Bitcoin price continues to stumble following ETF approval, but this altcoin is bullish

Bitcoin (BTC) price has continued to slide over the past week as it struggles to regain momentum following the approval of the long-awaited first U.S. spot BTC ETF.

However, while the overall cryptocurrency market remains correlated with Bitcoin’s movements, some altcoins have shown impressive resilience, resisting the market leader’s bearish price action.

Bitcoin price plummets 13% despite spot ETF launch

Last week, the price of Bitcoin fell 13% from $49,000 to the current $42,400.

The drop follows 11 spot BTC ETFs launched in the U.S. by large firms including BlackRock, Fidelity and Grayscale.

Technical analysts are now watching whether Bitcoin can stay above the crucial $40,000 level or whether it will fall back below.

The price has been hovering around an important support area just above $41,000, which has been solid since early December.

This indicates that there are likely to be large buy orders in the area, supporting the value of Bitcoin.

But the bad news for BTC holders is that the cryptocurrency Greed and Fear Index has fallen from “extreme greed” to “neutral.”

Such a significant change in sentiment could trigger selling pressure as spooked investors cash out before a potentially larger decline occurs.

Which altcoins are still showing bullish momentum?

While Bitcoin is dominating the market discussion with its downtrend, talk about some altcoins has been much more positive.

Three altcoins have gained impressive momentum over the past week as investors diversify into coins and tokens other than Bitcoin.

1. Bitcoin Minetrix (BTCMTX)

The first altcoin to show strength despite Bitcoin’s decline is Bitcoin Minetrix (BTCMTX).

This Ethereum-based platform aims to democratize access to BTC mining through its Stake-to-Mine protocol, which allows users to earn mining rewards by staking BTCMTX.

Instead of requiring expensive specialized mining equipment, Bitcoin Minetrix has developed a simple yet effective model.

By staking BTCMTX, users earn “mining credits” that can be used to gain cloud mining power.

As a result, this cloud mining power can be deployed to virtually mine Bitcoin. No hardware or technical knowledge required.

The project appears to have strong momentum, evidenced by the millions of dollars already raised in ongoing pre-sales.

According to Bitcoin Minetrix’s whitepaper, once the pre-sale ends, the development team plans to list BTCMTX on exchanges to broaden its accessibility to retail investors.

However, early investors can purchase BTCMTX tokens for $0.0128 during the pre-sale. This price is expected to be lower than the final listing price.

With the Bitcoin mining process expected to attract more attention as the next BTC halving event approaches, Bitcoin Minetrix may be ready to capitalize on this increased interest.

Visit Bitcoin Minetrix Presale

2. Celestia (TIA)

Next is Celestia (TIA), which has shown tremendous growth potential in early 2024.

The native TIA token has risen 39% in the past week and is currently trading at around $19.02, topping CoinMarketCap’s list of popular cryptocurrencies.

TIA, the core token of the Celestia blockchain network, allows users to pay gas fees and participate in governance decisions.

TIA’s recent price increase reflects investor confidence in Celestia’s vision of building modular, custom blockchain infrastructure for enterprises.

In particular, momentum has been fueled by a surge in staking activity, with the number of staking wallet addresses doubling in recent weeks.

Ultimately, while short-term speculation has undoubtedly increased the value of TIA, the long-term growth potential lies in the continued development of the Celestia blockchain.

So, TIA is another altcoin that is impressing investors even as Bitcoin stumbles.

3. RADworks (RAD)

Last but not least, Radworks (RAD) is up 26% over the past seven days.

This price increase has been fueled by strong community support for the platform’s mission to fund censorship-resistant technology.

RAD, the native token for participation in Radworks’ decentralized governance system, allows users to make decisions about supporting Web3 projects linked to Internet freedom and privacy.

Radworks’ growing ecosystem for developers and creators has helped increase RAD trading volume in recent weeks, and the token now has a market cap of over $100 million.

With many believing that Internet freedom is under threat, Radworks’ commitment to permissionless technology appears to be resonating with investors around the world.

For this reason, RAD is one of the few altcoins that still shows solid growth while BTC prices are falling.