Connect with us
  • tg


Cardano Surges Over 8% as Crypto Prices Rebound, Bitcoin Minetrix Also Makes Gains

letizo News



Cryptocurrency prices are rebounding today after a rough couple of weeks for the digital asset market.

Cardano’s native ADA token is one of the day’s biggest gainers, surging over 8% in the last 24 hours to the $0.528 level.

In terms of under-the-radar tokens, Bitcoin Minetrix (BTCMTX) leads the charge and continues to see gains during its limited-time presale phase.

Bullish Momentum Returns as Cardano Surges Above 50-Day EMA

ADA has closed in the green for four days in a row, marking the token’s best run of form since early December.

The four bullish closes have taken ADA to its highest value since January 16 – just before the price fell by 16%.

ADA’s stellar run has also seen it breach the 50-day exponential moving average (EMA), suggesting that the medium-term trend has flipped definitively.

Now, Cardano bulls will be looking toward the $0.55 level as an upside target.

If that level can be broken, the next crucial resistance zone is located around $0.60, where ADA spiked to on January 11.

Fuelling ADA’s climb over the past 24 hours is a remarkable 74% jump in spot trading volumes, now at over $530 million.

This makes ADA the 13th most-traded cryptocurrency globally.

With the momentum showing no signs of slowing down, this week is shaping up to be a positive one for Cardano holders.

Major Investors Accumulate ADA as Sentiment Shifts

Dan Gambardello, the founder of CryptoCapitalVenture, made an intriguing point on Twitter regarding Cardano’s prospects.

Gambardello believes after years of thoughtful development, Cardano now has a robust system in place – one that boasts security, stability, decentralization, and interoperability.

This strong base is enabling an expansion into DeFi and allowing Cardano to support a variety of use cases.

As Gambardello notes, if Cardano can scale effectively, it may outplace other blockchains because of its solid infrastructure.

In addition, some ADA whales seem to agree with this promising outlook.

According to an article from FXStreet, major holder wallets containing between 100,000 and 100 million ADA tokens have increased significantly over the past eight months.

This indicates strong and sustained accumulation by long-term, influential investors.

Between the technical advantages, real-world utility, and vote of confidence from crypto whales, Cardano is waking up from a period of stagnation.

Due to this, there’s a growing belief amongst ADA bulls that 2024 could be a positive year for the token.

Bitcoin Minetrix Ignites Huge Presale Hype with Innovative Stake-to-Mine Model

As momentum builds behind Cardano’s recent price surge, another crypto project is gaining steam.

Bitcoin Minetrix (BTCMTX) has raised over $9.8 million in its ongoing presale, indicating strong investor interest in its groundbreaking use case.

The project aims to transform cloud crypto mining by introducing a “Stake-to-Mine” mechanism powered by smart contracts.

This allows users to stake BTCMTX tokens to receive cloud mining credits, which can be burned for hash power.

By eliminating the need for expensive hardware or technical skills, Bitcoin Minetrix seeks to make mining accessible to anyone.

The total supply of BTCMTX is capped at 4 billion, with up to 77.5% of these tokens made available to early buyers.

BTCMTX holders can also stake their tokens to generate estimated rewards of 68% per year, creating two pathways to potential passive income.

Security is also a priority for Bitcoin Minetrix’s team, given that Coinsult has audited the project’s smart contracts.

All of these factors have helped lift Bitcoin Minetrix into the limelight, with the project now drawing enormous attention from retail traders.

Over 19,700 people now follow Bitcoin Minetrix on Twitter, while 13,100 actively participate in the project’s Telegram channel.

With momentum returning to the crypto market in the final week of January, Bitcoin Minetrix could be primed to capitalize.

Visit Bitcoin Minetrix Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).


BTC Rejected Off $64,000 As Crypto Market Suffers $600 Million Of Liquidations

letizo News



The price of Bitcoin (BTC) experienced massive volatility on Wednesday, soaring to nearly $64,000 before sinking again to $60,500 within one hour.

Amid the chaos, crypto traders have experienced $638 million in liquidation over the past 24 hours, including $391 million of liquidations in the past 4 hours alone.

  • According to Coinglass, about $55 million of liquidations in the last hour impacted a consortium of little-known altcoins, while $96 million was liquidated on BTC trades directly.
  • Meanwhile, ETH traders suffered $45 million of liquidations, and DOGE traders lost $29 million.
  • In the past 24 hours, a massive 168,988 traders were liquidated. The largest single liquidation occurred on OKX on a BTC-USDT trade for $9.45 million.
  • The price of BTC is $61,400 at writing time, up 21% within the past five days alone.
  • Many credit the asset’s recent surge to the launch of several bitcoin ETFs last month.
  • BlackRock’s Bitcoin ETF – the largest of all newcomers – now holds over $8 billion in BTC, and absorbed a record $520 million of flows on Tuesday.
Bitcoin / USD. Source: TradingView
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading


BlackRock Bitcoin ETF Smashes Daily Inflow Record, Ranks 2nd In United States

letizo News



BlackRock’s Bitcoin (BTC) ETF has cracked a new daily inflow record, helping push Bitcoin’s above $60,000 for the first time since November 2021.

