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Amid broader market growth, Ethereum has surged past the $3.2 mark. Meanwhile, the Bitcoin Minetrix presale has raised over $11.4 million.
ETH rally sees $43 million shorts liquidated
Ethereum has enjoyed notable buying demand today, causing mass short liquidations. The occurrence follows a broader market appetite for cryptocurrencies as Bitcoin hits $57K.
Furthermore, anticipation for Ethereum’s next network upgrade, Dencun, also adds to the widespread bullish sentiment.
As the price chart below shows, ETH’s momentum has intensified this month as its price action turns from diagonal to almost vertical.
Currently priced at $3,221, Ethereum has climbed 3.72% today, 10.17% this week, 42% this month, and 97% this year.
Its market cap is at $388 million, while its 24-hour trading volume is at $21 billion, up 62%.
According to data from CoinGlass, $43 million in shorts have been liquidated in the last 24 hours, compared to just $24 million in longs.
Meanwhile, its funding rate has spiked, signaling an advancing bullish sentiment.
Anticipation for the Dencun upgrade, set to occur in Q1 2024, is one of the primary Ethereum drivers.
Dencun will usher in “proto-danksharding,” slashing the cost of layer-2 transactions and facilitating more seamless data availability.
The upgrade is set to drastically expand the capabilities of layer-2 networks, opening them to new use cases and improved user experiences.
Returning to Ethereum’s price, analyst Michael van de Poppe suggests, “Ethereum season seems to be here.”
Michael said the Dencun upgrade and anticipation for spot Ethereum ETFs are prominent catalysts that could enable growth.
The analyst references the ETHBTC chart, noting a potential breakout that could enable Ethereum to massively outperform Bitcoin in the coming months.
That said, with Ethereum’s price soaring, traders must remain aware of early investors looking to take profits.
As per data from Lookonchain, a 2014 Ethereum ICO investor recently transferred their entire $770K worth of ETH to Coinbase after being dormant for 8.6 years.
While a $770K sale is unlikely to crash price, it illustrates that many early investors may look to take profits in the coming months, adding sell pressure that could suppress ETH’s upside potential.
With that in mind, traders may seek alternatives like Bitcoin Minetrix. The BTCMTX presale has raised over $11.4 million.
Bitcoin Minetrix raises $11.4 million
Bitcoin Minetrix is a cloud mining platform for users to receive BTC effortlessly and securely.
Based on the Ethereum network, Bitcoin Minetrix invites users to stake BTCMTX for Bitcoin mining credits. They can then burn these credits for cloud mining power, translating to free Bitcoin.
The no-fuss process is beginner-friendly, democratizing the mining industry by enabling anyone to get involved.
Furthermore, users can rest assured that Bitcoin Minetrix is legitimate.
Previous cloud mining solutions have been accused of scams and bad practices. However, Bitcoin Minetrix tackles these issues by leveraging Ethereum smart contract security and being examined by third-party auditing firm Coinsult.
Platform rewards are primarily paid in BTC, but there are also supplementary BTCMTX rewards.
While the stake-to-mine mechanism is not yet live, investors can stake their tokens for BTCMTX. They can currently earn a 59% APY, but this will decrease as more tokens are staked.
Bitcoin Minetrix’s presale is ongoing, having raised over $11.4 million. It is currently priced at $0.0137 but will rise as the presale advances.
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