Bitcoin (BTC) has historically led market rallies, with altcoins riding on its coattails. Positive macro conditions for altcoins generally arise when BTC makes slow and steady gains or moves sideways for extended periods, giving alts room to run.
With BTC flashing its first ever ‘Golden Cross’ signal on the weekly timeframe this week, markets could see increased optimism and a potential reversal of the current price corrections.
Ethereum has been outperforming the market recently with ETF-narrative support. This same narrative sent BTC from $25,000 to $40,000 over the past several months. Meanwhile, new memecoin project, Galaxy Fox (GFOX), is verging on $3 million in its ongoing presale which has gained popularity as both GameFi and memecoins continue to be among the popular narratives driving the current bull market.
Bitcoin Golden Cross Appears
The Golden Cross is a bullish breakout pattern formed when the 50-day moving average crosses the 200-day moving average. In this case, BTC has formed its first-ever weekly Golden Cross, as pointed out by popular trader Jelle on X
Despite the recent correction- a normal occurrence after Bitcoin’s months-long, almost vertical rally- this pattern indicates positive price action moving forward. Sentiment is net positive in 2024, with the halving coming later this year, which has always preceded an enormous run-up. Added to this crypto-native event is the macroeconomic condition, and Powell is forecasted to begin cutting rates this year.
Galaxy Fox Raises Nearly $3 Million
Galaxy Fox’s ability to raise nearly $3 million in several weeks has certainly been influenced by the power of narratives. And this presale introduces a hybrid build merging P2E and memecoin components.
GameFi is expected to be one of 2024’s largest growth verticals, and currently, there is a revitalization taking place in P2E projects- a small sub-niche within the GameFi umbrella. Galaxy Fox’s runner game features the classic play-to-earn financial incentive rewarding the top players, and this part of the protocol locates it squarely in the GameFi narrative.
The tokenomics design integrates the classic burn campaign and taxation systems often used by memecoins.
The protocol additionally features NFTs, which grant in-game stat boosts, an NFT marketplace, real-world merchandise, and staking rewards. This broad market appeal is another factor causing users to participate, and the performance expectations for small caps are enormous this year.
Closing Thoughts
The BTC Spot ETF has ushered in an era of long-term influx of funds from institutional investors, and if the Ethereum ETH is approved, the wealth effect could wash through DeFi, making it advantageous to hold any of the top ten cryptocurrenci
Learn more about Galaxy Fox here: Galaxy Fox Presale | GFOX Telegram Community
Disclaimer
This article is sponsored content and does not represent the views or opinions of BeInCrypto. While we adhere to the Trust Project guidelines for unbiased and transparent reporting, this content is created by a third party and is intended for promotional purposes. Readers are advised to verify information independently and consult with a professional before making decisions based on this sponsored content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
