Top Crypto Gainers Today: Bitcoin Price Over $41k, Ethereum, Pepe and Terra Luna Tokens Pump - Why Is Crypto Going Up?
Release: 2023/12/04 18:34 Reading: 839
The crypto market displayed extreme bullishness over the weekend, with the Bitcoin price breaching the $41,000 mark for the first time since April of 2022. BTC has further appreciated since to trade near the $41,400 price point at press time and has reclaimed the $800 billion market capitalization.
With market insiders convinced that the US Securities and Exchange Commission will approve all spot Bitcoin ETF applications before the 10th of January next year, BTC appears set to continue its bullish trajectory for the rest of the month.
The Ethereum price is also beginning to heat up, spiking 4% over the past 24 hours to be valued at $2,240 at press time.
ETH has lagged behind Bitcoin in 2023, appreciating only 80% year-to-date as compared to BTC’s 130%. However, with the Bitcoin ETF approval imminent, all eyes are now on Ethereum, considering that TradFi giants such as BlackRock and Fidelity have also applied for spot ETH ETFs.
Top Crypto Gainers
Bitcoin and Ethereum are not the only cryptocurrencies displaying bullish strength. Terra Classic has also surged over 70% today, more than doubling its price over the past week. The third largest meme coin Pepe has appreciated by 20%, making it one of the top crypto gainers today.
New presale tokens such as the Bitcoin ETF Token, Bitcoin Minetrix and Meme Kombat are also gaining traction, with experts backing them to display 10x bull rallies after their respective launches.
We list today's top crypto gainers and dive into how they could perform in the coming days.
Bitcoin ($BTC)
Bitcoin’s bullish trajectory is becoming increasingly steeper, with the largest cryptocurrency surging close to 5% on Monday to create a new yearly high of $41,400. BTC is now up 10% over the past week, with all technical indicators pointing towards more upside in the coming weeks.
BTC technical analysis from TradingView reveals that the token is outperforming all crucial moving average indicators in the daily, weekly and monthly time frames, receiving a “Strong Buy” signal.
Crypto analysts believe that the Bitcoin price will likely face no major resistance until it hits the $42k price mark. Any pullback after hitting the crucial milestone will also likely be temporary, paving the way for another violent bullish recovery.
Indeed, trader CryptoGodJohn, who has over 500k followers on X, predicts BTC to temporarily retreat forwards $36.5k, only to bounce back to the $50k price mark. Another analyst @CredibleCrypto is even more bullish on Bitcoin, expecting it to hit a new all-time high even before next year’s Bitcoin halving event.
The on-chain metrics support these bullish Bitcoin price predictions - data from IntoTheBlock reveals that the amount of Bitcoin held by addresses with more than 1k BTC has reached its highest point since December of 2022, highlighting that the whales could be buying. Furthermore, the Bitcoin Dominance appears set to climb from its current value of 53% to 57%.
Ethereum ($ETH)
Ethereum is also mirroring BTC’s bullish tendencies, climbing 4% over the past 24 hours to comfortably trade above the $2,200 level. Similar to Bitcoin, Ethereum has also appreciated 10% over the past week, now boasting a market capitalization of over $269 billion.
Technical analysis from TradingView also gives a “Strong Buy” signal to ETH, considering that it is outperforming most of the crucial moving average indicators, with its Hull Moving Average also in sight.
Analyst @CryptoJelleNL reveals that ETH has broken out of an 18-month consolidatory range, predicting $2,700 and $3,000 to be attainable price targets for the token in the coming weeks.
Once the spot Bitcoin ETFs are approved, Ethereum could potentially lead the next phase of the crypto bull run due to the ETF hype. 7 issuers, including trillionaire asset management companies BlackRock and Fidelity, have filed for spot Ethereum ETFs.
Securing the SEC’s approval for a spot ETH ETF will be significantly more challenging, considering chairman Gary Gensler’s cagey views regarding the token. However, BlackRock boasts an incredible 575 - 1 track record when it comes to getting the SEC’s nod, which has led to market insiders being extremely confident regarding ETH ETF’s prospects.
The first deadline for the SEC to make a decision on BlackRock’s application is the 25th of January next year while the final deadline is on the 7th of August.
Terra Luna Classic ($LUNC)
The Terra tokens - USTC and LUNC - could be making a comeback, both in terms of price and utility.
Terra Luna Classic now has a market capitalization of $1.4 billion, thanks to a 285% appreciation in its value over the past month. The token has surged by 73% on Monday itself and is valued at 0.00026 at press time. Meanwhile, USTC has also amassed over $558 million in market cap, owing to an explosive 440% bull rally over the past month.
