Bitcoin has started to recover today after a recent pullback. Currently, it is up 0.56% in the last 24 hours and 4% this week, priced at $43.89K.
Its recent pump comes as the excitement surrounding Bitcoin ETF approvals and the Bitcoin halving grows.
However, the hype has not ended with Bitcoin. Countless other cryptos are also experiencing tremendous momentum, with some of the biggest benefactors being Bitcoin Minetrix, Solana, Internet Computer, Injective Protocol, and Stacks.
Let’s explore each, why they are pumping, and how far they could go in the mid-term timeframe.
Bitcoin Minetrix
Bitcoin Minetrix is a revolutionary Stake-to-Mine cryptocurrency enabling users to mine BTC on the Ethereum network.
Its relation to Bitcoin means it gathers momentum as Bitcoin pumps, albeit with more impactful moves, thanks to its lower market cap.
Currently, Bitcoin Minetrix is undergoing a presale, meaning investors can get in early at its lowest price.
The project is backed by top analysts, with Micheal Wrubel explaining multiple reasons he is bullish to his 310K YouTube subscribers. Meanwhile, prominent trader Jacob Bury recently speculated that it could 100x after its presale.
Its unwavering hype comes from its one–of–a–kind use case, enabling anyone to mine Bitcoin, regardless of financial resources or technical knowledge.
Bitcoin Minetrix works by users staking $BTCMTX tokens to earn free Bitcoin mining credits. These are non-transferable ERC-20 tokens that they can burn for cloud mining power, earning them BTC.
As well as moving Bitcoin mining toward mass adoption, this use case solves cloud mining security concerns through its decentralized and transparent $BTCMTX token.
Another benefit of $BTCMTX is its central role in the Bitcoin Minetrix platform, which translates to tremendous upside potential. Users need it for staking, meaning there will be a strong demand stream; meanwhile, supply will be limited because most tokens will be locked in the staking contact.
Visit Bitcoin Minetrix Presale
Solana
Solana has just reached its highest price of the year, currently trading at $81. It has spiked 9.5% today, holding a $34 billion market cap and $2.7 billion 24-hour trading volume.
SOL has pumped 19% this week and 36% this month.
However, Solana is not only outperforming USD but also gaining ground on its largest competitor, Ethereum.
A recent tweet by analyst Kaiko reported, “For the first time since 2021, the SOL/ETH price ratio saw a strong reversal as the Solana network recovers from the devastating collapse of FTX.”
Meanwhile, blockchain analytics firm Messari noted that Solana’s on-chain activity is also significantly outperforming Ethereum’s.
The Messari X account recently explained that Solana’s ecosystem activity has outperformed Ethereum’s by 300% this year.
“In Q4 alone, active addresses on Solana have increased by nearly 400% compared to a mere 3% increase on Ethereum,” Messari said in a recent tweet.
Regarding its next move, top analysts are bullish, with CryptoBusy recently predicting a break above $78 would propel SOL to $90 and then $107.
Meanwhile, Caleb Franzen predicts a trend continuation, describing Solana’s current trajectory as “Base, breakout, extension, retest, continuation.”
Internet Computer
Internet Computer is a well-established blockchain solution offering decentralized cloud computing infrastructure to web2 and web3 organizations.
It has seen notable success recently, up 107% this month and 58% this week, but down 2% today.
Currently, it holds a $4.2 billion market cap, making it the 20th largest cryptocurrency. The project has a $169 million 24-hour trading volume, down 33% today.
The project has been making considerable advancements recently, causing its price to explode. Its main contributing developer organization, Dfinity, recently highlighted these moves in an X thread.
One of the most impactful developments was a partnership with the Gaudi Knowledge Association and The Moon Labs to “recreate Gaudi’s architecture, arts, and unfinished design blueprints in the Metaverse on ICP.”
Another was that an Internet Computer developer has suggested incorporating inscriptions onto the blockchain. This idea recently gained traction on the Bitcoin Network, and the same has occurred on Internet Computer.
The tweet highlighted that there were “15k+ users publishing 800k+ articles to secure 21k inscriptions. Over 6k canisters were created, elevating the cycle burn rate from 8TC/s to 48TC/s.”
Meanwhile, ICP developer Tommy pointed out its technical benefits over Ethereum and Solana on X.
The tweet explained that data is much cheaper on Internet Computer, concluding, “Everyone will know the name #ICP.”
Injective
Injective is a layer 1 blockchain focused on DeFi and interoperability. The project has been on a meteoric rise this year, currently up 2,831%.
However, it shows no signs of slowing down, up 9.58% today and 55% this week. Currently, it holds a $3.5 billion market cap, making it the 25th largest cryptocurrency.
Injective is priced at $40.46 after making a new all-time high of $43.21 earlier today.
Analyst Cooper highlighted that Injective’s active addresses have exploded, recently surpassing 143K.
The rise to prominence of Injective has led to DEX Screener starting to track the blockchain.
DEX Screener explained it will start by tracking Astroport but will integrate Injective’s premier derivatives exchange, Helix, too.
Injective’s website also boasts impressive metrics like 378,029,598 on-chain transactions, a 0.08-second block time, and an average transaction cost of less than $0.01.
While the network has generated massive momentum, analysts believe this will continue into the future.
One of those is Crypto Hogwarts, speculating INJ will become a top 10 crypto by market cap in this cycle.
The analyst highlights its thriving ecosystem, growing on-chain activity, and that over $1 billion of INJ is staked on-chain.
Stacks
The last crypto to significantly benefit from Bitcoin’s recent pump is Stacks. The project is a Bitcoin layer 2 that provides faster, lower-cost transactions while leveraging the Bitcoin Network’s security. It also provides smart contract functionality, providing many new use cases previously unavailable on Bitcoin.
With the rise of Bitcoin Ordinals, Bitcoin transaction fees have recently reached their highest price since the 2021 bull run. As such, many investors fear the potentially unaffordable prices that may occur as the next bull run pushes forth.
Therefore, traders are investing in Bitcoin scaling solutions like Stacks, causing its price to increase by 27% today, 59% this week, and 133% this month.
Currently, STX holds a $2.1 billion market cap and a $490 million 24-hour trading volume, up 85% today.
It has a 78% circulating supply but remains 58% from its November 2021 ATH of $3.61.
Analyst CryptoBusy is notably bullish on Stacks, recently explaining that it offers notable fundamental advantages and highlighting that it is a layer for smart contracts.
That said, other analysts are more bearish, with Nihilus predicting a potential retracement toward $1.2 in the coming weeks.
