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The cryptocurrency market has bounced back in the past 12 hours, with Bitcoin (BTC) regaining the $41,000 level.
Cardano (ADA) has also ridden the bullish wave upwards, soaring 13% from Monday’s low.
However, it’s not just established cryptos benefiting from renewed momentum – with presale project Bitcoin Minetrix (BTCMTX) continuing to turn heads thanks to its groundbreaking “Stake-to-Mine” feature.
ADA Gains 13% as Broader Crypto Market Rebounds
ADA has jumped to the $0.588 level since yesterday, erasing most of the losses experienced from Sunday onwards.
This looks to be a continuation of ADA’s strong bullish momentum, which has seen the token’s price rise over 56% since the start of December.
The gains have lifted Cardano’s market cap back over $20.8 billion, making it the eighth-largest cryptocurrency globally.
Cardano’s recent gains appear to be driven by renewed optimism in the crypto markets, stemming from the buzz around a potential spot Bitcoin ETF being approved in the US.
This optimism has also helped drive growth in Cardano’s DeFi ecosystem, with Total Value Locked (TVL) recently hitting an all-time high of $420 million.
Trading volumes for ADA have also increased alongside the token’s price gains, topping $1.1 billion in the past 24 hours.
With its strong technology and community, Cardano seems poised to continue its current run and target the highs of May 2022.
Bitcoin Bounces Back Above $41k Following Leverage Flush-Out
Beyond Cardano, the cryptocurrency market as a whole is regaining its footing after a sharp sell-off on Monday.
Bitcoin plunged below $40,500 at one point yesterday, dragging down other major coins like Ethereum (ETH).
However, investor sentiment has quickly recovered, with Bitcoin now trading around $41,860 and Ethereum bouncing back above the $2,200 mark.
The overall crypto market cap is back over $1.58 trillion, representing a 0.65% increase since yesterday.
Many crypto experts attribute the dip to the “flushing out” of leveraged positions, which refers to the liquidation of risky trades made with borrowed funds.
When price drops force highly leveraged positions to close out, it can spark a massive wave of selling pressure.
This can have an outsized impact on crypto prices, which are already prone to volatility from speculative trading.
Now that this excessive leverage has been cleared out, the market may have more room to trend upwards consistently.
New Stake-to-Mine Token Bitcoin Minetrix Raises Over $5.2m in Trending Presale
As the broader crypto market regains momentum, one project that is seeing particular interest is Bitcoin Minetrix (BTCMTX).
This new platform aims to open Bitcoin mining to a broader pool of participants through its “Stake-to-Mine” model.
Bitcoin Minetrix allows users to earn BTC rewards by staking their BTCMTX tokens on the Ethereum blockchain.
This will see users earn mining credits, which provide either cloud mining time or a share of mining yields.
Naturally, this streamlined setup reduces the barriers to entry for Bitcoin mining, as expensive hardware is not required.
Bitcoin Minetrix also provides a secondary passive income stream through its staking protocol, which offers APYs of 116% at the time of writing.
The project is currently in its presale phase and has attracted over $5.2 million in funding so far, demonstrating strong investor enthusiasm.
Its Telegram channel has also grown to over 6,500 members as people worldwide pile in to learn more.
As outlined in Bitcoin Minetrix’s roadmap, the developers plan to keep evolving the Stake-to-Mine system with a dedicated mobile app, allowing users to manage their mining activities from their smartphones.
Bitcoin Minetrix’s team even plans to partner with large cloud mining companies to expand their service offerings and increase the efficiency of their ecosystem.
With the current crypto rebound gaining steam, Bitcoin Minetrix is a token worth watching for those interested in gaining exposure to the crypto mining space.
Visit Bitcoin Minetrix Presale
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