Bitcoin’s (BTC) price has risen over 4% in the past 24 hours, continuing its positive momentum since the final week of January.
The world’s largest cryptocurrency now trades above $44,700, recovering from the lows of $38,600 seen on January 23.
With innovative projects like Bitcoin Minetrix (BTCMTX) gaining traction and nearing the $11 million milestone in its ICO, the crypto market outlook appears bullish for 2024.
Whale Accumulation Propels Bitcoin Towards $45k Mark
After breaking out of its recent sideways consolidation, Bitcoin’s price is continuing to soar this week.
Bitcoin also saw a spike in spot trading volumes, with CoinMarketCap data showing over $25 billion worth of the coin changed hands in the past 24 hours. This represents a 56% increase from the previous day.
Activity from whale investors seems to be providing the boost that Bitcoin needed to break out of last week’s tight trading range.
A tweet from Ali Martinez revealed that the number of wallet addresses holding over 1,000 BTC has grown significantly since late January.
Currently, at a multi-month high of 73, this suggests continued accumulation from large Bitcoin holders who remain confident in further upside. Their purchases have helped propel Bitcoin higher, with the coin now just below the $45,000 level.
Helping Bitcoin’s momentum even further is strength in the traditional equities market, with the S&P 500 recently posting a new all-time high.
Spot Bitcoin ETFs Surpass $1 Billion in Daily Volume as Holdings Continue Growing
As Bitcoin’s price momentum builds, spot BTC ETFs continue seeing tremendous growth since first launching last month. Total daily trading volume across all spot ETFs topped $1 billion yesterday – a new record.
Leading the way was BlackRock’s iShares Bitcoin Trust (IBIT), which accounted for just over $341 million in volume. This surpassed the popular Grayscale Bitcoin Trust (GBTC), which saw $296 million in trades.
Fidelity’s FBTC came in third with $200 million in daily trading volume. Inflows also remain strong, with spot ETFs continuing to accumulate BTC, while Grayscale’s fund sells off for the ninth consecutive day.
Just yesterday, Grayscale saw $81 million leave its fund, while the other nine ETFs brought in $226 million. With most ETFs continuing to acquire Bitcoin, their total holdings are now approaching those of top corporate holder MicroStrategy.
This has been viewed as a bullish signal by retail investors – contributing to Bitcoin’s ongoing price pump.
Bitcoin Minetrix ICO Approaches $11 Million Milestone with Innovative Staking Model
While Bitcoin and the spot ETFs grab most of the headlines, new crypto projects are also on the rise that are contributing to the market’s bullish momentum.
One example is Bitcoin Minetrix, a platform debuting an innovative staking model for BTC rewards. Bitcoin Minetrix lets holders stake their tokens passively to earn “mining credits.”
These credits can then be redeemed to receive hash power from Bitcoin Minetrix’s cloud mining operations.
Essentially, stakers receive lucrative BTC mining rewards without needing to buy expensive equipment or acquire technical expertise. The project has generated massive buzz from influencers and investors alike due to this novel use case.
During its ongoing presale, over $10.5 million in funding has been raised so far – and the project is trending toward hitting the $11 million mark in the coming week.
Presale buyers can also stake their BTCMTX tokens to earn a recurring yield, which currently sits at 64% per year.
With multi-faceted income streams and growing community support, it’s no surprise that Bitcoin Minetrix has been ranked second on CoinSniper’s list of upcoming ICOs to watch.
Once Bitcoin Minetrix’s presale ends, the developers intend to list the BTCMTX token on exchanges to enable speculative buying. This could drive massive demand from investors who miss the early-stage token discount.
Moreover, the timing coincides nicely with the anticipation around Bitcoin’s next halving event. Bitcoin Minetrix could be primed for a fruitful 2024.