Nearly all of the media attention at the end of 2023 and the start of this year has been about Bitcoin (BTC). Of course, this is natural because it’s the crypto market’s number one token, and it has two massive events on the horizon this year with ETF approvals and the halving event. However, its main rival, Ethereum (ETH), looks like it is about to start stealing headlines.
After Bitcoin ETF approvals by the SEC, the price of BTC actually came down. Eyes started to turn toward Ethereum, where a lot of positive developments are happening. It could be one of the best-performing altcoins of 2024. However, we think THE best-performing coin this year is going to be Bitcoin Minetrix (BTCMTX).
Before we go into why we think Ethereum will have a good 2024, let’s first examine Bitcoin Minetrix to see if it can back up our lofty claims.
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Bitcoin Minetrix: The project that solves one of crypto’s biggest problems
If we were to ask a random group of people on the street what they thought the biggest problem with crypto was, we are sure many of them would mention how much energy data centers use to mine cryptos like Bitcoin. If we were to pose the same question to a lot of Bitcoin investors and miners, they would actually have a similar answer, except theirs would be in regard to the costs of mining crypto.
This is why Bitcoin Minetrix (BTCMTX) is the perfect project for 2024 and for the future of crypto. It solves a specific niche issue that Bitcoin miners have and also, at the same time, solves a massive macro issue that will help crypto become more sustainable going forward.
The issue with the data centers is obvious, but what exactly is the problem that miners have? Well, crypto, at its very essence, is supposed to be an anti-bank movement that allows individuals to have control over their assets. Unfortunately, Bitcoin has actually been a victim of its own success in this regard.
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Just over a decade ago, Bitcoin started to become more popular, before that, anyone could mine Bitcoin at a small scale as long as they had the technical know-how. Its massive explosion in price has changed all that. Now, Bitcoin almost solely takes place in these huge data centers that cost astronomical amounts of money to run.
This has excluded 99% of crypto lovers from ever being able to mine. So, Bitcoin mining can not really be considered decentralized anymore. This is the problem Bitcoin Minetrix wants to tackle, they want Bitcoin mining to be available to anyone who wishes to partake.
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How Bitcoin Minetrix will change cloud mining to find the solution?
The project actually uses the original solution that was put forward to stop this problem but improves on it. That solution was called cloud mining. In theory, this is a process where an individual enters into a cash contract with a company that can lease mining time, and then that individual gets to mine Bitcoin.
Unfortunately, this didn’t play out in practice. These companies are charging very high deposit fees and then, after that, still require a share of your yields. This is also the best-case scenario, as the cloud mining sector is filled with scammers who lure miners in with initial returns and then pull the rug from them once they’ve got them to pay the extra fees.
The Bitcoin Minetrix solution is to use cloud mining but strengthen it by adding staking into the mix. This is called a stake-to-mine system and the point of it is potential miners are always in control. This begins with the staking. Investors can stake their BTCMTX tokens and then have three choices from there.
#BitcoinMinetrix Stage 20 wraps up in just 3 days!
How can we make #Bitcoin mining more accessible to a wider audience? pic.twitter.com/Z57TX57Oyq
— Bitcoinminetrix (@bitcoinminetrix) January 18, 2024
They can unstake and sell their BTCMTX, they can hold on to them and rake in that APY% (which currently stands around 74% with over 560 million tokens staked), or, if they wish to mine, they can choose the third option.
This is to exchange their stacked BTCMTX tokens for mining credits. These are non-transferable, secondary ERC-20 tokens that can only be used for one thing, and that is burning them in exchange for mining time or a share of the mining yields.
The whole process works out as a greener and cheaper way to mine Bitcoin. This is its primary purpose but who knows how far it could go to helping crypto in the future. The presale has raised over $8.7 million so clearly, we aren’t the only ones that think this coin could be the biggest earner of 2024.
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How Ethereum should also be one of the big performers this year?
While Ethereum (ETH) has been slightly down over the last few days, a look at its 30-day performance chart still shows over 15% growth. Considering the value that Bitcoin lost after ETF approvals, this is very impressive. Of course, a big driver for the price of ETH this year could come from its own impending ETF future, which the SEC will decide on later this year.
Ethereum has a lot of positive developments going on in its ecosystem, which also leads us to believe it will soon start pumping again. Below, you can see some work done by the on-chain data group Santiment that shows Ethereum has been dominating Bitcoin by a +22.4% margin.
The data also shows the incredible amount of new addresses and wallets that have been created in the last few days. Clearly, Ethereum is building toward having a very strong Q1 of 2024. We believe this should also continue deeper into the year.
�� #Ethereum‘s price dominance continues to surge against #Bitcoin‘s, now +22.4% in a week. During this stretch, there have been 89.4K new $ETH addresses created per day, and 96.3K wallets just yesterday. Additionally, the 2nd largest market cap asset’s supply on
(Cont) �� pic.twitter.com/9nHCl6PJPy
— Santiment (@santimentfeed) January 16, 2024
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Conclusion
So you can see that although we are predicting a good year for Ethereum, we still expect Bitcoin Minetrix to outgain. This comes down to the project’s quality but also the fact it’s a presale. Its very small price and market cap gives it so much more scope for gains. Once listings begin, we think it will really start to pump.
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