It has been a chaotic 24 hours in the crypto market, mainly due to the hacking of the SEC’s official Twitter account.
Although Bitcoin’s (BTC) price has been falling, Ethereum (ETH) has defied the bearish momentum to post sizable gains.
This article will take a closer look at the price action of ETH and BTC, highlighting the factors currently shaping their trajectories.
Ethereum Defies Bearish Trend & Soars Towards December’s High
While Bitcoin and the broader crypto market have pulled back following the fake news of SEC approval for spot BTC ETFs, Ethereum continues to show resilience.
The fake news caused volatility for most coins, with Bitcoin’s value soaring upwards and plummeting in the following hours.
However, ETH’s price has surged over 7% since the incident, closing in on December’s high of $2,445.
This makes ETH one of the biggest gainers in the altcoin market over the past day, outpacing rival cryptos like Solana (SOL) and XRP (XRP).
The narrative around Ethereum seems to have shifted bullish, mainly due to the network’s solid fundamentals.
The continued growth of layer-2 solutions like Optimism and Arbitrum has been a positive catalyst for Ethereum, with over $20.6 billion in total value locked (TVL) across the entire ecosystem.
Additionally, the amount of ETH staked continues to rise weekly, demonstrating the Ethereum network’s expanding adoption.
SEC Chaos Sends Bitcoin Into Downward Spiral
In contrast to Ethereum’s progress in the past day, Bitcoin has struggled and is down 4% from Tuesday’s high.
BTC is now hovering around the $45,650 level – erasing most of the gains made earlier in the week.
Traders worldwide have been buying up Bitcoin in anticipation of a spot BTC ETF being launched in the US, which is expected to be a milestone moment for cryptocurrency adoption.
However, as noted earlier, the SEC’s Twitter account was hacked on Tuesday afternoon, which led to widespread confusion in the crypto market.
Traders took to Twitter to voice their concerns, seeking clarification amidst the market turmoil.
Pierre Rochard, Vice President of Research at Riot Platforms, criticized the SEC, saying they had “completely bungled the announcement.”
Unsurprisingly, this chaos prompted the Bitcoin price to experience an immediate price swing – and the coin’s value has continued dropping in the hours since.
With official spot BTC ETF approval still pending, the market remains on edge as we head towards the end of the week.
Which Other Coins Are Posting Gains Despite the Volatility?
As evidenced by Ethereum’s price rise, not all cryptocurrencies are experiencing a selloff.
One under-the-radar altcoin continuing to see impressive growth is Bitcoin Minetrix (BTCMTX), the new Stake-to-Mine project currently in presale.
Bitcoin Minetrix Continues Raising Millions in Presale & Gears Up for Public Exchange Listings
Bitcoin Minetrix is an Ethereum-based platform that aims to streamline the process of Bitcoin mining.
Bitcoin mining is still out of reach of most everyday crypto investors, and Bitcoin Minetrix seeks to change that through its “Stake-to-Mine” model.
This model allows investors to buy and stake BTCMTX, the project’s native token, to earn cloud mining power as a reward.
The cloud mining power can then be deployed to mine BTC virtually – no expensive equipment is needed.
Alongside BTC mining rewards, stakers will also earn a generous yield in BTCMTX by pledging their tokens.
The combination of these elements has created a considerable buzz around Bitcoin Minetrix, even though the platform hasn’t yet officially launched.
Over $8 million has been raised through the project’s presale phase, with 16,600+ people following Bitcoin Minetrix’s Twitter account.
Bitcoin Minetrix has also been fully audited by blockchain security firm Coinsult, which found no issues with the project’s smart contracts.
Early investors are now looking forward to BTCMTX’s debut on exchanges, which will occur once the presale ends.
With investors still able to buy BTCMTX tokens through the website at a significant discount, it’s no surprise that Bitcoin Minetrix is gaining ground while top cryptos like Bitcoin are falling.
