Bitcoin and Ethereum Experience Dip in Prices
Bitcoin and Ethereum have started Dec. 18 with a decline in prices, down 2.53% and 3.67% respectively. However, the newly launched Bitcoin Minetrix is outperforming other cryptocurrencies as its presale surpasses $5.4 million.
Transaction Fees Cause Bitcoin and Ethereum Dip
The prices of related projects on the Bitcoin Network have been increasing significantly, leading to a surge in transaction fees. The average Bitcoin transaction fee has reached $37, causing over 290,000 unconfirmed transactions. This has raised concerns about the usability of Bitcoin during the current bull run.
Market Top Coincides with Transaction Fee Spikes
According to analyst WhaleWire, spikes in transaction fees often signal a market top for Bitcoin. The high fees indicate immense pressure on the network.
“Historically, during market peaks, #Bitcoin experiences a surge in transaction fees and network congestion. The media, as always, is not talking about this, but fees are now at dangerously high levels (2nd highest level in history). This signals immense pressure on the network.”
X analyst WhaleWire
Potential Liquidation of Bitcoin Longs
Bitcoin’s price has fallen below a crucial trend line support, which could lead to the liquidation of $800 million worth of Bitcoin long positions. This could cause a further drop in Bitcoin’s price.
Ethereum Faces Transaction Fee Battle
Ethereum has also experienced high transaction fees, reaching its highest rates in six months. However, Bitcoin and Solana have been capturing Ethereum’s NFT trading volume, with Bitcoin surpassing it in recent days.
Ethereum Loses Market Share to Competing Chains
Chains like Cardano, Avalanche, Solana, and Injective Protocol are gaining momentum while Ethereum is losing market share. The combination of high fees and lost market share is negatively impacting Ethereum’s price and trading volume.
Bitcoin Minetrix Presale Surges Past $5.4 Million
Bitcoin Minetrix is a new cryptocurrency that allows easy and secure mining of Bitcoin. It uses a cloud mining system where users stake $BTCMTX tokens for Bitcoin mining credits. The presale of Bitcoin Minetrix has raised over $5.4 million, indicating strong community interest.
Exciting Price Predictions for Bitcoin Minetrix
Analysts have made optimistic price predictions for Bitcoin Minetrix, speculating that it could rise 100x after its Initial Exchange Offering (IEO). Renowned YouTuber Jacob Bury is among those who believe in its potential.
Conclusion: Lucrative Opportunities Despite Market Challenges
Despite the challenges faced by Bitcoin and Ethereum, there are still lucrative opportunities in the market. Bitcoin Minetrix presents an exciting prospect with its stake-to-mine protocol and strong community support.
Hot Take: Bitcoin and Ethereum Face Transaction Fee Challenges, While New Token Gains Momentum
Bitcoin and Ethereum have encountered difficulties due to high transaction fees and losing market share. However, amidst these challenges, the presale of Bitcoin Minetrix has surged past $5.4 million, indicating promising potential for this new cryptocurrency.
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