch of Ethereum futures ETFs.
These ETFs, which were highly anticipated by the market, appear to have fallen short of investor expectations – at least in the short term.
As such, while the decline in Ethereum’s price may be disheartening for short-term traders, it could provide an entry point for those who believe in ETH’s prospects over the long term.
Currently, more than 80% of the CoinGecko community is bullish on Ethereum, showing that despite ETH’s recent price dip, there remains a strong belief in its future.
Moreover, with Grayscale Investments filing to convert the Grayscale Ethereum Trust to a spot ETH ETF, the institutional interest in Ethereum is growing, which could bring higher levels of adoption.
Broader Crypto Market Pullback Surprises Bitcoin Investors
Similarly, Bitcoin has also been experiencing a downtrend, shedding 4% of its value since Monday.
This broader market pullback has surprised many investors, who believed that BTC and ETH had turned a corner last week.
At the time of writing, BTC is hovering around $27,410, dropping below the crucial $28,000 level yesterday.
The good news is that BTC appears to be forming a minor support level around $27,400, which has halted the slide for the time being.
Investors and analysts are closely watching this level, as it could signify whether further declines are on the horizon.
Much like Ethereum, a large portion of the crypto community remains bullish on Bitcoin, evidenced by the Bitcoin sentiment index from Augmento.ai sitting above 0.50.
As such, the current downturn could be a temporary pullback – meaning BTC and ETH are worth watching in the days ahead.
Bitcoin Minetrix Defies Market Slump & Raises $380,000 with Stake-to-Mine Mechanism
While Ethereum and Bitcoin may face short-term challenges, traders are looking to an emerging project defying the trend – Bitcoin Minetrix (BTCMTX).
This project is currently in its limited-time presale phase and has successfully raised $380,000 despite the broader market slump.
With its unique approach to crypto mining, called Stake-to-Mine, Bitcoin Minetrix is positioning itself as a viable alternative to BTC and ETH in the near term.
Using the Stake-to-Mine mechanism, investors can stake BTCMTX tokens and earn credits, which can be burned to receive cloud mining power.
In turn, investors can use this cloud mining power to mine Bitcoin – receiving BTC rewards on a regular basis.
As outlined in Bitcoin Minetrix’s whitepaper, this approach makes BTC mining more accessible to everyday investors since they don’t need expensive computing hardware to get involved.
Moreover, it removes some of the main issues associated with cloud mining, namely a lack of transparency and the potential for scams.
High-profile YouTubers have already endorsed Bitcoin Minetrix, including Michael Wrubel, who stated he was “bullish” on the token.
Fellow YouTuber Jacob Bury also referenced BTCMTX in a recent video, stating that it had “10x potential”.
With BTCMTX tokens still available for $0.011, the lowest price they’ll be offered during the presale, this could be an opportune entry point for investors looking for assets with upside potential.