Crypto News: Bitcoin SV, Bitcoin Cash, Ethereum Prices Break Out - Is Altcoin Season Starting Now?
The crypto bull rally in the fourth financial quarter of 2023 was largely dominated by Bitcoin. BTC started the month of October priced at just $27,000. The subsequent ETF frenzy led to a 64% rally in the Bitcoin price, with the largest cryptocurrency hitting a new yearly high of $44.4k at the start of December.
However, the BTC rally has since displayed signs of weakness, with its price remaining essentially unchanged over the past two weeks and even depreciating by 2% over the last 7 days.
Market analysts believe that the crypto market capital could be rotating to the altcoins market, which would explain the consolidatory Bitcoin price action. Michael van de Poppe of MN Trading believes that most of BTC’s upward move is likely in. He also highlights that the Bitcoin dominance traditionally peaks before the Bitcoin halving, giving way to an altcoin bull market.
Bitcoin SV, Bitcoin Cash Skyrocket - Why Is Crypto Going Up?
True to de Poppe’s prediction, the Bitcoin dominance has tumbled by 1% today and 5% over the past week. This has led to a number of explosive breakouts elsewhere in the altcoin market.
Bitcoin SV is leading the market rally today, posting the highest gains of any top 100 cryptocurrency over the past 24 hours. The $BSV price surged by 43% on Thursday, reaching as high as $94 mark before correcting marginally to currently trade at $90, with a market capitalization of $1.7 billion.
According to the data from CoinGecko, 65% of BSV’s trading volume is concentrated on Upbit, South Korea’s largest crypto exchange. This comes after Coinbase, the largest US crypto exchange, announced that it would stop supporting Bitcoin SV, likely due to the claims of its founder Craig Wright that he is Satoshi Nakamoto.
Bitcoin SV is not the only BTC hard fork that is displaying an explosive bull rally. Bitcoin Cash has skyrocketed by 8% over the past 24 hours to trade at the $273 price point. Similar to Bitcoin and Bitcoin SV, Bitcoin Cash is also set to undergo its halving in April of next year and could display more upside in the coming weeks. BCH now has a market capitalization of over $5.3 billion, which makes it the 18th largest cryptocurrency on the market.
Ethereum, Layer 2 Tokens Also Rally
The Ethereum ecosystem is also witnessing strong growth over the past week. While ETH has surged by 5% to hit the $2,400 price point, other layer-2 tokens such as Arbitrum, Optimism and Polygon Matic are also displaying bullish strength.
The Arbitrum price soared by 12% on Thursday, trading above the crucial $1.50 mark, with a valuation of just under $2 billion. Conversely, its competitor, Optimism has appreciated by 62% over the past week, with 4% of the upside coming on Thursday.
While $OP is currently trading at just under $4, crypto analysts such as Ali believe that the token could be priced as high as $6 before it starts to consolidate.
Similarly, Polygon MATIC has breached the crucial $1 mark, with a market capitalization of over $10 billion, thanks to a 30% rally over the past week. Analysts such as CryptoGodJohn believe that MATIC could hit the $1.7 mark before it faces any resistance.
New Altcoins With 10x Potential In 2024
While the aforementioned large caps and midcaps are poised to dominate the 2024 altcoin bull market, newer tokens with important real-world utility and community backing could potentially offer even higher returns.
Bitcoin Minetrix ($BTCMTX)
The Bitcoin Minetrix project is launched to make crypto mining feasible for small-scale investors, challenging the monopoly of wealthy corporations. Its native cryptocurrency - $BTCMTX - has experienced strong demand in its presale, having already raised over $6.5 million in just three months.
Thanks to the upcoming bull market, the Bitcoin mining industry is set to turn extremely profitable. However, the high technical expertise and capital investment required to run a successful mining operation has made it impossible for everyday investors to benefit from the profitability of the space.
Bitcoin Minetrix is introducing an alternative crypto mining approach, which allows investors to earn BTC rewards by simply staking the $BTCMTX tokens. Minetrix does the mining while the investors reap the rewards, in proportion to the amount of $BTCMTX they have staked.
Even before the crypto mining operation commences, $BTCMTX investors will be able to earn staking rewards, currently at an APY of 96%.
This tokenized “stake-to-mine” mechanism is also being praised for its transparency, a feature that other cloud mining platforms often lack. For instance, Minetrix users have the choice to unstake and sell their tokens at any point, instead of signing burdensome, long-term contracts as required by other legacy platforms.
Due to Bitcoin Minetrix’s unique value proposition, investors such as Jacob Bury are extremely bullish on $BTCMTX’s price potential, predicting it to display a 10x bull rally after its launch.
Sponge V2 ($SPONGEV2)
Sponge V2 is the second and improved version of the Sponge meme coin, which was one of the best-performing tokens of 2023. The meme token is inspired by the famous cartoon show SpongeBob SquarePants, the popularity of which has provided a strong boost to $SPONGE.
Launched in May of this year, Sponge turned out to be a 100x opportunity for early buyers, with the meme coin reaching a peak of $100 million market capitalization. Thanks to its strong community support, Sponge gained over 13k token holders and 30k followers on social media. More importantly, it secured listings on 10 Tier-1 crypto exchanges such as OKX, Bitget, LBank, MEXC etc.
However, this second version of the “Krabby Patty of Meme Coins” is now aiming for an even higher valuation, hoping to land “bigger and better crypto exchanges”, which could be hinting towards Binance. Backed by revamped tokenomics, a higher marketing budget and a Play-To-Earn game, Sponge V2 is looking to deliver another 100x opportunity in 2024.
Several crypto whales and smart-money traders believe in $SPONGEV2’s price potential. Michael Wrubel, who made $100k with Sponge, has made another investment into Sponge V2. Even Justin Sun, the founder of the Tron blockchain and the Poloniex crypto exchange, holds over $4 million worth of $SPONGE holdings, which he plans to convert to Sponge V2.
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