Next Cryptocurrency to Explode Thursday, 16 November – Bitcoin Minetrix, Render, Avalanche
The crypto market has recovered from the bearish trajectory it sank into in the last couple of days. The market displayed a notable upswing in the previous 24 hours, reaching a total capitalization of $1.43 trillion, marking a significant 3.82% surge.
Within the same 24-hour period, the total trading volume across various cryptocurrencies recorded $70.01 billion, indicating a substantial 5.69% increase. Decentralized finance contributed a whopping $8.32 billion to this volume, constituting 11.88% of the total crypto market activity. Stablecoins, on the other hand, showed a robust performance, accounting for a substantial portion with a volume of $62.24 billion. This figure represents 88.90% of the total crypto market 24-hour volume.
Bitcoin has seen a slight increase in its market dominance at 51.00%. This represents a 0.27% upturn in Bitcoin’s dominance. The next cryptocurrency to explode has a huge wave to ride on, making its journey more seamless.
Japanese equities witnessed a wave of foreign investors emerge as significant purchasers last week. Robust corporate earnings and a broader upsurge in the global market drove the wave. This trend emerged amidst expectations that the U.S. Federal Reserve might halt its aggressive interest rate hikes.
Data obtained from Japanese exchanges showed that foreign investors made huge stock acquisitions, amounting to a net purchase of 1.12 trillion Yen (approximately $7.40 billion) for the week ending on November 10. This marks their most substantial weekly net buying since the week ending on June 16.
Next Cryptocurrency To Explode
In the year-to-date assessment, Japanese stocks have witnessed net inflows of 5.96 trillion Yen from foreign investors, presenting a notable contrast to the 4.07 trillion Yen net outflows observed during the corresponding period in the previous year.
However, on Thursday, Japan’s Nikkei (.N225) halted a three-day winning streak as investors chose to secure profits following a sharp upswing in the prior session. Additionally, a resurgence in U.S. Treasury yields also dampened market sentiment.
1. Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix has raised over $4 million in its ongoing token presale campaign, a testament to the increasing traction within the Bitcoin mining landscape it aims to lead. This surge in presale funds comes amid the ongoing consolidation of Bitcoin mining among a handful of dominant entities such as Marathon Digital and Riot Platforms. Despite these competitors, the market is confident that the BTCMTX token will be the next cryptocurrency to explode.
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— Bitcoinminetrix (@bitcoinminetrix) November 16, 2023
Recent reports underscore the significant concentration of Bitcoin mining, revealing that over 55% of the mining activity is controlled by only two pools: AntPool and Foundry USA. This concentration deviates from Bitcoin’s initial decentralized ethos, potentially posing challenges to small-scale and individual miners aiming to participate profitably in the network.
Addressing this growing centralization, Bitcoin Minetrix introduces its BTCMTX token alongside a decentralized cloud mining service. BTCMTX holders can stake their tokens, redeeming mining credits for Bitcoin cloud mining credits. This innovative approach empowers retail investors to access Bitcoin block rewards while contributing to the network’s decentralization.
The BTCMTX token boasts a fixed total supply of 4 billion tokens, with the ongoing presale allotting 42.5% of the tokens. Currently valued at $0.0116 per token, investors eagerly seek tokens before the impending price increment in less than 24 hours.
Jacob Crypto Bury, a prominent crypto analyst, anticipates significant growth potential for the token once trading commences. He emphasizes its comparatively lower market cap against Bitcoin, which could drive substantial growth.
With Bitcoin reclaiming a position above $37,000, interest in mining has surged considerably. Bitcoin Minetrix’s decentralized cloud mining service and BTCMTX token incentives offer retail investors an accessible avenue to capitalize on this burgeoning interest in Bitcoin mining.
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2. Render (RNDR)
After news filtered in that Binance RNDR was introduced on the Japanese exchange, the Render token, RNDR, surged by approximately 35% within 24 hours. The token is currently ranked among the top performers in the industry.
Initially, the RNDR price seemed to linger around the $1.786 mark, briefly hovering near its support level. After the news, a notable surge in price momentum broke out of the initial range. The token exhibited upward momentum, surpassing its upper resistance level at $2.125, where the price once encountered resistance.
With a subsequent surge of approximately 30%, the Render token saw a substantial increase in value but faced rejection at $2.617, leading to a sideways trading pattern for nearly 19 days.
Recent developments saw the RNDR token surging past its pivotal resistance level of $2.617, significantly increasing its valuation. Presently, the token appears poised to challenge its upper resistance at $3.150, the outcome of which remains uncertain.
The Moving Average Convergence Divergence (MACD) indicates substantial price volatility since the beginning of the month, signaling ongoing dynamic price movements. Notably, the averages reflect a sharp uptick, suggesting potential continued value appreciation shortly.
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— The Render Network (@rendernetwork) November 15, 2023
A successful breach of the resistance at $3.150 could lead to a bullish run, potentially setting the stage for testing the subsequent resistance level at $3.40. Further market stability at this level may pave the way for an attempt to challenge the $3.721 resistance in the coming week.
If the bullish trend persists, the coin might strive to reach a significant level of $4 by next month, marking a crucial milestone in its price trajectory and sealing its place as the next cryptocurrency to explode.
3. Avalanche (AVAX)
Avalanche’s AVAX is also experiencing a surge after J.P. Morgan and Apollo Global, through Onyx, revealed a proof-of-concept partnership with the Avalanche platform under the Monetary Authority of Singapore’s Project Guardian. The development was disclosed in a joint press release. This collaborative effort is anticipated to revolutionize asset and wealth management practices.
The proof-of-concept showcases the transformative potential of blockchain, smart contracts, and tokenization in simplifying portfolio management, particularly for the trade and administration of alternative assets, which historically presented challenges.
After the announcement, AVAX surged to $20.31 almost immediately, embarking on a journey to be the next cryptocurrency to explode. It sells at $23.20 at the time of this report, marking a notable 22.81% increase in the last 24 hours. It has also surged by 74.58% during the previous seven days, according to CoinMarketCap.
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— Avalanche 🔺 (@avax) November 15, 2023
Utilizing the LayerZero protocol, which achieved a valuation of $3 billion this year following a Series B funding round, Onyx Digital Assets is establishing a connection with an Avalanche Evergreen subnet.
4. Solana (SOL)
The SOL token of Solana is included in this. The token displayed an impressive 30-day performance, accumulating a remarkable gain of over 166%. Despite achieving its peak for 2023 on Nov. 10, Solana’s current price remains four times lower than its all-time high of $259.96. Nevertheless, its recent gains remain noteworthy, and it can be the next cryptocurrency to explode.
The surge in Solana’s price trajectory is fueled by a rise in its user base, primarily driven by Jito, the leading decentralized application operating on the blockchain, known for its liquidity staking platform.
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— Solana (@solana) November 15, 2023
Solana saw its daily active users surge to a 2023 high on Nov. 10, reaching a count of 200,000. With this user surge, Solana’s revenue has also crossed the $1 million mark within 30 days, an impressive increase of 78.2%.
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