As two of the most talked-about cryptocurrencies in early 2024, both Cardano (ADA) and Bitcoin Minetrix (BTCMTX) have made impressive progress.
While ADA aims to reclaim the $1 mark after falling below it in mid-2022, Bitcoin Minetrix is looking to reach a funding milestone of $11 million – but which will occur first?
Cardano Pumps 13% as Traders Turn Bullish
After seeing impressive gains of 13% over the past two days to hit $0.539, Cardano is building momentum as it aims to reclaim the $1 mark this year.
Spot trading volumes have also picked up, indicating renewed retail interest in ADA.
In the last day, nearly $590 million worth of Cardano has exchanged hands, making it the 13th most-traded crypto globally.
However, some traders have been caught on the wrong side of the recent price pump.
CoinGlass data shows over $700,000 worth of ADA short positions have been liquidated across exchanges since yesterday.
During the same time frame, only $545,000 longs were liquidated.
These metrics suggest that the market sentiment towards Cardano remains bullish and that short sellers are beginning to be wiped out of the market.
With ADA trading at its highest value since January 16 and the token breaking past key resistance at $0.530, the path seems clear for further upside.
Can Cardano’s Planned Upgrades Power an ADA Surge to $1?
Cardano’s recent rally has led many investors to question whether ADA can revisit the $1 level in 2024.
For ADA to hit $1, several key network upgrades must be implemented successfully.
The most anticipated development is Mithril, which is slated to occur this year.
By reducing node bootstrapping time to under 20 minutes, the “Mithril age” could make running Cardano nodes more accessible, bringing more participants into the ecosystem.
Alongside Mithril, the planned Chang hard fork promises advanced scalability and community governance features.
Further upgrades, like Hydra 0.15.0 and Lace 1.8, also seek to provide greater transaction throughput and smart contract utility.
These upgrades could lead to more developers building dApps on Cardano – boosting usage and ADA transactions.
However, even with these upgrades, the broader crypto market would likely need to experience a bullish cycle for ADA to reach $1 this year.
Although not entirely out of the question, the 84% rise that would be required seems like a tall order.
Bitcoin Minetrix Offers New Way to Earn BTC Rewards & Trends Towards $11m Milestone
As Cardano pushes for a return to $1, a new project called Bitcoin Minetrix (BTCMTX) offers an alternative path to BTC mining rewards.
Bitcoin Minetrix aims to make cloud mining more accessible through a tokenized model featuring the native BTCMTX token.
By staking BTCMTX, holders can earn credits to access cloud mining power and earn BTC.
This setup removes barriers like high hardware costs, technical complexity, and the risk of deposit loss that deter individuals from using cloud mining firms.
BTCMTX holders will also earn additional tokens by staking – with annual yields set at a whopping 64% per year.
Currently in presale, Bitcoin Minetrix has raised over $10.5 million and is on track to hit $11 million soon.
With the presale price of BTCMTX still set at a discounted rate of $0.0133, the project seems to be on the right track ahead of the development team’s planned exchange listings.
Bitcoin Minetrix’s roadmap also outlines ambitious plans to launch a “Stake-to-Mine” mobile app and partner with cloud mining entities to boost capacity.
If the developers can continue growing the Bitcoin Minetrix Telegram community and building social media momentum, achieving $11 million in the coming days seems feasible.
Compared to Cardano revisiting $1, Bitcoin Minetrix’s milestone seems to have much better odds, given its early-stage growth potential.
Visit Bitcoin Minetrix Presale
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