Jonathan Borba | Unsplash
Despite today we find a decline in several of the main cryptocurrencies, the most influential one remains standing, although it has had a 1.1% decrease in price in 24 hours, taking Bitcoin to $51,081 US$ at the time of writing these lines.
Bitcoin Price - CoinGecko
This does not mean that the bullish trend has ended, as the market behavior will always be volatile and perhaps unpredictable. However, we are facing one of the most interesting moments in a long time, and I believe most of us are eagerly anticipating what will happen in the coming months when the halving arrives.
Obviously, we will also take into account the ETFs that are added to the list, which will lead to greater adoption, regardless of whether we prefer it or not. But there is no doubt that there is a long way to go and much to sow. What is important is that the growth of this main cryptocurrency be what positively drives the other altcoins towards a lasting bull run, where there will be a large number of investment opportunities and profits.
Many times I am surprised when the cryptocurrency market responds very differently to DeFi. It seems to be another type of mechanism, and I can assure you that I have not yet found out exactly how it works, as on several occasions when the market was collapsing, this sector was growing.
Decentralized finance is an enigma, but undoubtedly represents a very interesting form of investment based on liquidity protocols. And in these last hours, one of the tokens that has attracted the most attention is Mantle, which has seen an increase of more than 10%, although other sources claim it reached 20%.
With this Mantle is currently at a price of $0.87 per token, ranking 42nd on CoinGecko and 40th on CoinMarketCap. Being within the top 50 coins is a very significant fact to consider, especially as its MarketCap is steadily increasing. Currently, its MC is $2.8 billion, so the revenue flow is truly important.
Just a short while ago, Mantle's native token circulating on Ethereum's layer 2 reached its all-time high around $0.95. We cannot state it with precision because each site provides different data compared to another. My preference is always to observe the Live Chart price, which is in real-time and tends to be much more precise, as on other sites, the information arrives late and as a result is updated afterward.
Mantle (MNT) Price - GeckoTerminal
It seems that there is a great interest in Mantle, so I assume there is great potential in this market. And it's no wonder, as Mantle has an ecosystem in its favor that is interesting enough to attract investors.
One noteworthy aspect is that it has a locked fund of over 200 million dollars. If we refer to CoinGecko, we see that it is in the 7th position competing with other layer 2 chains for its TVL.
Mantle in position 7 as a Top Layer 2 Chain by TVL
The BTC Markets analyst, Rachael Lucas, points out that Mantle Network is a scalability solution for the Ethereum network on its second layer, and it uses validation nodes to compress transactions through specific techniques into smaller blocks ("compressed blocks"). This allows transaction performance to improve and gas fees to decrease, leveraging the Ethereum network compatibility.
In my opinion, taking into account the growth of DeFi could be a catalyst for Ethereum's price, as well as the anticipation for the upcoming Dencun update that many people are waiting for or at least anticipating its impact on ETH's price. In fact, yesterday ETH surpassed $3,100, and I honestly believe it is a cryptocurrency that will rise much more. I might dare to say that it could double its value in the coming years, although that remains to be seen.
My view aligns with the words of Greta Yuan, who is the head of research at VDX. She mentions that the anticipation for ETH Dencun could drive Ethereum's technology forward and spark a wave of investments, causing its price to start climbing.
Another factor that could influence Mantle's price is the approval of an Ethereum spot ETF. Caselin from BIT points out that there is a significant interest in liquid protocols, and it would be a viable way to make it meaningful to hold staked ETH in anticipation of receiving genuinely positive news. Everything is, of course, pending approval from the SEC to move forward with the stated objectives.
At this point, Fidelity and BlackRock have submitted a request expected to be approved in May. If so, we could see new opportunities and a growing technology development where investors may want to put their capital and increase the flow of money.
- Main image edited in Canva.
- I have consulted information in theblock.co and mantle.xyz.
- I have used Hive Translator to translate from Spanish to English.