Amid strengthening market conditions, several prominent Ethereum-based protocols have seen surging whale activity, indicating a potential reversal amid a bearish trajectory.
Meanwhile, the new token Bitcoin Minetrix ($BTCMTX) has surged past $1.5 million as it enters its second presale round, as traders back it to be another altcoin to have a bullish future.
Santiment Reports Whale Activity Spike Amidst Market Turnaround, Potential Bull Rally Ahead?
Market volatility has been rife recently following rising geopolitical tensions in the Middle East. Initially, crypto prices crashed, but whales seemingly capitalized on the lower prices.
According to the blockchain analytics platform Santiment, whale activity has surged massively with the decentralized exchange platform DyDx, data exchange platform Ocean Protocol, and decentralized payment platform Request.
According to the analytics provider, increasing whale activity often coincides with a price reversal.
Part of the reason for the increased whale activity, at least for dYdX, is that its developer activity has also spiked, Santiment reported.
An update by Santrends highlights that “dYdX development activity has never been that high as recently.”
Developer activity is a strong indication of the network effect, which is a theory that predicts the value of a good or service.
Then, when looking at Ethereum, Santiment stated that its social metrics have been “notably higher” since late September.
Data provided by the platform also shows that social dominance is about to cross over its price. Considering social dominance has been below price since March 2023, this could indicate that social sentiment is about to shift bullish, particularly when factoring in the 2024 Bitcoin halving set for April 2024.
As the chart above shows, social dominance has also broken its resistance level, which previously acted as support before November 2022.
Shifting our attention to Bitcoin, Santiment noted that the number of whales holding Bitcoin has spiked significantly recently. It also said that the number of wallets containing smaller amounts of Bitcoin is also growing.
Santiment data also shows that Bitcoin’s social dominance is above its price for the first time in months. Furthermore, daily trading volume is decreasing. Considering the price remains in a bear market, this could prove another sign that the tide is turning and a price reversal is on the horizon.
Ultimately, these factors provide a bullish outlook for Bitcoin, the market leader that other cryptos follow.
Considering this, it is unsurprising that some newer high-potential projects are experiencing immense success. One is Bitcoin Minetrix, a new pioneering protocol currently in presale.
Whales Also Back Bitcoin Minetrix as Stake-to-Mine Proejct Raises $1.5 Million
Bitcoin Minetrix is a new Ethereum-based protocol enabling investors to effortlessly mine Bitcoin by staking $BTCMTX tokens on its platform.
The presale launched around three weeks ago and has already exploded in its presale, amassing over $1.5 with a quick first-round sell-out. Investors now can buy at $0.0111 but must be fast as the price is set to increase by 10% in 13 days.
Bitcoin Minetrix’s use case revolutionizes Bitcoin mining. Users simply stake tokens, receive mining credits and then burn those mining credits for cloud mining hours, which equates to free Bitcoin.
The project also delivers numerous other benefits. For instance, it eradicates the risk of cloud mining scams, which have recently plagued the industry. What’s more, it streamlines the mining process, requiring no technical expertise, hardware, or upfront costs for users.
Yet Bitcoin Minetrix’s groundbreaking utility also delivers a bonus of significant capital appreciation potential. Users require the tokens for staking, providing a consistent demand stream. Furthermore, there will be no added sell pressure since rewards are paid out in mining credits rather than $BTCMTX tokens.
However, those looking to secure the best $BTCMTX price should act fast since the presale is rapidly selling out, and its price is incrementally increasing.
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