Investing.com | Editor Venkatesh Jartarkar
Published Nov 02, 2023 05:02PM ET
The Bitcoin market is experiencing a recovery rally, buoyed by the anticipation of the approval of Bitcoin Spot Exchange-Traded Funds (ETFs). Traders are closely monitoring ten applications, including a recent submission by VanEck. This anticipation has triggered a robust recovery in Bitcoin’s price, hitting a 17-month peak and stabilizing at $35,000, following a year-to-date (YTD) move of 107.16%.
On-chain indicators reflect the strong market sentiment towards Bitcoin. The Stablecoin Supply Ratio Oscillator (SSRO) has hit an all-time high of 4.13, suggesting traders are shifting their investments from stablecoins to Bitcoin. Despite this shift, the Reserve Risk remains low, indicating strong market confidence in Bitcoin’s risk/reward proposition.
Long-term holders control over 70% of Bitcoin’s supply, which means that the potential approval of Spot ETFs could trigger unprecedented demand against this limited circulating supply. This could potentially propel Bitcoin to new all-time highs, despite potential headwinds such as increased geopolitical risks in the Middle East and the Federal Reserve’s ongoing battle with stubborn inflation.
As Bitcoin’s price stabilizes, traders are exploring alternatives like Bitcoin Minetrix. This tokenized cloud-mining project has successfully raised $3 million during its Stage 4 funding round and is now trading at Stage 5 of its $BTCMTX presale. The growth of Bitcoin Minetrix has exceeded $3.1 million.
Investors are also considering other cryptocurrencies such as $BTC20 and the $BITCOIN meme coin due to their significantly lower market cap and potential for value increase by several thousand percent.
Moreover, Bitcoin Minetrix offers an additional revenue stream for its users who stake their $BTCMTX tokens. They are rewarded with ERC-20 mining credits at a current annual percentage yield (APY) of 195%, which can be redeemed for designated Bitcoin cloud mining time slots. As the $BTCMTX price rises to Stage 6 of the presale, investors are encouraged to move quickly. A 100% increase from its current price could drive Bitcoin to new heights.
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Written By: Investing.com