Bitcoin price continues to fall even after ETF approval, but these Altcoins are bullish. finbold

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The price of Bitcoin (BTC) continues its decline over the past week, struggling to regain momentum following the long-awaited approval of the first spot BTC ETF in the US.

However, while the overall crypto market is still closely related to Bitcoin’s movements, some altcoins have shown impressive resilience and challenged the market leader’s bearish price action.

Bitcoin price drops 13% despite launch of spot ETF

The past week has seen the price of Bitcoin fall by 13%, falling from $49,000 to today’s price of $42,400.

This latest decline comes on the heels of 11 spot BTC ETFs being launched in the US by heavyweight companies including BlackRock, Fidelity and Grayscale.

Technical analysts are now watching whether Bitcoin can hold above the important $40,000 level or whether it will fall back below.

The price is hovering around a key support zone just above $41,000, which has remained stable since the beginning of December.

This indicates that a large amount of buy orders are likely located in the area, which will increase the value of Bitcoin.

However, the bad news for BTC holders is that the Crypto Greed and Fear Index dropped from “extremely greedy” to “neutral.”

Such a significant sentiment shift could lead to increased selling pressure as fearful investors pull out money ahead of a potentially major decline.

Which altcoins are still bullish?

While Bitcoin dominates the market discussion with its bearish price action, the story of some altcoins has been much more positive.

As investors are diversifying into coins and tokens outside of Bitcoin, three altcoins have managed to gain impressive momentum over the past week:

1. Bitcoin Minetrix (BTCMTX)

The first altcoin to show rapid growth despite Bitcoin’s decline is Bitcoin Minetrix (BTCMTX).

This Ethereum-based platform aims to democratize access to BTC mining through its stake-to-mine protocol, which allows users to earn mining rewards by staking BTCMTX.

Instead of requiring expensive specialized mining equipment, Bitcoin Minetrix has developed a simple but effective model.

By staking BTCMTX, users earn “mining credits,” which can be used to obtain cloud mining power.

In turn, this cloud mining power can be deployed to mine Bitcoins virtually – no hardware or technical knowledge required.

The project appears to have strong momentum, as evidenced by the millions already raised in its ongoing pre-sale.

According to Bitcoin Minetrix’s whitepaper, once the presale ends, the development team plans to list BTCMTex on exchanges to broaden access for retail investors.

However, early investors can still purchase BTCMTX tokens for $0.0128 during the presale – a price that is expected to be lower than the final listing price.

With the process of Bitcoin mining expected to draw more attention as the next BTC halving event approaches, Bitcoin Minetrix could be poised to capitalize on this increased interest.

Visit Bitcoin Minetrix Presale

2. Celestia (TIA)

Next up is Celestia (TIA), which has shown immense growth potential in early 2024.

The native TIA token has surged 39% in the past week, now trading around $19.02 and taking the first place on CoinMarketCap’s list of trending cryptocurrencies.

As the main token of the Celestia blockchain network, TIA allows users to pay gas fees and participate in governance decisions.

TIA’s recent price surge reflects investor confidence in Celestia’s vision of building modular, customizable blockchain infrastructure for enterprises.

Notably, the increase in staking activity has accelerated, with staking wallet addresses doubling in recent weeks.

Ultimately, short-term speculation has undoubtedly inflated the value of TIA, but its long-term growth potential lies in the continued development of the Celestia blockchain.

Thus, TIA is another altcoin that is impressing investors even as Bitcoin is faltering.

3. Radworks (RAD)

Last but not least is Redworks (RAD), which is up 26% over the past seven days.

This price increase has been fueled by strong community support for the platform’s mission of funding censorship-resistant technologies.

As the native token allowing participation in RADworks’ decentralized governance system, RAD enables users to decide on support for Web3 projects concerned with internet freedom and privacy.

RADworks’ growing ecosystem for developers and creators has helped boost RAD trading volume in recent weeks, with the token now having a market cap of over $100 million.

With many believing that internet freedom is under threat, Redworks’ commitment to permissionless technologies seems to be resonating with investors around the world.

For this reason, RAD is one of the few altcoins that is still displaying solid growth while the price of BTC is declining.

Source: finbold.com