The crypto market has seen a pullback in the last 24 hours, with Ethereum (ETH) and XRP (XRP) prices declining from recent highs.
This cooling-off period has come after a week of bullish momentum for both coins, along with most major cryptocurrencies.
Despite this downturn, Bitcoin Minetrix (BTCMTX) continues to gain traction as it nears a fundraising milestone of $2.5 million.
Sharp Pullback for Ethereum as Profit-Taking Occurs
Over the past day, ETH’s price has returned to the $1,787 level – a 4% drop from Thursday’s high.
The token’s value had risen 20% in the seven days prior, briefly tapping $1,867 before today’s drop.
Ethereum’s gains have been fueled by growing buzz surrounding a potential approval of a spot cryptocurrency ETF by the SEC
The SEC recently acknowledged Grayscale’s application to convert its Ethereum trust into an ETF, which has been viewed as a positive sign for the crypto market.
Meanwhile, according to data from Santiment, activity by Ethereum “whales” has spiked, with large transactions exceeding $100,000 reaching a three-month high.
This suggests substantial accumulation from crypto “whales,” who are withdrawing ETH from exchanges in high amounts.
As such, while Ethereum has cooled off slightly, investors remain optimistic that the underlying fundamentals and institutional interest could support a rebound soon.
XRP Holds Critical Support at $0.55 as Traders Await Next Move
XRP has also cooled off after breaking out its long-standing trading range between $0.47 and $0.55.
The token briefly soared above $0.56 between Tuesday and Thursday yet has now retraced to the $0.55 level.
XRP seems to be testing the upper boundary of its previous trading range as a potential support level, possibly using it as a foundation for future upward movement.
XRP holders will hope this is the case since the alternative is that the price slips back into the range and begins consolidating again.
According to data from CoinMarketCap, XRP trading volume has dropped 10% in the past day, hitting $1.2 billion.
This suggests that some traders may be taking profits or sitting on the sidelines to see if the $0.55 level holds as support.
With XRP currently hovering around this critical level, the next few days could be pivotal in determining the token’s short-term direction.
Bitcoin Minetrix Presale Still Bullish as $2.5m Milestone Nears
While the broader crypto market has pulled back, one project continues to gain momentum in its presale – Bitcoin Minetrix (BTCMTX).
This innovative new platform aims to make cloud mining more secure and accessible through its novel staking model, Stake-to-Mine.
Nearing its Stage 3 presale goal of $3.1 million, Bitcoin Minetrix has already surpassed the $2.4 million threshold.
With BTCMTX tokens still available at a low price of $0.112 each, the project is seeing a surge of interest from mining enthusiasts and retail investors.
Driving this interest is Bitcoin Minetrix’s approach to mitigating many risks commonly associated with traditional cloud mining, thereby broadening its appeal to investors.
The creators have laid out a detailed roadmap for developing the platform after the presale concludes, with 42.5% of the BTCMTX supply going toward mining operations.
As outlined in the project’s whitepaper, a further 35% of the supply will be used to fund marketing operations – hinting that the creators plan to promote the platform to drive user adoption aggressively.
With promising developments and a rapidly growing community, evidenced by over 3,300 Telegram channel members, Bitcoin Minetrix appears poised for growth as it continues to gain attention during its presale.
Visit Bitcoin Minetrix Presale
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