The SEC finally approved the series of Bitcoin spot ETFs on US financial markets, but the monumental event has left some Bitcoin supporters somewhat taken aback as Ehteruem starts to steal Bitcoin’s thunder.
The announcement allowed Bitcoin to surge as high as $47,730 during the bulk of the volume, registering a slight 1% rise on the day.
However, Ethereum ended up claiming the spotlight after surging as high as $2,640, registering an 11% surge – significantly outpacing Bitcoin. Now, traders are starting to wonder if Ethereum will likely hit $3,000 by the end of the week.
Furthermore, a handful of newly emerging altcoins are also outshining Bitcoin as investors rush to outsized returns. In particular, Bitcoin Minetrix is turning heads after raising an additional $200K in the past 24 hours.
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SEC Finally Approves Bitcoin Spot ETF – $BTC Sees Muted Response
The highly anticipated decision on the spot Bitcoin ETF finally came to fruition after the SEC announced that they had approved all eleven pending ETFs.
Interestingly, the spot Bitcoin ETF approval comes 15 years after Hal Finney’s Tweet stating that he’s “Running Bitcoin,” – adding a significant milestone to the memorable anniversary.
Running bitcoin— halfin (@halfin) January 11, 2009
The community was elated as they celebrated the milestone, but some were taken aback by the muted price movements in the price of $BTC.
Bitcoin failed to register a significant move during the event, only managing to climb to a high of $47,730 – unable to surpass the previous day’s high set at $47,900.
The muted price action wasn’t what anybody was expecting. Still, some suggest it’s best to wait for the ETFs to start trading later today before making any directional bias.
Ethereum Steals The Spotlight By Surging 10% – Is $3,000 Coming This Week?
At the same time, Ethereum registered an 11% surge as Bitcoin saw muted price movements – adding further to the shock of $BTC supporters.
Ethereum started the day slightly above $2,300 but went on to surge as high as $2,640 during the announcement as it reached the upper angle of a rising channel it’s been trading within since November.
Ethereum has now met resistance at the upper angle and a 1.272 Fibonacci Extension level;
The sudden price surge has many traders wondering if the $ETH explosion can continue throughout the week and let the altcoin surge as high as $3,000.
Toward the upside, if $ETH were to break the current $2,640 resistance, the number two-ranked cryptocurrency would initially face resistance at $2,770 (1.414 Fib Extension). This is followed by resistance at $2,900 and $2,950 before being free to test $3,000.
What Other Tokens Are Stealing Bitcoin’s Thunder?
Ethereum isn’t the only altcoin making significant headway, while Bitcoin sees muted price action.
A handful of newly emerging alternatives are seeing momentum following the SEC approval.
In particular, Bitcoin Minetrix ($BTCMTX) continues turning more heads after raising another $200K in the past 24 hours, pushing its fundraising beyond $8 million.
Bitcoin Minetrix Raises $8 Million As Investors Rush to Stake-to-Mine Earnings.
Bitcoin Minetrix ($BTCMTX) has crossed an impressive $8 million milestone in its presale over the past 24 hours as investors rush to the stake-to-mine opportunity and passive income through the ecosystem.
Bitcoin Minetrix is a project that lets everyday DeFi users mine Bitcoin in a decentralized method through an intuitive stake-to-mine concept.
The project seeks to change the cloud mining landscape ahead of the next Bitcoin block halving, preventing miners from being locked into long-term contracts and being left short on their expected mining earnings.
The platform intends to tokenize cloud mining through the $BTCMTX token, ensuring miners are in complete control of their funds throughout the mining process.
Furthermore, smart contracts will allocate earnings, so miners will never be shafted on their expected mining income.
To get started, users simply stake their $BTCMTX to earn mining credits, which can be burnt in exchange for time on the Bitcoin Minetrix platform.
A handful of influencers have already started backing the project, with Michael Wrubel and Zach Humphries endorsing the novel cloud mining ecosystem.
Bitcoin Mientrix has positioned its market entry perfectly, with the block halving approaching. Given its speedy rise to $8 million, it’s clear investors are backing the project as a disruptive force in cloud mining with a bright future ahead.
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