Bitcoin might be down 9% this week, but Ethereum continues to remain very bullish as it trades inside a rising price channel.
The number two ranked cryptocurrency is now up by a strong 10% this week, while the majority of the top-10 other tokens take a nosedive.
The narrative behind an incoming $ETH ETF next is primarily driving markets higher.
With Ethereum on the move, traders are turning their attention back to ERC-20 tokens in the hopes of profiting from the ecosystem’s bullish sentiment.
Ethereum is up by a strong 10% this week as it currently trades above $2,530.
The cryptocurrency remains bullish as it trades inside a rising price channel, with traders predicting a break toward the upside will result in a run toward the $3,000 level.
Ethereum also saw a sudden surge in volume, which is helping it outpace Bitcoin this week.
The cryptocurrency has pulled back from last week’s highs after failing to break the combined resistance provided by the upper angle of the range and a 1.272 Fib Extension at $2,640.
Looking ahead, the first level of resistance lies at $2,640. If the buyers can continue to break above the upper angle of the price channel, then resistance is expected at $2,770 (1.414 Fib Extension) and $2,800.
If the bulls can clear higher resistance at $2,950 (1.618 Fib Extension), they will be free to attempt $3,000.
What ERC-20 Tokens Are Traders Buying for Profit?
While Ethereum started to see a surprising move upward, traders are now turning their focus back to ERC-20 tokens, believing they can provide significant profits.
In particular, is turning heads as it attracts over $4 million into its staking contract for its V2 upgrade, slated to bring the first 100x meme coin return in 2024.
In addition, also gains momentum after crossing the $8.5 million fundraising milestone.
$SPONGE Sees an Incredible $4 Million in Staked Assets As Traders Ready Themselves For V2 100x Return
has now seen the total amount of $SPONGE staked in its V2 contract rise past the $4 million level, demonstrating the building hype behind its v2 upgrade.
$SPONGE was one of the hottest trending meme coins in 2023 after providing a 100x return following its fair launch in May 2023.
The cryptocurrency managed to amass a combined social following of 30,000 people as top exchanges like Gate.io and MEXC rushed to list the token.
The project is back with its V2 incarnation, aiming to reproduce the 100x return in 2024.
The exciting thing is that $SPONGE isn’t hosting a typical presale. Instead, it’s utilizing a stake-to-bridge, which requires $SPONGE holders to staker their V1 tokens to be allocated an equivalent amount of the V2 upgrade.
The stake-to-bridge utility is the only way to get positioned in V2. If you don’t own $SPONGE V1, you can purchase it through the project’s website and have it automatically staked for the V2 upgrade.
All $SPONGE V1 locked in the smart contract will be permanently locked to facilitate the transition to the V2 token.
The project has been audited by SolidProof, bringing security to investors.
Overall, $SPONGE has already shown its capabilities in 2023 with a 100x surge and is back to repeat its success in 2024.
$BTCMTX Raises An Enormous $8.5 Million In Stake-to-Mine Presale
is another token turning heads as the presale crosses the $8.5 million milestone.
The significant backing clearly demonstrates that investors are touting Bitcoin Minetrix as a disruptive force in the cloud mining sector ahead of the next Bitcoin block halving.
Bitcoin Minetrix intends to make it easier for everyday users to mine Bitcoin without trusting centralized entities.
The project introduces a novel stake-to-mine concept that lets users buy and stake $BTCMTX tokens to start cloud mining Bitcoin.
Participants are doubling their passive income, with one source coming from mining returns and another from staking rewards.
Those currently staking are earning an impressive 76% APY on their holdings.
Bitcoin Minetrix essentially tokenizes the cloud mining sector, putting the control back into the hands of the miners, who won’t have to worry about being short-changed on potential earnings or being locked into long-term contracts.
Those interested in the token can purchase it during the presale for $0.0128.
