TLDR:
- Inflows into the cryptocurrency market have exceeded $1.24 billion since spot Bitcoin ETFs were approved.
- Chainlink (LINK) is getting close to a possible price breakthrough, while BTC has not been able to rally.
- NuggetRush’s impact gameplay approach has helped it gain popularity as it prepares for a major rally.
For years, one of the most eagerly awaited developments in the cryptocurrency world was the approval of spot Bitcoin ETFs. While the approval hasn’t translated into a price surge, the Bitcoin ETF market effects have been reported by CoinShares.
Inflows into the crypto sector have jumped since the approval, with more expected to follow. Meanwhile, Chainlink (LINK) and NuggetRush (NUGX) are looking to extend their gains as we prepare for a bullish market.
Inflow Into Crypto Since Bitcoin ETF Crosses $1.2 Billion
The price movement of Bitcoin (BTC) has stagnated since the approval of spot ETFs. Bitcoin has failed to move past the $42,000 range since the approval was issued. However, the benefits of Bitcoin ETFs are being felt in investment inflows into the crypto space.
CoinShares reported that the crypto market saw inflows of more than $1.24 billion from the United States in the week ending January 12. The second country on the list was Switzerland, with inflows of $24.2 million.
JPMorgan has reported that greater capital into Bitcoin should be expected in Bitcoin ETFs in the coming weeks. The banking giant expects $36 billion in inflows to spot Bitcoin ETFs. They expect the funds to come from existing crypto funds and investors.
NuggetRush (NUGX) Gains Traction Over Impact Gaming Model
Despite the slow movement of Bitcoin, NuggetRush has been building a head of steam. This new crypto ICO has become very popular among play-to-earn (P2E) and NFT enthusiast communities because of its impact gaming model.
This model, unlike others, was designed by NuggetRush to foster a collaborative community culture while enabling real-world social benefits for disadvantaged areas. NuggetRush allows players to set up virtual mining operations as they hunt for valuables like gold.
Extracted resources can be sold for cash on the NuggetRush marketplace. With the inclusion of impact gaming, NuggetRush also sends a portion of these rewards to miners in third-world countries where actual gold is mined. The focus on real-world use cases has made NuggetRush one of the top DeFi projects to debut in 2024.
SolidProof has audited a contract to enhance openness inside the project, allowing players to participate without fear of result manipulation. There has been a surge of interest in the project lately, with investors snapping up the ERC20 coin of the platform NUGX. While NUGX is valued at just $0.015, market experts expect a 10x price surge before 2024 ends.
On-Chain Metrics Support a Chainlink (LINK) Price Breakout
Although investor sentiment Post BTC ETF has been mostly poor, on-chain metrics hint at a Chainlink (LINK) breakout. The price of LINK recently surged past the $15.00 resistance after gaining 10% on the weekly chart.
However, sitting above the strong support at $15.00 puts Chainlink in a good position for a price outbreak. Santiment reported that the supply of LINK tokens on trading platforms is decreasing, laying the stage for a supply bottleneck that could benefit prices.
For the first time in four years, Chainlink’s supply on exchanges has slipped below 15%. Aside from that, the number of non-zero LINK wallet addresses has increased, approaching the All-Time High (ATH). With these positive trends, the price of Chainlink could rally to the $20.00 level in the coming weeks.
Final Thoughts
The approval of Spot Bitcoin ETFs has caused a massive inflow of money into the cryptocurrency market. While a market-wide price rally is yet to be seen, Chainlink and NuggetRush are the top altcoins, showing bullish momentum.
NuggetRush is expected to see a bigger price rally because of its more innovative platform and real-world use case. As we draw closer to this potential market explosion, NUGX has become one of the best altcoins to watch.
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