The iShares Bitcoin Trust (IBIT) absorbed another $520 million on Tuesday, bringing the fund’s total flows since launch above $6.5 billion. Furthermore, thanks to Bitcoin’s rising price during that period, the value of the firm’s Bitcoin stash has appreciated to over $8 billion.

BlackRock Breaking Record

By comparison, Fidelity’s Bitcoin ETF now holds $5.6 billion in BTC, but absorbed a much smaller $126 million flow on Tuesday.

Meanwhile, Grayscale – IBIT’s largest competitor – suffered another $125 million of outflows. Though Grayscale still bears a significant lead in total assets at $25 billion, BlackRock’s ETF is slowly gaining ground against the incumbent fund due to its much lower management fee.

According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s stellar inflow figure made it the number two ETF for inflows in the United States yesterday, only behind BlackRock’s iShares Core S&P 500 ETF (IVV).

“This means a good portion of that massive volume was new buying vs arb/algo,” Balchunas wrote to X on Tuesday.

The analyst also noted that individual trades for IBIT’s ETF surpassed those of both the SPY and QQQ. This suggests that a large component of buyers trading the ETFs are retail-based – an unexpected finding given the ETF’s popularity as an institutional trading ground.

Bitcoin ETFs And Surging Price

The price of Bitcoin has skyrocketed by over 25% in the past five days, now trading at over $63,000 at writing time. Many analysts credit its success to the launch of Bitcoin spot ETFs, which have collectively absorbed over $6.7 billion of flows since going live on January 11.

After 30 days, BlackRock and Fidelity’s Bitcoin funds had already broken records as the two most successful ETF launches in history based on flows. BlackRock also tapped a new daily high for trading volume on Monday, surpassing $1.3 billion and entering into the top 11 ETFs in the country by volume.

Bitcoin now approaches its all-time high of $69,000 USD, though, in some currency denominations, it has already broken its prior records. For instance, one BTC is now worth over 95,000 Australian dollars, compared to $87,000 at its peak in November 2021.

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading


3 Catalysts That Suggest More Gains for Bitcoin After Price Broke $60K

letizo News



Bitcoin surged above $61,000 on Wednesday, marking its highest level since November 2021. The rally seems fueled by significant inflows into US-based spot Bitcoin ETFs.

With bullish momentum building, all eyes are on the leading crypto asset’s trajectory, and data suggest that it might be able to break its previously established all-time high of $69,045.

MVRV Ratio Signals Buying Opportunity

The MVRV Ratio, derived from dividing an asset’s market capitalization by its realized capitalization, serves as a pivotal metric in cryptocurrency trading. When below 1, it indicates most holders are at a loss, signaling a potential buying opportunity.

On the other hand, a rising ratio suggests increased profit-taking, potentially leading to selling pressure and market corrections.

Historically, an MVRV Ratio nearing 4 signaled market tops, though this threshold has decreased in each cycle. According to Intotheblock’s latest observation, the value stands at 2.22, essentially hinting at a bullish market that is not yet excessively overheated.

Bitcoin MVRV. Source: ITB
Bitcoin MVRV. Source: ITB

Subdued Retail Crowd

Despite Bitcoin’s remarkable price movement, current data suggests an absence of retail investors. While there has been a rise in the number of new addresses, Intotheblock said it is likely attributed to active market participants engaging with Ordinals.

However, new addresses have since declined and remain relatively consistent. The same pattern is observed with active addresses. Both Google trends and app store data show no significant surge in retail interest yet.

On-chain volume is gradually increasing, reminiscent of the early phases of the 2021 bull market, but it has not reached the frenzy levels seen during the peak.

This implies that institutional investors might be driving this phase, with attention focused on ETFs as potential accumulators.

Meanwhile, those monitoring altcoins are speculating on whether renewed retail interest will shift Bitcoin’s upward trend towards broader market movements. However, the upcoming halving could change this dynamic and push the crypto asset to a new peak.

Bitcoin Halving: A Major Catalyst

The analysis from ITB suggests that the upcoming Bitcoin halving in April typically triggers a surge in price according to historical patterns. However, in the current cycle, the price rally has occurred earlier than anticipated.

This deviation may imply that investors are aware of the potential impact of the halving and are adjusting their investments accordingly ahead of time. In short, these market players are anticipating and acting upon the expected price movement associated with the halving event well before it actually takes place.

Bitcoin Price History. Source: ITB
Bitcoin Price History. Source: ITB
Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
Continue Reading


©2021-2024 Letizo All Rights Reserved