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<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/press-release/new-bitcoin-mining-token-surge-after-raising-1-7m/">XRP &amp; Ethereum Prices Both Slide But Will This New Bitcoin Mining Token Surge After Raising $1.7m?</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The cryptocurrency market has seen a decline in recent days, with most major coins posting significant losses.</p>
<p>XRP (XRP) has fallen to the $0.48 level, while Ethereum (ETH) has dropped to $1,554, reflecting the broader market sentiment of increased uncertainty.</p>
<p>Despite the bleak short-term outlook for established coins, a new player called Bitcoin Minetrix (BTCMTX) has emerged, raising over $1.7 million during its presale and turning heads in the market.</p>
<h2 class="wp-block-heading" id="h-bearish-momentum-builds-as-xrp-posts-three-consecutive-red-closes">Bearish Momentum Builds as XRP Posts Three Consecutive Red Closes</h2>
<p>XRP has posted two bearish daily closes in a row and looks likely to post a third today, signalling a potential continuation of its downward momentum.</p>
<p>After peaking at $0.549 in September, XRP has slid 12% in the weeks that followed, with the bears now firmly in control.</p>
<p>The decline is mainly due to speculative investors taking profits after a favourable court ruling for Ripple Labs against the SEC.</p>
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<p>Nonetheless, some large XRP holders appear to be taking advantage of the lower prices, with one whale<a href="https://x.com/whale_alert/status/1714190811712114996?s=20" target="_blank" rel="noopener noreferrer nofollow"> moving 409 million tokens from the Bitvavo exchange to a new wallet address</a> on Tuesday.</p>
<p>At the time, this transfer represented over $200 million worth of XRP.</p>
<p>This has been viewed as a positive sign, with bulls interpreting it as high-net-worth investors accumulating XRP while price is low.</p>
<p>While this sentiment boost hasn’t immediately impacted XRP’s price, it does introduce an element of potential upside – making the token one to watch in the days ahead.</p>
<h2 class="wp-block-heading" id="h-ethereum-price-struggles-to-break-key-resistance-despite-whale-accumulation">Ethereum Price Struggles to Break Key Resistance Despite Whale Accumulation</h2>
<p>Like XRP, Ethereum has also struggled to gain positive momentum over the past few weeks.</p>
<p>ETH’s price has failed to break through key resistance levels around the 50-day and 200-day Exponential Moving Averages (EMAs) on the daily time frame, trading between $1,520 and $1,600 for nearly two weeks.</p>
<p>This sideways consolidation has also been attributed to profit-taking after ETH’s substantial gains throughout the final week of September.</p>
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<p>The ETH price is now heading back to the support zone around $1,522, tested on October 12.</p>
<p>If this zone fails to hold, it could signal a deeper downtrend for Ethereum, possibly prompting a fall to the vital $1,500 level.</p>
<p>Nonetheless, there is a glimmer of hope for ETH bulls, with on-chain data showing that whale wallets holding over 1 million ETH <a href="https://www.fxstreet.com/cryptocurrencies/news/etheruem-price-rise-remains-restricted-as-billionaire-wallets-now-hold-a-third-of-all-eth-tokens-202310180152" target="_blank" rel="noopener noreferrer nofollow">have accumulated nearly a third of the total supply</a>.</p>
<p>This hints that large investors likely see value in buying ETH at the current rate – signalling long-term confidence in Ethereum’s prospects despite its price struggles.</p>
<h2 class="wp-block-heading" id="h-new-btc-mining-platform-bitcoin-minetrix-poised-for-growth-after-presale-raises-1-7m">New BTC Mining Platform Bitcoin Minetrix Poised for Growth After Presale Raises $1.7m</h2>
<p>While XRP and Ethereum struggle, emerging onto the scene is an innovative new cryptocurrency called<a href="https://coinpedia.care/b_btcmtx_43644?referrer=xrp--ethereum-prices-both-slide-but-will-this-new-bitcoin-mining-token-surge-after-raising-$17m" target="_blank" rel="noopener noreferrer nofollow"> Bitcoin Minetrix (BTCMTX)</a> that could be poised for significant growth thanks to its novel approach to Bitcoin mining.</p>
<p>This Ethereum-based platform uses a “Stake-to-Mine” model that allows everyday crypto investors to get involved in BTC mining without expensive hardware or technical expertise.</p>
<p>Although still in the final stages of its development, the developers have launched a limited-time presale for the native BTCMTX token, which has now raised over $1.7 million.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh5.googleusercontent.com/oUmsRRSrIIjjBrwiKXmjm76zVR5gqXlXIRqvPBTjrVIUCIILBTcDDXeJqeMpKg3gTjGfN9cAZE3meZwkFfbi9S7Fx83xMya8JHrf0fsbJk8eaDC7K69w22aiZjiErXLKBJOrxAq8oX6qUUJth2-muhg" alt="">
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<p>BTCMTX is central to the Bitcoin Minetrix ecosystem, used to acquire cloud mining power and for staking rewards, <a href="https://bitcoinminetrix.com/en/dashboard" target="_blank" rel="noopener noreferrer nofollow">currently set at 330% per year</a>.</p>
<p>Thus, holding and staking BTCMTX provides two potential passive income streams: BTC mining rewards and staking pool yields.</p>
<p>Backed by a strong team and <a href="https://twitter.com/bitcoinminetrix?s=21" target="_blank" rel="noopener noreferrer nofollow">growing support on X (formerly Twitter)</a>, Bitcoin Minetrix looks primed for growth ahead of the 2024 Bitcoin halving.</p>
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<p>Several YouTubers have also chosen to endorse BTCMTX, including Satoshi Stacker, who discussed the project <a href="https://youtu.be/IQ6yGRdvQss?si=lsCxy6THW-9mwROF" target="_blank" rel="noopener noreferrer nofollow">in a recent video to his 282,000 subscribers</a>.</p>
<p>Investors can purchase BTCMTX tokens for $0.011 at <a href="https://coinpedia.care/b_btcmtx_43644?referrer=xrp--ethereum-prices-both-slide-but-will-this-new-bitcoin-mining-token-surge-after-raising-$17m" target="_blank" rel="noopener noreferrer nofollow">bitcoinminetrix.com</a> – although, due to the presale’s tiered structure, this price is only available for three more days.</p>

XRP & Ethereum Prices Both Slide But Will This New Bitcoin Mining Token Surge After Raising $1.7m?

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