As a major bull market is speculated for Bitcoin (BTC), investors have been on an accumulation spree, with purchases reaching a three-year high.
Currently, Cardano (ADA) and NuggetRush (NUGX) have emerged as interesting coins as well.
Bitcoin (BTC) Accumulation Trend Hits 3-Year High
Although January offered a mix of bullish and bearish sentiments, crypto investors appear to be expecting a major bullish trend in 2024. This can be seen as Bitcoin records its biggest accumulation streak in over three years.
As reported by Ali Martinez, the Accumulation Trend Score of Bitcoin has remained near 1 for the past four months. This, he notes, reflects a growing confidence in Bitcoin. It is also one of the Bitcoin ETF market effects, as 67 new entities have gulped up over 1,000 BTCs in just two weeks.
This accumulation also comes just weeks before the fourth Bitcoin halving event. Although BTC has been hovering around the $43,000 level, many experts expect its price to top $100,000 before the end of 2024.
NuggetRush (NUGX) Emerges as a GameFi Market Alternative
With Bitcoin leading the way, the rest of the crypto market tends to follow. In the GameFi market, NuggetRush (NUGX) has emerged as an interesting alternative because of its unique attributes.
The game was based on the famous gold rush model. Players will enter the hyperrealistic virtual world in search of gold and other precious metals. They will build their mining operation as they search for these treasures. The game requires mining knowledge, which would be provided by some of the coolest NFTs in the gaming space.
The greater the knowledge and equipment a player has at his disposal, the better their chances of finding these treasures, which can be converted to real gold and cash.
Players can also receive the ERC20 coins of the platform NUGX for their accomplishments. NUGX is priced at $0.018 per coin during its presale.
Cardano (ADA) Could Surge By 40% in the Coming Weeks
Cardano (ADA), like most of the crypto market, struggled in January. The altcoin dropped more than 20% of its value in January alone. Despite its poor start to the year, market analyst and trader Crypto ZX has said that things could change in the coming weeks.
The analyst has noted that ADA could experience a 40% breakout if it manages to hold above the $0.4500 support in the coming days. If this happens, then the altcoin price could recover the $0.600 resistance for the first time since mid-January.
The Bitcoin accumulation trend, at a 3-year high, presents a bullish outline for the crypto market. Cardano and NuggetRush have emerged as altcoins to watch as well.
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