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Although the Bitcoin price has remained stable since the SEC approved spot ETFs, a prominent Bloomberg ETF analyst noted the extraordinary volumes recorded in spot BTC ETFs.
The main altcoins trying to capitalize on this growth are Ethereum Classic (ETC) and Pullix (PLX), whose new project future is uncertain. While analysts expect the price of ETC to rise above $30, they note the possibility of PLX experiencing a rally if it can achieve it.
Spot Bitcoin ETF Products Reached Almost $10 Billion in Three Days
The cryptocurrency market celebrated a historic moment with the approval of spot ETFs by the SEC. Investors have yet to see the expected price increase following spot ETF approval, but there are signs it will happen.
Popular Bloomberg ETF analyst James Seyffart announced that in just three days of open trading, the total volume of these ETFs reached $9.771 billion. The amount in GBTC is $5.174 billion. This large amount shows the intense interest of institutional investors in Bitcoin.
Therefore, many cryptocurrency experts are optimistic about BTC. Analysts predict that Bitcoin’s price will soon reach $50,000, although it has failed to break the $44,000 barrier since its adoption. With the upcoming halving Standard Charteredpredicts that Bitcoin will reach $200,000 by the end of 2025.
Pullix (PLX) Rises with Increase, Increase is Expected
According to the sponsored content poster, Pullix (PLX) claims that it will be one of the altcoins that defy the Bitcoin downtrend. The price of the DeFi coin increased by 100%, reaching a new high of $0.08. However, as the launch of the Pullix platform approaches, his team expects a surge for the PLX DeFi coin. Since the project is new, its future is uncertain and there is a possibility of failure.
The sponsored content poster is bullish on PLX due to its intention to create a hybrid exchange looking to transform the crypto trading space. As a hybrid exchange, Pullix offers low fees, ultra-fast transactions, self-custody, increased efficiency, and privacy. One main difference with Pullix is that it provides access to multiple markets. Users can trade stocks, forex, and commodities in this DeFi project. There is nothing available at the moment, it is unclear whether the project will be successful or not.
Another feature that reportedly increases interest in Pullix is its earning opportunities. Users can earn PLX tokens by contributing liquidity by staking LP Tokens. Every transaction on the Pullix Swap exchange occurs with a small fee of 0.25%, which is added to the Pullix pool in the form of LP tokens.
These LP tokens are converted into PLX and distributed among Pullix LP token holders in the pool. This process not only increases the value of their assets, but also ensures continued growth of their investments without requiring active management.
The Pullix team claims that the DeFi project will be launched before the end of the first quarter. This got users excited and investors raised over $3.8 million in just a few weeks.
Ethereum Classic (ETC) Rises 40%, Reclaims $30
Ethereum Classic (ETC) has been one of the top altcoins since the approval of spot Bitcoin ETFs. The price of ETC is up more than 24% on the weekly chart and up to 40% in the last month. Thanks to this huge increase, the Ethereum Classic price rose above $30 for the first time since September 2022.
Even though the Ethereum Classic price has retreated below this important support level, analysts remain optimistic about ETC. This is mainly because the project dissolved its core team as it moved to decentralized community management. This is seen as a big move for the future of Ethereum Classic, with ETC expected to rise in the coming weeks.
Conclusion
Increasing volume in spot BTC ETFs indicates a larger trend may be in store for Bitcoin. According to the sponsored content poster, Ethereum Classic and the uncertain future Pullix may already be among the winners. However, as Pullix’s launch approaches, its team is predicting a boost for PLX. If the launch is unsuccessful, there may be no increase and the investment carries the risk of loss.
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*This article is not investment advice! This is sponsored (advertising) content. Cryptocurrency investments are high risk investments, do your detailed research before investing!