The Terra LUNA token has also surged by 28% today, boasting a market cap of over $616 million.
Mint Cash, in partnership with Aleph Research, recently announced a plan to revive the Terra ecosystem and Anchor protocol, this time backing the stablecoin with BTC. Additionally, Mint Cash also announced an airdrop for the pre-crash UST and LUNA holders, which is also creating significant hype amongst investors.
Binance is providing a major boost to the Terra tokens as well, firstly by listing the USTC perpetual contract on its crypto derivative exchange and then by burning 4 billion LUNC tokens to create a deflationary impact.
Pepe ($PEPE)
Pepe coin remains strongly correlated with Bitcoin, with many analysts calling it BTC on leverage. With BTC breaching $41,000 today, the Pepe coin price has also climbed by close to 20%, breaching the $0.00014 level.
According to the data from CoinGecko, Pepe token now has a market capitalization of just under $600 million, making it the 97th largest cryptocurrency in the market.
Despite Monday’s rally, the frog-based meme coin still has tremendous upside potential, especially if it is able to close above the $0.0000014 resistance. In fact, popular trader Crypto GVR, who has over 100k followers on X, believes that Pepe could 2-3x over the next month if Bitcoin continues to trade above the $40k price point.
Bitcoin ETF Token ($BTCETF)
The Bitcoin ETF Token is a new cryptocurrency that is still in its presale phase. As the name suggests, the token is capitalizing on the tremendous hype surrounding the imminent spot Bitcoin ETF approval.
$BTCETF also displayed bullish strength today, with its presale now surging past the $2.4 million milestone, that too within a span of a month.
This new cryptocurrency has adopted sound tokenomics to reward its holders whenever a spot Bitcoin ETF is approved and as it hits 5 key milestones.
The first milestone will be reached when $BTCETF has a trading volume of $100 million. The approval of the first Bitcoin ETF and the day of its launch will constitute the second and third milestones. Finally, the fourth and the fifth milestones will be reached when the ETFs have a combined market cap of $1 billion and when the Bitcoin price hits $100k, respectively.
Upon the completion of each milestone, 5% of the $BTCETF tokens will be burned to create a deflationary supply and potentially boost its value. Similarly, the transaction tax - which will be 5% at the token’s launch - will be reduced by 1% after every milestone.
The Bitcoin ETF Token is also offering staking rewards, currently at an APY of over 100%.
Bitcoin Minetrix ($BTCMTX)
$BTCMTX is another presale token that has piqued the interest of investors, having already raised over $3.7 million in just over a month. It is the native token of the Bitcoin Minetrix platform, an innovative cloud mining solution that allows retail investors to earn BTC mining rewards.
The crypto mining industry is extremely competitive and largely monopolized by wealthy corporations. The cost of investment and technical expertise required to run a competitive mining operation is simply too high for an ordinary investor.
However, Bitcoin Minetrix democratizes this process, allowing investors to own only a portion of the computational power. They can purchase $BTCMTX tokens and stake them to receive mining credits. These credits can be burned for either cloud mining time or a percentage of the yields, both leading to $BTC rewards.
This tokenized approach offers several advantages - for instance, while other cloud mining platforms require long-term cash-based contracts, Minetrix users can choose to unstake and sell their tokens at any point.
While Minetrix is yet to launch its stake-to-mine platform, investors can already stake their tokens and earn passive income, currently at an APY of 127%.
Due to its unique value proposition, experts such as Michael Wrubel are bullish on the token, especially during the next crypto bull market when the mining industry becomes extremely profitable.
Meme Kombat ($MK)
A new meme coin - Meme Kombat - has also displayed a strong performance in its presale as it approaches the $2.3 million milestone.
Meme coins are expected to display explosive growth in the next crypto bull market, especially tokens such as Shiba Inu and Floki that offer high utility. Meme Kombat is also capitalizing on this trend and offers play2Earn, staking and gambleFi utilities.
Meme Kombat’s Play2Earn platform will see 11 fictional characters engage in AI-simulated battles, the outcome of which will be decided on-chain. Each character will represent a popular meme coin such as Pepe, Doge, Shiba, Floki, etc.
Players can bet on their favorite champion and compete against each other or against the house itself. To balance the risks and rewards, investors are also allowed to stake their tokens and earn passive rewards, currently at an APY of 361%.
However, Meme Kombat’s most impressive feature is its fully doxxed team. The identity of all key team members behind the token has been revealed, including the project’s founder Matt Whiteman. This transparent approach is novel to the meme coin market - even popular tokens such as Pepe have anonymous teams which could result in scams or rug pulls.
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