Sei Network has rocketed-up amid a huge spike of $300m trading volume, driving SEI price up +24.68% out of double-bottomed support, and now speculators suggest this new mining protocol could be next.
This comes after SEI price retraced from -34.2% following a new all-time high at $0.8823 posted-on January 3.
The bull flag on $SEI will break out in one direction only pic.twitter.com/YZACdOEgV7
— Market Watcher (@blackgokusei) January 15, 2024
With traders now highlighting a bullish pendant in the chart, following the surge in volume (29.4% on Binance) technical strengthening suggests a bounce could occur on the short-time frame.
SEI Price Analysis: Can Sei Network Post New All-Time High After Surge In Trading Volume?
With price action pushing up from double-bottomed support, SEI is currently trading at a market price of $0.77 (representing a 24-hour change of -3.66%).
Double-bottomed support formed above lower support at $0.675, providing feed to the recovery move which is now testing resistance immediately below the previous all-time high at $0.88.
Further support has emerged from the arrival of the ascendant 20DMA, which is currently stood at $0.68.
A breakout move from the bullish pendant pattern appears to be gathering momentum as showcased by growing convergence on the MACD, which seems set to flip bullish imminently, although currently displaying minor bearish divergence -00.063.
Meanwhile, despite a lengthily consolidation over the past 9-days, the RSI has struggled to cool off significantly – remaining at a bearish signal of 63.75.
This leaves price pushing higher into the trading channel, with strong technical form conflicted by key indicators, in a mixed signal that could suggest a continuation of consolidation moves on the short-time frame.
To the upside, SEI price is facing an upside target above the present all-time high at $0.90 (a possible +14.03%).
While downside risk could see SEI price tumble back down to $0.675 (a potential -14.48%).
Overall, this leaves SEI network with a risk: reward ratio of 0.97 – a bad entry characterised by stalling momentum triggered by resistance.
However, while SEI offers an unappealing entry, a better prospect emerges for investors in the Bitcoin Minetrix presale, which offers the chance to participate in cloud mining – enabling retail investors to claim their share of block rewards.
SEI Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $8.63M Raised
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$8,636,449 raised – now entering stage 20 of the presale.
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Stage 20 of #BitcoinMinetrix is now well underway!
What impact do you think the environmental concerns around #Bitcoin mining will have on its future? pic.twitter.com/96Y3Oo7r4x
— Bitcoinminetrix (@bitcoinminetrix) January 16, 2024
With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.
$8.6M In The Crosshairs: Bitcoin Minetrix Surges Past $8.5M – Poised to Outperform SEI 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).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s 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 Bitcoin 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 Bitcoin 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 Retracement:
Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. As the first-ever tokenized Bitcoin cloud mining initiative, it offers an automated system that’s geared for cloud-based Bitcoin mining, setting a new standard for 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 $8.6m raised towards its $9M goal. At a competitive price of just $0.0127 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 Bitcoin 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.
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Buy BTCMTX HereDisclaimer: 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.
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