We are only 20 days into the new year, and the crypto market has been packed with exciting developments like the SEC’s approval of Bitcoin spot ETF and the rumors about Ethereum being the next in line for approval.
However, Solana (SOL) has somehow flown under the radar, even though it has similar potential for its own ETF spot.
Now, what could these developments do for Solana’s price in 2024?
Well, the overall sentiment is positive about SOL’s potential, with some predictions going as high as $187.90 by the end of the year.
On the other side of the market, Bitcoin’s “cousin”, Bitcoin Minetrix ($BTCMTX) is dominating the presale market with an $8.6 million-strong funding spree.
Which one of these projects can bring larger profits in 2024? Let’s find out.
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Trusted Fintech Media Have Trust In Solana’s Growth – But Can it Match BTCMTX’s Potential?
As we said earlier, the recent price predictions from trusted crypto media and asset management firms seem to agree that the open-source project will finish 2024 with a green trading line.
Some of them are more realistic, like AMB Crypto’s prediction that put SOL at the $104.30 mark, while DigitalCoinPrice thinks that the average trading price will be $185.76.
At the time of writing, SOL is trading at the $99.48 mark, and it stayed in that range between $90 and $100 throughout January.
Essentially, Solana’s prospect hindles on a few important factors. The main one is the ETF approval.
Luckily for SOL, there are some hints at a possible application for the spot from the trillion-dollar asset management firm Franklin Tempelton.
Namely, Franklin Templeton’s X (previously Twitter) account posted that they were impressed by Solana’s performance and developments in the last quarter of 2023.
On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023
-DePIN
-DeFi
-Meme coins
-NFT innovation
-Firedancer— Franklin Templeton (@FTI_US) January 17, 2024
This post made the Solana supporters hope that the Frank Templeton firm may issue a Solana ETF sometime in 2024.
Also, a Bitcoin supporter, Lex, publicly supported the possibility of an SOL ETF spot on his X account.
SEC will never approve BTC ETF
→ You are here ←
SEC will never approve ETH ETF
SEC will never approve SOL ETF— lex (@mskvsk) January 12, 2024
As you can see, it’s more than realistic to expect Solana to have great performance throughout the year, but what does it mean for everyday investors?
Even in the best-case scenario, Solana’s growth would only amount to 2X growth – meaning that you would have to invest huge sums of money to see any significant profits.
That’s why we digged through the market to find a token with a small entry price, and a huge potential – read on!
Bitcoin Minetrix Offers the Best Solution to Democratizing BTC Mining
Despite the market’s initial expectations of a bull run following Bitcoin’s ETF approval on January 11th, the reality has painted a different picture.
Bitcoin’s value saw a decline, dropping from $45K to around $42.5K. However, this dip in Bitcoin’s price has not reduced the spirit of a new derivative in the crypto space: Bitcoin Minetrix.
Bitcoin Minetrix has witnessed a surge in its presale funding, defying the general market downturn.
The project’s native token, BTCMTX, offers a unique plan – stakeholders can exchange their tokens for cloud mining power, effectively democratizing the Bitcoin mining process.
This innovative model addresses one of the major challenges in traditional Bitcoin mining: the prohibitive costs of hardware and electricity.
Another key aspect of Bitcoin Minetrix’s approach is the Stake-to-Mine protocol, which not only simplifies the mining process but also offers attractive incentives for holding BTCMTX.
Currently, the staking yields are over 70% APY, a rate that has led to more than 549 million BTCMTX tokens being staked already. It’s crucial to note that as more tokens are staked, the yields offered will decrease.
The growing buzz around Bitcoin Minetrix is also evident in its social media presence. The project’s Telegram channel, for instance, has rapidly expanded to almost 12,000 members in just a few months.
This growing community reflects the high level of interest and trust in Bitcoin Minetrix’s model and its potential to transform the landscape of Bitcoin mining.
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Bitcoin Halving Will Propell $BTCMTX to 10X Profits
The project’s robust presale performance lays a solid foundation for its future trajectory, further bolstered by two significant industry events: the upcoming Bitcoin halving and the expected growth in the crypto mining sector.
Bitcoin’s protocol is designed to halve its block reward every 210,000 blocks, a mechanism that reduces the supply of new BTC entering the market.
As past halvings have indicated, a reduction in supply often leads to increased demand and, consequently, a rise in Bitcoin’s price.
This anticipated increase in Bitcoin’s value is not just an advantage for Bitcoin holders; it also elevates the profitability and competitiveness of mining Bitcoin.
For holders of BTCMTX, this could translate into more valuable payouts from their staking. As Bitcoin mining becomes increasingly profitable post-halving, the appeal of BTCMTX’s staking for cloud mining power is likely to grow.
According to Data Bridge Market Research, the mining sector is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.8% until 2029.
This growth signals a larger audience for Bitcoin Minetrix’s innovative mining solutions.
All in all, these two factors create a very profitable environment for Bitcoin Minetrix. That’s why some crypto influencers like Jacob Crypto Bury dub the token as the next 10X gem.
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The Conclusion
That wraps up our discussion for today. As we’ve seen, Solana is poised for several bull runs in the remaining months of 2024.
However, it’s important to temper expectations regarding massive gains like a 10X increase in the near term.
If you’re aiming for such substantial profits, your focus might be better directed towards a project like Bitcoin Minetrix.
It’s making waves with record-breaking funding its ongoing presale, all the more impressive considering the current bearish trend of Bitcoin. Just imagine the heights it could reach when Bitcoin embarks on its next bull run!
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