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Frenzy has gripped the crypto market again.
Bitcoin’s surge beyond the long-awaited $50,000 mark renews optimism in cryptocurrencies. It was in December 2021 Bitcoin touched the milestone the last time. Fast-forward two years, a lot has changed.
While Bitcoin leads the rally, altcoins like Solana and Kaspa steal the spotlight with higher surges. But with their price correction imminent, traders are turning to more potent tokens like Bitcoin Minetrix and SMOG this week to ride the pre-halving rally.
Things are Different This Time
Interestingly, a prolonged, harsh crypto winter followed the market the last time BTC crossed the same milestone. But this time, things appear more promising.
BTC’s ascent to the $50K milestone can be attributed to multiple factors. The most important of these are the potential institutional demand, dispiriting traditional interest rates, and the Bitcoin halving scheduled for April.
Optimism surrounding the institutional adoption of cryptocurrencies has kindled a new surge of interest in the market. It is expected to further fuel the price action of BTC. According to industry leaders and market analysts, BTC is positioned for a wild climb to $100,000 this year. In 2025, the world’s largest cryptocurrency may swell up to $200,000.
Apart from the approval of BTC ETFs, a strong catalyst for the recent bull run is the discouraging outlook of macroeconomic conditions. If things go south as anticipated, it will attract new investors to the crypto sphere in the upcoming weeks.
According to eToro market analyst Josh Gilbert, “We’ve got four or five cuts lined up from the Federal Reserve in 2024, the fourth bitcoin halving that will enhance the asset’s scarcity, and further inflows to bitcoin ETFs after already seeing billions of dollars flow in just weeks after launching”.
More importantly, history shows that Bitcoin halving is an excellent catalyst for bull runs. That is expected to be the case this time too. It will halve mining rewards, leading to an appreciation in BTC price as a compensation.
BTC won’t reap the benefits of the upcoming events and milestones alone. In fact, Solana and Kaspa stole Bitcoin’s thunder over the last few days. But can they sustain the momentum?
Solana and Kaspa Face Steep Correction
Solana and Kaspa are two of the biggest gainers of the pre-halving bull run.
Solana surged 18% over the week, touching an impressive milestone of $114 with a market cap of $49.5 billion.
While SOL has more steam left, it is bound to shed weight in the coming days. The blockchain coin’s leap to the 4th position on the global crypto chart comes with a price for short-term investors and traders.
Long-term investors, on the other hand, are holding steadfast to the token, which is expected to touch $200 by the year end. The project’s competitive edge in ecosystem development and expansion will continue to fuel its price action.
The surge in interest surrounding Solana-powered devices, in particular, is expected to add to the social momentum.
Kaspa has also demonstrated an impressive performance over the last few weeks.
The viral coin, however, is set to lose value in the coming days as traders have begun turning to alternatives for quick gains. The fundamental analysis of the project shows little promise for the coming weeks, while social sentiment indicates resilience.
For long-term investors seeking favorable entry points to Solana and Kaspa, the upcoming corrections will offer better prices in the second half of February.
SMOG Begins Another Rally
In the meme coin market, SMOG is preparing for a potential 100%-250% rebound ahead of its mega airdrop event on Solana.
SMOG has climbed 33% already. But the much-awaited airdrop leaves large room for growth.
The dragon-themed Solana coin is expected to overtake WIF and BONK in the next series of rallies. Following its stealth launch, SMOG surged 4,703%, propelling its undiluted market cap to $50 million.
Low-Cap Gems: Bitcoin Minetrix and eTukTuk Turn Heads
Bitcoin Minetrix ($BTCMTX), the stake-to-mine crypto that simplifies access to Bitcoin mining, is capitalizing on the pre-halving rally. The presale of $BTCMTX just broke past the $10 million milestone as Bitcoin edged close to $50K.
The staking dashboard breaks the barriers to mining, long reserved for the rich and the tech-savvy. Participants can begin earning BTC mining rewards by staking their $BTCMTX tokens. Credits are rewarded in a non-transferable ERC20 token, which is burnt for mining rewards.
The non-transferable nature renders the credits secure against hacks and theft, providing a reliable means of passive income. Although the dashboard has yet to go live, presale investors can put their purchases to work with the passive staking system.
To learn more about Bitcoin Minetrix and buy the presale tokens before the sell-out, visit the official website.
$TUK, the native token of eTukTuk, is another crypto that has been trending this week. The EV ecosystem is tailored for developing economies, focusing on the popular three-wheeler taxis.
Combining AI, blockchain, and advanced EV technologies, eTukTuk provides a green and cost-efficient alternative to traditional eTukTuks. Streamlined design, reduced operational and maintenance costs, AI integrations, and the potential for significant income boost give them high scope for mainstream penetration.
Like Bitcoin Minetrix, eTukTuk ($TUK) is an interesting cryptocurrency in the low-cap category.
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