Bitcoin began to recover today after its recent decline. It is currently priced at $43.89K, up 0.56% in the last 24 hours and 4% this week.
It has been on the rise recently due to the approval of a Bitcoin ETF and growing excitement surrounding the Bitcoin halving.
But the hype didn’t end with Bitcoin. Numerous other cryptocurrencies have also experienced tremendous momentum with some of their biggest backers including Bitcoin Minetrix, Solana, Internet Computer, Injective Protocol, and Stacks. I’m doing it.
Let’s take a look at each one, why they’re pumping, and how far they could go in the medium term.
Bitcoin Minetrix
Bitcoin Minetrix is an innovative Stake-to-Mine cryptocurrency that allows users to mine BTC on the Ethereum network.
Its relationship with Bitcoin means it is gathering momentum as a Bitcoin pump, despite the move being more influential thanks to its lower market capitalization.
Bitcoin Minetrix is currently undergoing pre-sale. This means investors can participate early at the lowest price.
The project has the support of top analysts, and Micheal Wrubel explained several reasons for the positive response to his 310,000 YouTube subscribers. Meanwhile, prominent trader Jacob Bury recently speculated that it could go up 100x after pre-sale.
The unwavering hype stems from the unique use case that allows anyone to mine Bitcoin, regardless of financial resources or technical knowledge.
Bitcoin Minetrix works by allowing users to earn free Bitcoin mining credits by staking $BTCMTX tokens. This is a non-transferable ERC-20 token that can be burned to earn BTC for cloud mining power.
This use case not only transitions Bitcoin mining to mass adoption, but also solves cloud mining security issues through a decentralized and transparent $BTCMTX token.
Another advantage of $BTCMTX is its central role in the Bitcoin Minetrix platform, which means enormous upside potential. Users need this for staking. That means there will be a strong demand flow. In the meantime, supply is limited as most tokens are locked in staking contacts.
Visit Bitcoin Minetrix Presale
Solana
Solana is trading at $81, its highest price this year. Today it surged 9.5%, reaching a market capitalization of $34 billion and 24-hour trading volume of $2.7 billion.
SOL pumped 19% this week and 36% this month.
However, Solana is not only outperforming USD but also gaining ground on its archrival, Ethereum.
A recent tweet from analyst Kaiko reported, “The SOL/ETH price ratio has seen a strong reversal for the first time since 2021 as the Solana network recovers from FTX’s devastating collapse.”
Meanwhile, blockchain analytics firm Messari pointed out that Solana’s on-chain activity is significantly better than that of Ethereum.
The Messari X account recently explained that Solana’s ecosystem activity has performed 300% better than Ethereum this year.
“In the fourth quarter alone, Solana’s active addresses increased nearly 400% compared to Ethereum’s 3% increase,” Messari said in a recent tweet.
Top analysts are optimistic about what’s next. CryptoBusy recently predicted that if it breaks above $78, SOL will rise to $90 and then $107.
Meanwhile, Caleb Franzen predicts a continuation of the trend, describing Solana’s current trajectory as “base, breakout, extension, retest, continuation.”
internet computer
Internet Computer is a well-established blockchain solution that provides a decentralized cloud computing infrastructure for web2 and web3 organizations.
It has had notable success recently, up 107% this month and 58% this week, but down 2% today.
It currently has a market capitalization of $4.2 billion, making it the 20th largest cryptocurrency. The project’s 24-hour trading volume is now at $169 million, down 33%.
The project has recently made significant progress and its prices have skyrocketed. Dfinity, a leading contributing developer organization, highlighted this move in a recent X thread.
One of the most impactful developments was a partnership with the Gaudi Knowledge Association and The Moon Labs to “recreate Gaudi’s architecture, art, and unfinished design blueprints in ICP’s metaverse.”
Another one is that Internet computer developers have proposed incorporating inscriptions into the blockchain. This idea has recently gained traction on the Bitcoin network, and the same thing has happened on Internet computers.
The tweet highlighted that there were “over 15,000 users posting over 800,000 articles to secure 21,000 inscriptions.” More than 6,000 canisters were produced, improving the cycle burn rate from 8 TC/s to 48 TC/s.”
Meanwhile, ICP developer Tommy pointed out X’s technical advantages over Ethereum and Solana.
The tweet explained that data is much cheaper on internet computers and concluded, “Everyone will know the name #ICP.”
injection
Injective is a layer 1 blockchain focused on DeFi and interoperability. The project has seen a huge rise this year and is currently up 2,831%.
But it shows no signs of slowing down, up 9.58% today and 55% this week. It currently has a market capitalization of $3.5 billion, making it the 25th largest cryptocurrency.
Injective is priced at $40.46 after hitting an all-time high of $43.21 earlier today.
Analyst Cooper highlighted that Injective’s active addresses have exploded, recently surpassing 143K.
As Injective grew in popularity, DEX Screener began tracking the blockchain.
DEX Screener explains that it will start by tracking Astroport, but will also integrate Helix, Injective’s leading derivatives exchange.
Injective’s website also boasts impressive metrics such as 378,029,598 on-chain transactions, a block time of 0.08 seconds, and an average transaction cost of less than $0.01.
While the network is generating tremendous momentum, analysts believe this trend will continue in the future.
One of them is Crypto Hogwarts, which speculates that INJ will become a top 10 cryptocurrency by market capitalization this cycle.
The analyst highlights a thriving ecosystem, increasing on-chain activity, and over $1 billion INJ staked on-chain.
stack
The last cryptocurrency that could benefit greatly from Bitcoin’s recent pump is Stack. This project is Bitcoin Layer 2, providing faster and cheaper transactions while leveraging the security of the Bitcoin network. It also offers smart contract functionality, opening up many new use cases not previously available in Bitcoin.
With the advent of Bitcoin Ordinals, Bitcoin transaction fees recently reached their highest since the 2021 bull market. Many investors therefore fear the potentially unaffordable prices that could arise as the next bull market unfolds.
Therefore, traders have invested in Bitcoin scaling solutions like Stacks, which has driven the price up 27% today, 59% this week, and 133% this month.
Currently, STX’s market capitalization is $2.1 billion and its 24-hour trading volume is $490 million, an 85% increase from the current value.
Circulating supply is at 78% but remains at 58% at ATH of $3.61 in November 2021.
Analyst CryptoBusy is particularly bullish on Stack, recently explaining that Stack offers notable fundamental advantages and emphasizing that Stack is a layer for smart contracts.
That said, other analysts are becoming more bearish, predicting that Nihilus is likely to revert to $1.2 in the coming weeks.