The world’s second-biggest cryptocurrency by market capitalization, Ethereum (ETH), is holding the fort above $3,000 after crossing this psychologically important threshold yesterday afternoon, according to data by CoinGecko.

Due to its high-functionality contracts, Ethereum is crypto’s most commercially successful blockchain.

If we go by total value locked (TVL), according to DefiLlama, the amount of money strapped into the network is currently an eye-watering $48 billion, up 50% from 30 days ago.

Ethereum’s biggest rival, market leader Bitcoin (BTC), is down more than 2% in the last 7 days. It fell 1% in the last 24 hours.

Binance’s BNB is the only other one of the ten biggest cryptocurrencies by market cap posting a rally today. BNB is up 10% in the last seven days and currently trades for $387.37.

A couple of other top projects are down bad, including Avalanche (AVAX), Cardano (ADA) and Solana (SOL). All of them have fallen more than 8% short of their prices this time last week.

Ethereum’s resilience to the broader market-wide pullback could be attributed to anticipation over spot Ethereum ETFs coming soon.

In January, the US Securities and Exchange Commission (SEC) approved ten different spot Bitcoin ETFs to begin trading on exchanges.

ETFs are regulated investment products that buy, store, and track the price of their underlying asset.

The Bitcoin ETF narrative was the main driver of crypto prices before and after the round of SEC approvals on January 10 this year.

The SEC has given companies applying for a US spot Ethereum ETF a deadline of May 23 this year.

Several in the industry believe that this is the date when the agency will make a round of approvals, based on historic precedent.

Glancing at the chart, Ethereum has been on a clear upward trend since January.

It’s currently trading a little under its 30-day moving average, represented by the blue line, and it has a Relative Strength Index (RSI) of 45, which indicates sober market activity.

Since mid-February, things have been looking a little bullish for ETH. Frequent shallow cup-and-handle patterns indicate bursts of buying followed by short periods of market consolidation.

Source: TradingView

Ethereum’s ETH Can’t Mine Bitcoin

Ethereum’s ETH coin can work many wonders. The world of DeFi offers holders various opportunities to put it to work generating yields, but one Ethereum token rewards holders with Bitcoin.

Bitcoin Minetrix (BTCMTX) is an ERC-20 token that has raised over $11.4 million in an ongoing presale from excitement thanks to its promising utility.

Wanna mine Bitcoin but don’t want to buy the energy-intensive hardware for it? Simply buy and stake BTCMTX via the website. The more you have, the more Bitcoin mining you can do.

The Stake-to-Mine concept presents an innovative approach poised to reintroduce #Bitcoin mining to everyday #Crypto enthusiasts, for various reasons.#BTCMTX participants solely require an #Ethereum compatible wallet like #MetaMask, ensuring straightforwardness. pic.twitter.com/IPRnX3NMzc

— Bitcoinminetrix (@bitcoinminetrix) February 25, 2024

Bitcoin Minetrix employs Ethereum smart contracts to turn investors’ BTCMTX tokens into cloud mining machinery. The more tokens investors stake, the more cloud mining credits they’ll receive.

Mining credits represent hash power.

The greater the hash power, the more attempts the cloud Bitcoin mining software can make to break cryptographic puzzles and validate blocks of transactions. This is how the Bitcoin network issues new coins, aka mining.

The staked BTCMTX also generates yields in BTCMTX, further fuelling the staking/mining cycle.