Is It Too Late to Buy Pyth? PYTH Price Skyrockets 27% as This Cloud Mining Token Raises $10.8 Million
After a hard-fought consolidation, Pyth Network has hammered up 27% to a new all-time high.
This article will provide an analysis of PYTH’s current price trends and look to see whether a newer Cloud Mining project, BTCMTC, represents a more promising investment opportunity at this time.
Over the past month, the price of $Pyth has surged by almost 100%.
Since January 2024, the number of buyers in on-chain trading has consistently surpassed sellers by 2-10 times.
During the current week, the overall trading volume has exceeded 500 million USD! 👇 https://t.co/t2iF2G8ia8 pic.twitter.com/tMQTyX0KK9
— Masi (@Masi_DN) February 14, 2024
Following a successful Pyth airdrop, price action has seen major increases, and the new all-time high has been fuelled by impressive ecosystem growth – especially in swaps volumes – which now exceed $500m weekly.
PYTH Price Analysis: As Pyth Airdrop Reels From New All-Time High – Is it Too Late to Buy PYTH?
With price in very minor localized retracement following the new all-time high, Pyth Network is currently trading at a market price of $0.65 (representing a 24-hour change of -4.5%).
However, despite a minor shift down, price action is still trading high in the Pyth trading channel – continuing to push against ATH resistance around $0.69.
This comes following a week of rallying movements, which were triggered by a solid 5-days of consolidation at $0.475 (above the 20DMA).
Indeed, the 20DMA has formed a baseline for much of PYTH’s push in recent weeks since January 13, although the latest rally has seen PYTH price diverge +35% above the 20DMA (sat down at $0.485).
Divergence of such a significant margin above a key moving average creates some cause for concern, as this could indicate that PYTH is overdue a retracement move downwards.
This view is confirmed with a glance at the RSI, which is severely overheated at 82.13, signaling an imminent need to retrace down to more sustainable price levels.
However, this view meets minor conflict from the MACD, which continues to highlight positive momentum at 0.0154.
Overall, PYTH price analysis depicts a coin on the tail-end of a major pump to the top of the trading channel, yet, with localized retracement overdue – a risky entry point.
This leaves PYTH with an upside target above the upper trendline around $0.70 (a potential +1.86%).
While downside risk could see PYTH slide down to lower support at $0.55 (a potential -19.97%).
Therefore, PYTH price analysis reveals a risk: reward ratio of 0.09 on the short time frame – a bad entry characterized by downside retracement risk.
But while Pyth Network might be overdue retracement on the short-time frame, an emerging Bitcoin Cloud Mining presale could offer superior returns as markets brace for the next Bitcoin halving event in Late April.
PYTH Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $10.8M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$10,852,197 raised!
Offering an enticing 62% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.
The true essence of passive income in the crypto world has never been this accessible.
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$13M In The Crosshairs: BTCMTX Surges Past $10.8M – Poised to Outperform PYTH Price Analysis
Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.
Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).
The significant growth in the Bitcoin mining sector has been driven by the expansion of Marathon Digital and Riot Platforms’ operations.
Marathon, the world’s largest Bitcoin miner, reported a Q3 2023 average hash rate of 14.2 EH/s, a 500% increase year-over-year, accounting for about 4% of the total network hash. This capacity enabled them to mine approximately 1153 BTC per month, valued at $42.2 million USD.
Riot Platforms achieved a new record hash rate of 10.9 EH/s, mining around 368 BTC per month, worth $13.3 million USD. Riot anticipates growing its operations to 20.2 EH/s by the summer of 2024.
However, the record-high Bitcoin network hash rate, while enhancing network security and profitability for miners, raises concerns about moving away from Satoshi Nakamoto’s original vision of decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
Why Has Bitcoin Mining Become So Centralized?
A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.
AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).
This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.
This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.
Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable mining.
This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.
Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.
Key Highlights of the BTCMTX Advantage Over Pyth Airdrop Verdict:
- Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. The initiative introduces the first-ever tokenized Bitcoin cloud mining, featuring an automated system designed for cloud-based Bitcoin mining. This sets a new standard in the industry.
- Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
- Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
- Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
- The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $10.8m raised towards its $13M goal. At a competitive price of just $0.0134 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.
The Bottom Line: Don’t Miss BTCMTX
In sum, Bitcoin Minetrix is set to redefine the mining landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.
Secure your position in this transformative journey by joining the BTCMTX presale today.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
