- After the approval of spot BTC ETF, investor sentiment turned bearish, which exacerbated the sell-off of Bitcoin.
- Investors have instead gravitated to still-bullish altcoins like Celestia and NuggetRush.
- NuggetRush, with its ground-breaking GameFi platform, is expected to spearhead the cryptocurrency market upswing in 2024.
The SEC’s approval of eleven spot ETFs caused Bitcoin enthusiasts and investors to rejoice. They did not, however, foresee the consequences of the Bitcoin ETF market effects. The spot ETF approval has resulted in heightened selling pressure, which has driven down the price of bitcoin.
Altcoins, on the other hand, have seen a contrasting trend. Celestia (TIA) has been bullish, extending its 2024 gains to over 50%. NuggetRush is among the top altcoins leading the altcoin market rally thanks to its next-gen gaming platform.
JP Morgan: Bitcoin (BTC) Could See More Selling Pressure
From its 2024 peak of $48,900 just before the SEC Decision on Bitcoin ETF was announced, the price of BTC has plunged more than 16%. The price of Bitcoin has the $42,000 support level for the first time since December.
The price drop has been a result of investors in these ETFs taking profits. If Grayscale Bitcoin BTC Trust continues to take profits, the price of Bitcoin could drop even further, according to JP Morgan analysts. However, they are not the only set of BTC investors taking profits.
Bitcoin miners have also been in selling mode. CryptoQuant reported that on January 17, miners sold off BTC worth over $450 million, intensifying the selling pressure. Amidst this downtrend, BTC investors have turned to some of the best altcoins to quell their losses.
NuggetRush (NUGX) Shines Despite Bitcoin’s Woes
The entire cryptocurrency market has not been affected by the push to sell Bitcoin. NuggetRush (NUGX), among other altcoins, has witnessed a rise in bullish activity. The NuggetRush blockchain ICO presale has sold almost 160 million tokens, making it one of the most popular altcoins of 2024.
NuggetRush has attracted a lot of attention because of its cutting-edge GameFi platform. Players can experience the gold rush in a hyperrealistic virtual world created by NuggetRush. As they embark on mining excursions, users will transform into miners in this immersive virtual environment.
Players will be rewarded based on the amount of gold and other valuable minerals they discover during their mining operations. However, this new DeFi project takes it further by including real gold and cash rewards, making NuggetRush one of the most profitable games to ever launch.
The potential of NuggetRush has attracted a ton of attention across the crypto space. As the project prepares for its first quarter launch, crypto analysts have forecasted a 50x price surge for NUGX, the ERC20 token of the platform. Now priced at just $0.018 per coin, you have a great opportunity to join the NuggetRush presale.
Celestia (TIA) Sees Resurgence, Extends 2024 Gains
Celestia (TIA), one of the top crypto coins of 2023, has seen a resurgence over the last few weeks. After retracing early in 2024, the price of Celestia is back in bullish territory. Celestia has increased above the $18.20 level, having risen by more than 55% year to date.
The current price surge in Celestia has been driven by a growth in the usage of its modular blockchain network. The ease with which Celestia allows anyone to set up and run their own blockchain could lead to a surge in the price of TIA in 2024 as more projects choose to build on it.
The introduction of a spot ETF recently has put more pressure on sellers of Bitcoin. Nonetheless, there is encouraging momentum in the altcoin industry, with NuggetRush and Celestia at the forefront.