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While a lot of the focus so far in 2024 has been on Bitcoin (BTC), there are many reasons to be very bullish on crypto’s number two token, Ethereum (ETH). It too has possible ETF approval looming and that would do wonders for the price of the altcoin. In fact, Bloomberg ETF analyst Eric Balchunas believes there is a 70% chance that the approval by the SEC will come in May of this year.
Elsewhere, there is another very interesting Bitcoin alternative coin going through presale called Bitcoin Minetrix (BTCMTX). This coin provides a solution to a Bitcoin mining problem that should not only make this project a great success but also help Bitcoin hit new highs. Before we get into 5 reasons why Ethereum could propel to $5,000, let’s first take a look at this new token.
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Bitcoin Minetrix- This project is not just likely to pump itself but also help Bitcoin in 2024
The presale of Bitcoin Minetrix (BTCMTX) has been a huge success and it originally took a lot of experts off guard. What seemed like a niche crypto has raised over $8.3 million already as whales are even starting to get their share of BTCMTX.
The reason for this is that Bitcoin Minetrix could provide a solution that currently plagues the Bitcoin mining sector. This means it could not only be a success itself but could be key to Bitcoin hitting a new all-time high in 2024.
The problem it aims to tackle is how exclusive the mining of Bitcoin has become. Originally an activity anyone could do from their own home with the right equipment, has really gotten out of hand. Due to its growing popularity, Bitcoin is now mined in industrial-sized data centers that use an incredible amount of energy. This costs a lot and has thus excluded most crypto enthusiasts from mining its number one token.
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The key ingredients to success are cloud mining and staking
Cloud mining was originally put forward as the solution but it has massive issues now too. In theory, an individual enters into a cash contract with a company that can lease the capabilities to mine. This sounds fair but the companies are charging huge deposit fees and demanding a share of the yields individuals mine. The process is also full of scammers too so it has failed as an alternative to the problem.
Bitcoin Minetrix understands that cloud mining is a good idea but has innovatively added staking to the mix to give the people who wish to mine control over the process. How it works is fairly simple; Investors have a choice once they stake their BTCMTX. They can keep them and earn a decent APY% and they can also unstake and sell them at any time.
There is a third option with Bitcoin Minetrix that allows investors to exchange tokens for mining credits. These credits are secondary ERC-20 tokens that have one function. That is to be burned in exchange for mining time or a share of the yields. An innovative process that is both greener and cheaper than regular Bitcoin mining. It’s no wonder the presale has taken off.
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5 reasons why Ethereum could propel to $5,000 in 2024
As we mentioned in the opening, a lot of the focus for 2024 has been on Bitcoin (BTC), but Ethereum (ETF) could well outgain it. One of the main driving forces behind the Bitcoin hype is the recently approved ETFs. Later this year the Ethereum ETFs could be approved and given that ETH has already started pumping this year, that could mean the hype could continue to drive the price toward $5k.
Ethereum has been making big improvements to the ecosystem, and co-founder Vitalik Buterin recently announced major roadmap updates. Single Slot Finality (SSF) is perhaps the stand-out update. It will help the proof-of-stake system run more efficiently and given the emphasis put on staking lately this should help the price pump.
It's always nice to have some experts on your side when you make a crypto forecast. Despite Solana (SOL) performing so well lately, Arthur Hayes, co-founder of BitMEX, recently tweeted about how he was abandoning the altcoin for Ethereum. Hayes believes ETH is on its way to $5k.
Santiment, a behavioral analytics crypto site, released a report right at the end of 2023 that made for very good reading for ETH investors. It stated that the total supply of the altcoin on exchanges was around the 8% mark. As we know scarcity is very valuable for a cryptocurrency’s worth.
Lastly, that same study also showed that around $28.4 million ETH had been staked, as we have covered staking is becoming more and more valuable to projects and this many staked coins give Etehereum’s potential future gains a nice parachute if market conditions turn bearish at any time. Over 3.8 million ETH tokens have been burnt too which also contributes to scarcity. All the above reasons point to Ethereum hitting $5k this year.
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Conclusion
So there you have our analysis on two different coins at very different ends of the spectrum but both look like they will be big gainers in 2024. Both projects are worth investing in but for the largest profit, Bitcoin Minetrix is the choice. Its low presale price means it is a low-risk option but has a chance of a big return on investment.
Vladislav Sopov
Dan Burgin
U.Today Editorial Team