Cryptocurrency
Bitcoin Stalls at 2022 Highs On the Way To $50,000, While Traders Back This Stake-to-Mine Token For Post-Halving Gains
![](https://letizo.com/wp-content/uploads/2024/02/bitcoin-stalls-at-2022-highs-on-the-way-to-50000-whiletraders-back-this-stake-to-mine-token-for-post-halvinggains_65ca7122ecf99.jpeg)
Bitcoin is up by an impressive 14% from the lows placed last Monday but has found resistance at the 2022 highs on its way toward $50,000.
Despite this, traders are still incredibly bullish for the number-one-ranked cryptocurrency’s future, believing the Bitcoin block halving will push $BTC beyond its all-time-high price.
With the block halving imminent, traders are also positioning themselves into a stake-to-mine ecosystem, capable of delivering significant returns following the block halving.
Bitcoin Finds Resistance at 2022 Highs – Pullback Coming Or More Gains?
Bitcoin has found resistance at the 2022 highs as it makes its way toward $50,000.
The cryptocurrency started its first retracement in months following the official launch of the BTC ETF but found support at the 100-day MA to rebound.
Last week, it continued to break above a short-term symmetrical triangle, allowing the cryptocurrency to surge by 15% and reach the 2022 highs at $48,285.
At the time of writing, the market has stalled since hitting this level as traders start to expect a short-term pullback;
Looking ahead, if the buyers break the resistance at the 2022 highs, the first level of higher resistance lies at $50,000.
This is followed by resistance at $52,146, $52,900 (1.414 Fib Extension), $55,400, $57,000 (1.618 Fib Extension), and $58,350 (Feb 2021 highs).
On the other side, the first support lies at $47,000. This is followed by $46,000, $44,750 (Feb 2022 resistance), $45,450, and $42,000 (Jan 2021 highs).
Bitcoin Block Halving Narrative Driving Scarcity Narrative
Bitcoin has continued to push higher this week as the block-halving scarcity narrative drives optimism.
The Bitcoin block halving is now just an estimated 66 days away, and traders are positioning themselves ahead of the event to capitalize on any price pumps.
The block halving will slash the Bitcoin block reward from 6.25 BTC per block to just 3.125 BTC, reducing the number of newly minted coins entering the market.
As a result, traders believe that the huge demand for Bitcoin following the SEC’s ETF approval will cause a period of scarcity within the market following the halving, leading to much higher prices.
What Tokens Can Be Directly Impacted From The Halving?
It’s not just Bitcoin prices that the block-halving event will directly impact.
Traders are now positioning themselves into newly emerging projects capable of delivering higher returns due to the block halving.
In particular, the newly trending decentralized cloud mining platform, Bitcoin Mientrix ($BTCMTX), is stealing traders’ focus as it crosses the $10.6 million milestone this week.
Bitcoin Minetrix Raises $10.6 Million As Investors Back Stake-to-Mine Ecosystem.
Bitcoin Minetrix ($BTCMTX) continues gathering momentum as traders position themselves in the stake-to-mine ecosystem before the Bitcoin block reward halves.
As a result, the fundraising has officially crossed the $10.6 million milestone this week, demonstrating investors’ confidence in its ability to impact the cloud mining industry.
Bitcoin Minetrix intends to make mining accessible for everyday users through its novel stake-to-mine ecosystem.
The project is tokenizing the cloud mining industry, removing the prevalent scams that have plagued the sector by putting control back in the hands of token holders.
Cloud mining allows users to easily mine Bitcoin without having to buy or maintain expensive hardware.
To start mining, users buy and stake $BTCMTX tokens to earn Mining Credits.
Mining Credits are non-transferrable ERC20 tokens that can be burnt in exchange for a designated time on the Bitcoin Minetrix cloud mining solution.
Miners can be sure to receive their expected mining earnings as smart contracts handle user allocations. Furthermore, they’re free to unstake their $BTCMTX and sell it at any time and aren’t locked into long-term mining contracts.
Furthermore, passive earnings are doubled on the platform through staking earnings, which currently provide holders a 63% APY.
The overall goal for Bitcoin Minetrix is to create a decentralized and trustless solution that will let everyday users mine Bitcoin following the block halving event.
Given the impressive climb beyond $10 million in fundraising, investors are clearly backing Bitcoin MInetrix as a disruptive force in the cloud mining sector.
Bitcoin Minetrix ($BTCMTX) can currently be purchased at presale for $0.0134. The rising pricing strategy means those entering earlier benefit from lower entry prices.
Visit Bitcoin Minetrix Presale
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Cryptocurrency
Top 10 Solana (SOL) Ecosystem Projects by Development Activity
![](https://letizo.com/wp-content/uploads/2024/09/top-10-solana-sol-ecosystem-projects-by-developmentactivity_66dc47b18afea.jpeg)
TL;DR
- Due to recent growth, Solana and its projects have gained popularity.
- Ecosystem meme coins like Dogewifhat (WIF) and Bonk Inu (BONK) have seen significant declines after a substantial surge earlier this year.
The Unsurprising Leader
Solana and numerous projects built on it have brimming in popularity in 2024. Some factors that could have contributed to this might be SOL’s bull run at the end of 2023 and the beginning of 2024, the growing community, and innovations in the ecosystem.
The crypto analytics platform Santiment recently outlined the top 10 Solana-based projects in terms of development activity in the past 30 days.
Somewhat expected, the first spot belongs to Solana itself, which collected a score of 186.33. It is worth noting that the protocol’s native token – SOL – has been experiencing a downfall since the end of July, plunging by approximately 30% and currently trading at around $127 (per Coingecko’s data).
