February 25, 2024

The long-awaited Bitcoin ETF approval has happened, sending crypto enthusiasts and investors into a celebratory mode. Traders are optimistic that the ETFs will encourage more institutional investors to invest in Bitcoin, which will likely boost its price. 

Approved on January 10, the 11 spot Bitcoin ETFs have generated significant traffic in the Bitcoin market, sending the asset’s price above the $47,000 threshold, with the global crypto market cap rising to $1.86 trillion

Amid the ETF buzz, crypto coins are soaring in the wave of heightened bullish investor sentiment, so the top gainers benefit from the ongoing positive market trend.

Let’s explore them below.

Ethereum Name Service (ENS) – The Domain Naming System 

Ethereum Name Service (ENS) trades at $21.11, with a 47.2% increase in the last 24 hours and a 37.2% seven-day price gain. Buyers have continued to mount pressure on ENS as the spot BTC ETF wave propels their moves. 

Moreover, speculations that Ethereum could be the next network to attract a spot ETF approval have added fuel to the bullish momentum. Meanwhile, developmental activities continue to thrive in the Ethereum Name Service (ENS) ecosystem, with the launch of a new mobile beta app underway.

This app will give users easy access to web3 communication and the ability to set their favorite domains as outgoing caller IDs to any phone number. On the daily chart, ENS has formed a bullish pattern as more buyers enter long positions. 

ENS Records Price Gains On Daily Chart: Will It Break Above $21.40

ENS continues on its uptrend after a massive price surge on January 10. It has flipped the $17.70 resistance level to support and is testing the $21.40 price level as the buyers continue to uphold the rally. 

Also, ENS is trading above the Parabolic SAR indicator, a bullish setup that hints at a further price increase.

The Relative Strength Index (RSI), which is above 70, also confirms the positive price trend for ENSBased on these indicators, ENS will likely break above the $21.40 price level in the coming days.

However, traders must watch out for a possible retracement for the asset since it is already overbought. 

Sui (SUI) – Pioneering Layer 1 Smart Contract and Blockchain Platform

Sui stands out as a top gainer today, thanks to several variables. On the X platform, a crypto metrics handle, Artemis publicized the significant surge in DEX volumes on the Sui Network in the last three months.

The handle further revealed that SUI’s Total Value Locked (TVL) has climbed above $222.92 million, an all-time high since its launch in May 2023. Given these are positive outcomes, analysts are keen to identify the drivers of these changes. 

Today, a revolutionary decentralized app for developers is live on the Sui Network, allowing users to join the new Sui-based coding challenges. Also, there has been massive excitement across the crypto space since January 5 following the launch of an NFT marketplace and Launchpad, Oasis X, on the Sui Network.

Again, SUDO, the token powering the decentralized real-world synthetic trading platform, Sudo Finance, is live on the Sui Network. It completed its 1st minting round within an hour on January 8 and has been making dramatic records since then.

With all these positive events and milestones achieved, it’s clear that investors and traders perceive the SUI token as valuable and profitable, which could be why its trading volume is rising. As of 4:30 am EST today, SUI’s price has climbed to $1, which shows an increase of 25.39% in the last day.

Also, its 24H trading volume is up by 124.25%, sitting at over $486.79 million within the same time frame. As Sui Network hits more milestones in the coming days, its token, SUI, could become the most accumulated token. Consequently, its value could take new heights.

SUI Forms Maribozu Candle on Daily Chart, What Next For The Token?

SUI continues on its positive price form from January 10 after a brief retracement on January 9. It has formed a large green candlestick today, breaking above the $0.84 resistance level. The buyers are testing the $1.02 resistance level, intent on pushing SUI’s price even further.

SUI has also broken above the upper Bollinger Band (BB), and the expanding bands confirm a strong bullish trend for the asset. Additionally, the RSI is rising to the overbought region and displays a value of 66.38.

If the RSI enters the overbought region, then the SUI will likely break above the $1.02 resistance level in the coming days. 

