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An overwhelmingly bullish 24 hours swept the cryptocurrency market as Bitcoin surpassed $63,000. This has brought it below 9% of its ATH in November 2021, creating tremendous excitement among market participants.
This excitement has also spread to new altcoins, with cloud mining protocol Bitcoin Minetrix recently surpassing $11.5 million in presale.
Bitcoin Soars as Retail and Institutional Demand Floods the Market
Bitcoin’s rally in the $40,000-$50,000 range was triggered by institutional demand for Bitcoin spot ETFs on Wall Street. However, retail buyers are contributing to the recent surge, creating a parabolic effect as Bitcoin rose by $12,000 in two weeks.
Bitcoin is currently trading at $62,100 after recently touching the $63,000 level. It’s up 8.51% today, 20.69% this week, and 47% this month.
This move took the market capitalization to a whopping $350 billion, revealing the huge gap between supply and demand.
Spot Bitcoin ETF inflows are on the rise, and James Seyffart recently reported that BlackRock’s IBIT ETF set its own record with inflows of $673 million on its last day.
The analyst also pointed out that this took IBIT’s assets under management (AUM) to over $9 billion.
ETF analysts also reported a new record volume of $7.69 billion yesterday. The previous record was $4.66 billion on the first ETF launch date, showing the growing interest in the cryptocurrency market from institutional investors.
Meanwhile, interest in retail is also growing. A recent incident occurred at the Coinbase exchange, causing the platform to be shut down.
Coinbase founder Brian Armstrong tweeted that the glitch was caused by a surge in traffic to the site.
Additionally, analyst Joe McCann noted that Coinbase’s most recent quarterly earnings report showed a surge in retail trading volume.
McCann posted a tweet last week suggesting “retail is coming.”
This shows that the recent outages were at least partially due to increased retail demand. However, the recent explosion of meme coins like Pepe and Dogecoin further suggests that a surge in traffic is driving retail.
Ali Martinez had this to say about what Bitcoin price could do next: “There is no resistance in front of Bitcoin. All we see is a major support wall between $54,300 and $56,200 where 903,540 addresses bought nearly 500,000 BTC.”
The analyst then displays a table showing the amount of traders who have profited at various levels. This is used to determine potential support and resistance areas.
According to the chart, Bitcoin’s support level between $52,000 and $62,000 is above the upcoming resistance level.
We’ll have to wait and see what happens next, but the level of interest in the lower price range compared to the higher price range suggests that the upward trend is likely to continue.
But while Bitcoin is poised for greater success, traders are taking advantage of market conditions by exploring high-growth altcoins like Bitcoin Minetrix. The project has raised more than $11.5 million in presales.
Bitcoin Minetrix presale raises over $11.5 million
With the halving less than two months away, Bitcoin mining is a hot topic.
Mining stocks are trading at a premium and expectations are high about a decline in Bitcoin supply.
Bitcoin Minetrix is a new presale that capitalizes on this trend, offering compelling, problem-solving use cases and powerful tokenomics.
The project allows users to cloud mine Bitcoin on the Ethereum network.
It works by allowing users to stake BTCMTX for Bitcoin mining credits, which can be burned for cloud mining power.
No hardware or technical expertise required. This makes it easy and ideal for beginners or those looking for an efficient way to mine BTC during a bull market.
To enhance the user experience, Bitcoin Minetrix will supplement BTC rewards with its native token, BTCMTX. Cloud mining is not yet active, but pre-sale investors can stake tokens for BTCMTX.
Currently they can earn 59% APY, but this percentage will decrease as more tokens are staked.
Taking a tiered approach to incentivize early adopters, Bitcoin Minetrix’s pre-sale price will increase as the event progresses.
BTCMTX is currently trading at $0.0137.
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