Bitcoin’s (BTC) price has surged past $50,000 for the first time since December 2021, boosting optimism around the future of the world’s largest cryptocurrency.
Crypto bulls are cheering the new high, citing institutional adoption and the upcoming halving as drivers of the latest rally.
With presale projects like Bitcoin Minetrix (BTCMTX) also nearing $11 million raised, it’s clear there is still a massive appetite for crypto projects with strong tokenomics and real utility.
Bitcoin Rallies Past $50k as Halving Fuels Mining Frenzy
Bitcoin’s return above the $50,000 level represents a dramatic turnaround from its lows below $25,000 seen in September.
While some analysts point to improving macro conditions as a driver of Bitcoin’s surge, others consider the upcoming halving in April the primary catalyst.
The halving will cut mining rewards in half, enhancing the scarcity of newly-created Bitcoins.
According to the laws of supply and demand, assuming demand remains constant, decreasing the supply of new Bitcoins entering circulation should put upward pressure on price.
Unsurprisingly, this possibility has boosted the share prices of publicly traded crypto mining companies, which stand to benefit from rising Bitcoin prices.
Major mining stocks like RIOT and MARA have seen their share prices rise over 50% in the past week alone.
With the halving fast approaching, mining stocks seem poised to continue rallying if Bitcoin maintains its upward momentum.
Bitcoin ETF Demand Outpaces Crypto Miners By 10x
While the upcoming halving has fueled excitement around Bitcoin mining stocks, another major driver of BTC’s price surge is the huge institutional demand from recently launched spot ETFs.
These ETFs have seen enormous inflows, gobbling up Bitcoin supply faster than miners can produce.
Spot Bitcoin ETFs scooped up over 10,000 BTC yesterday – worth more than $493 million.
Compared to the 1,059 newly minted BTC worth $51 million generated by miners on the same day, the appetite from institutional investors has significantly outpaced supply.
With major funds like BlackRock and Fidelity leading the ETF charge, this trend is likely to continue in the short term.
As long as inflows continue exceeding production, the fundamentals are aligned for further upside in the BTC price.
Some prominent analysts, including Adam Back, even believe Bitcoin could hit $100,000 before the next “halvening.”
New Stake-to-Mine Project Bitcoin Minetrix Approaches $11m Milestone as Hype Builds
Amid the excitement around Bitcoin’s break of $50,000, a new crypto project is gaining attention.
Bitcoin Minetrix, a tokenized cloud mining platform, is approaching $11 million raised in its presale initial coin offering (ICO).
The project aims to provide everyday crypto enthusiasts with a simple way to earn Bitcoin through cloud mining without the risks of third-party providers.
Users can purchase and stake BTCMTX tokens to earn credits, which are then burned to gain Bitcoin mining power.
This model, titled “Stake-to-Earn,” removes dependence on external mining companies.
With Bitcoin’s supply rate set to be cut in half soon, increasing the mining difficulty, Bitcoin Minetrix seems well-positioned to capitalize on potential bullish trends.
Bitcoin Minetrix’s presale has attracted significant interest, raising over $10.7 million so far from retail investors.
The current price of BTCMTX is set at $0.0134 – although this will rise in two days once the next stage begins.
Once Bitcoin Minetrix’s presale ends, the development team intends to list BTCMTX on a selection of well-known exchanges.
Members of Bitcoin Minetrix’s Telegram community believe these listings could be the key to colossal price growth for BTCMTX.
Overall, as seen with mining stocks, substantial enthusiasm surrounds assets tied to Bitcoin production.
If Bitcoin Minetrix can deliver on its promising mining concept, its presale looks set for a strong finish.
Visit Bitcoin Minetrix Presale
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