SPONGE V2 (SPONGE) – The Utility Memecoin For Exciting Rewards

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SPONGE is down by 10.01% today, trading at $0.00085. However, it has gained 77.9% in the last week as more investors accumulate the tokens, anticipating a possible bull run. 

Sponge V2 still rides on the wave of success enjoyed by version 1 in 2023, with many investors buying into the project.

The second version focuses on adding utility, which is often a challenge for most meme coins. Also, the upgraded staking pool records daily increase as more investors lock their tokens for exciting rewards, given the high APY value. 

Over 4.6 billion tokens have been staked as the SPONGE version 2 project continues to attract more investors. Also, the weekly Play-to-Earn (P2E) game will attract Web3 game lovers and boost ecosystem utility.

In context, SPONGE V2 is a new ERC-20 token that relies on a Stake-to-Earn model to reward users. 

Although Version 2 is not available on top exchanges, it is already trading live on Uniswap. 

SPONGE Facing Resistance at $0.00089 Is the Rally Over?

On the daily chart, SPONGE is facing pressure from the sellers and rejection at its $0.00089 resistance level. 

It found support at $0.00076 on January 10 after a brief retracement. However, the bears at the $0.00089 resistance level forced a price rejection, leading to a decline today

Despite the decline, SPONGE still trades above the median band of the Donchian Channel (DC), which confirms that the buyers are still active and might force a recovery. 

Additionally, the RSI is close to the overbought region with a value of 68.71. The Moving Average Convergence/Divergence (MACD) is above its signal line, displaying a buy signal.

However, the fading Histogram bars suggest a possible short-term retracement. Therefore, SPONGE will likely decline further to rest on the $0.00076 support before resuming its uptrend in the long term. 

Bitcoin Minetrix (BTCMTX) – The Smart Mining Solution That Works 

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Bitcoin is once more in the spotlight as miners countdown to the halving event in April 2024. Given the cost of obtaining mining equipment, cloud mining has proven to be an effective and more lucrative system for Bitcoin mining operations.

This makes Bitcoin Minetrix a potential gold mine for early investors.

Bitcoin Minetrix offers reliable cloud mining solutions using a tokenized model and a decentralized framework. Anyone can stake the BTCMTX tokens to earn mining credits for BTC mining. Note that BTCMTX is not a meme coin but a utility-based cryptocurrency with long-term use and value.

How Does The Process Work?

The Stake-to-Mine model is what sets Bitcoin Minetrix

apart from other cloud miners. This model saves investors from spending on mining hardware that generates noise and heat and consumes electrical energy.

Rather, they can rent cloud computing power with mining credits. According to the developers, some of the advantages BTCMTX users enjoy include convenient accessibility, cost efficiency, and sufficient space.

With an Ethereum-compatible wallet, a user can purchase and stake BTCMTX tokens. Users who stake these tokens earn ERC-20 non-tradable token credits. These tokens must be burnt to receive BTC cloud mining power. 

So far, over 528 million BTCMTX tokens have been staked on Bitcoin Minetrix, confirming the long-term vision of the project. 

BTCMTX Presale Hits $8 Million Milestone

BTCMTX presale is ongoing, with over $8.22 million raised out of the $9.10 million target. This confirms the rising interest from investors in the token because of its Bitcoin mining utility. 

Presently, 1 BTCMTX token is worth $0.0128, with a price increase coming up in less than five days.

Investors can accumulate these tokens while they are still affordable ahead of their listing on top exchanges. Given its BTC mining utility and the presale success, BTCMTX is a token to watch out for in 2024.

Its eventual launch could likely lead to massive rewards for early investors. 

Conclusion 

The spot Bitcoin ETF approval has given the crypto market a facelift in the last 24 hours. As more institutional investors adopt BTC tokens through ETFs, the altcoins will likely record positive rallies. 

Despite the improvement in the crypto market, the US SEC still advised investors to apply caution due to market volatility.

Based on forecasts, BTC will likely record massive gains in the coming weeks if more crypto investors adopt the ETFs. Also, the upcoming halving in April is likely to trigger a bullish phase in 2024.  


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