Wormhole holds the second position with a ratio of 90.5. It acts as a bridge connecting various blockchain networks, such as Solana, Ethereum, BNB Smart Chain, and others. It enables users to transfer digital assets and data across these blockchains without a centralized intermediary.
Pyth Network is third, with a score of 68. It operates as a decentralized oracle network where multiple providers contribute to a collective data feed.
JITO and Neon round up the top 5 list. The other Solana-based projects down the line include Drift, Orca, Helium IOT, Helium Mobile, and Metaplex.
The Missing Ones
It is interesting to note that meme coins, which are part of Solana’s ecosystem, did not make the list. Such tokens, including dogwifhat (WIF), Bonk Inu (BONK), and many more, were among the top-trending topics in the crypto space at the start of the year due to their skyrocketing prices.
However, their progress has stalled as of late. WIF – the biggest Solana-based meme coin in terms of market capitalization – currently trades at around $1.52, representing more than a 70% decline from the ATH registered in April.
BONK (the second-largest) is worth approximately $0.00001666 as of the moment, or 60% less than the peak in May.
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Cryptocurrency
These Altcoins Bleed Out as Bitcoin (BTC) Price Fell by $4K in Hours (Weekend Watch)
![](https://letizo.com/wp-content/uploads/2024/09/these-altcoins-bleed-out-as-bitcoin-btc-price-fell-by-4kin-hours-weekend-watch_66dc47b73b311.jpeg)
Bitcoin’s nosedives continued in the past 24 hours as the asset slumped from an intraday high of $57,000 to under $53,000 within hours.
The altcoins are also in the red, and the total crypto market cap has dumped to $2 trillion for the first time in over a month.
BTC’s Troubles Keep Coming
The primary cryptocurrency lost the coveted $60,000 level last week, and the true downfall followed suit. Aside from a brief attempt to overcome that line on September 3, the bears have been predominantly in control, which culminated yesterday.
Before that, it was rejected a couple of times and marked lower daily highs. A relief rally came on Friday when the US released the job report for August, which showed that there was a slight decline in the unemployment rates.
BTC reacted quickly with a price increase from $55,500 to $57,000. However, that turned out to be a false breakout, and the cryptocurrency headed south immediately after. In a matter of minutes, it plummeted to $54,000 before the bears initiated another leg down that pushed it to a monthly low of $52,700 (on Bitstamp).
Despite recovering to just over $54,000 now, it is still 4% down on the day and more than 8% in the past seven days. Its market cap has plunged to $1.070 trillion, while its dominance over the alts is down to 53.5%.
Alts in Red Yet Again
The bearish scenario repeated once again, and the altcoins are back in red. Ethereum is among the leaders in this adverse trend, having lost over 4% of value. As a result, it now struggles at $2,250. BNB is down by 3%, XRP by 3%, and SOL by 2.5%.
DOGE has dumped the most from the larger-cap alts. The OG meme coin has seen 5% of its value evaporate over the past day and is below $0.1.
Further losses come from the likes of TON, BCH, SHIB, LTC, OKB, XMR, and many others.
The total crypto market cap has declined by another $50 billion and is down to $2 trillion on CG.
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Cryptocurrency
Vitalik Buterin Pledges L2 Tokens to Support Public Goods in the Ethereum Ecosystem
![](https://letizo.com/wp-content/uploads/2024/09/vitalik-buterin-pledges-l2-tokens-to-support-public-goods-inthe-ethereum-ecosystem_66dc47bce1201.jpeg)
Ethereum co-founder Vitalik Buterin has pledged to donate all Layer 2 (L2) tokens he holds to support public goods within the Ethereum ecosystem or broader charitable causes.
This announcement comes a few days after accusations that he had sold millions in Ether (ETH) for personal gain.
Vitalik Buterin Denies Profit Motive
Buterin was quick to respond to the allegations, emphasizing that he has not sold any ETH for personal profit since 2018. Instead, he clarified that any proceeds from his ETH sales have been directed toward projects that contribute to the Ethereum ecosystem or other charitable initiatives.
In a September 5 update, he expanded on his stance, pledging to donate all L2 tokens he holds, including not-yet-liquid assets, to support similar causes.
He wrote, “All proceeds will be donated, again either to support public goods within the Ethereum ecosystem or broader charity (e.g., biomedical R&D). I also do not intend to invest into L2s or other token projects in the foreseeable future.”
He explained that his aim in funding projects is to support initiatives he believes are important, particularly in situations where other parts of the ecosystem may not fully recognize their value.
The Allegations
On August 30, an X user accused him of selling over $2 million worth of ETH shortly after posting a positive update about Ethereum’s future.
Later on, Lookonchain also revealed that Vitalik had transferred 800 ETH, worth around $2 million, to a multi-signature wallet. Shortly after, the wallet swapped 190 ETH for 477,000 USDC.
Further analysis from Lookonchain indicated that on August 9, he had moved an additional 3,000 ETH, valued at over $8 million, to the same multi-sig wallet.
These transfers fueled speculation that the Ethereum co-founder was liquidating his Ether holdings to realize profits.
Buterin had previously disclosed that his entire Ether holdings came from the Ethereum pre-mining period, which allocated 11.9 million ETH (about 10% of the total supply) to early contributors. As one of them, he received 700,000 ETH for his role in the network’s creation.
According to blockchain tracker Arkham Intelligence, his current holdings amount to approximately 240,000 ETH. This is a reduction of around 460,000 ETH from his initial stash.
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