The price of Ethereum is now down a steep 7% since the launch of the VanEck ETF at the start of this week.
The price correction has dragged Ethereum from a high above $1,750 to reach the current trading level of $1,640.
Although the launch of the Ethereum ETF is bullish news, many traders are wondering if they should hold tight on their $ETH holdings or look toward alternative coins during the current downtrend.
In particular, Bitcoin Minetrix ($BTCMTX) is attracting massive investment this week as investors rush to the groundbreaking novel stake-to-mine concept, pushing the presale beyond the $430,000 milestone in just a few days.
What you'll learn 👉
Ethereum Price Analysis: $ETH Drops 7% From ETF Launch
The futures-based Ethereum ($ETH) exchange-traded fund (ETF) has delivered underwhelming results in its first trading week.
The VanEck ETF, which started to trade earlier this week, has witnessed lackluster trading volume, starkly contrasting the huge volumes of institutional investment that the complaint trading vehicle was supposed to bring to the crypto market.
The ETF holds Ethereum futures contracts and is traded on the Chicago Board Options Exchange.
The launch of the ETF brought a huge wave of excitement to the industry, causing the number-two-ranked cryptocurrency to surge as high as $1,750, meeting resistance at the May 2023 lows;
Unfortunately, $ETH has reversed its position since hitting this resistance and has rolled over to fall by over 7%.
The cryptocurrency plunged beneath support at $1,700 and continued to be dragged lower today, causing it to break beneath the June 2021 lows at $1,650 to reach the current $1,640 level.
Should You Hold Tight?
So, the overarching question is whether you should hold your short-term $ETH or let it go.
Well, it seems the bears have already established their grip on the market, indicating that further price drops might be ahead.
If the sellers continue to drag the price beneath $1,600, the first level of support can be expected at $1,588.
This is followed by added support at $1,535 (long-term .786 Fib), $1,510 (March 2021 lows), and $1,488.
What Alternative Coin Should You Be Buying Instead?
While the Ethereum market starts to form another downturn, traders are beginning to turn their attention to lesser-known altcoins that can provide more significant returns on investment with smaller sums of capital.
In particular, Bitcoin Minetrix ($BTCMTX) is one altcoin gaining popularity this week as its presale soars past the $430,000 milestone.
Investors are intrigued by the long-term prospects behind this project as it introduces a novel stake-to-mine concept slated to overhaul and decentralize the entire Bitcoin mining sector.
Bitcoin Minetrix Raises $430,000 In Just One Week.
Bitcoin Minetrix ($BTCMTX) has managed to attract over $430,000 of investment in just one week from going live – indicating the extraordinary hype building behind this project.
Bitcoin Minetrix introduces a novel stake-to-mine concept designed to help the everyday investor start to mine Bitcoin.
The project is a tokenized cloud mining platform helping to decentralize the sector that was exclusively accessed by a handful of elite figures in Bitcoin mining.
Given its impressive start to fundraising, it’s apparent that early backers are expecting Bitcoin Minetrix to become a disruptive force in the BTC mining space.
The entire goal of the project is to transform the cloud mining landscape through its groundbreaking stake-to-mine feature.
As a result, Bitcoin Minetrix has managed to tokenize the sector and remove all the scams that have been prevalent in the industry for quite some time.
With the Bitcoin mining industry expected to grow by $12 billion between 2022 and 2027, Bitcoin Minetrix is looking to take its slice of this industry by being one of the most transparent services in the sector.
Cloud mining allows individuals to mine Bitcoin without paying for or maintaining expensive mining equipment. It also removes the technical expertise required to mine and the enormous electricity bills resulting from the practice.
The Bitcoin Minetrix ecosystem automatically manages user allocations in the cloud mining platform safely and transparently.
Users buy $BTCMTX and stake their tokens to earn Mining Credits. While earning Mining Credits, stakers also earn a handsome APY on their tokens.
Currently, the APY returns for staking $BTCMTX sit above 1,500%;
This handsome APY is expected to fall as more users enter the staking pool, but it is still significantly higher than most proof-of-stake tokens available today.
These Mining Credits can be burnt in exchange for time on the cloud mining platform.
The ERC20 Mining Credits ensure that money doesn’t change hands and users aren’t locked into long-term mining contracts, such as cloud mining providers enforce today.
Instead, the tokenization of the entire process ensures users retain complete control of their funds as the $BTCMTX can be unstaked and sold at any time, providing total flexibility.
The presale is quickly gaining momentum in the sector as investors realize the revolutionary goals behind the project.
The presale is currently in the first stage, selling the $BTCMTX token for just $0.011.
Those purchasing in this stage benefit from the lower prices as the token cost will increase during subsequent stages until reaching $0.0119 in the final one.
With the presale growing in popularity, the soft cap of $3 million is expected to hit within the coming week – pushing the cost of $BTCMTX higher in the process.
Overall, it’s unsurprising to see strong demand from $BTCMTX as its novel stake-to-mine concept will forever change the landscape for Bitcoin miners.
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