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The cryptocurrency market has recovered from the bearish trajectory it sank into in recent days. The market showed a notable rebound in the previous 24 hours, reaching a total capitalization of 1.43 trillion dollars, which represents a significant increase of 3.82%.
In the same 24-hour period, the total trading volume in various cryptocurrencies recorded $70.01 billion, indicating a substantial increase of 5.69%. Decentralized finance contributed a whopping $8.32 billion to this volume, making up 11.88% of the total crypto market activity. Stablecoins, on the other hand, showed solid performance, accounting for a substantial portion with a volume of $62.24 billion. This figure represents 88.90% of the total 24-hour volume of the crypto market.
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bitcoin has seen a slight increase in its market dominance up to 51.00%. This represents a 0.27% increase in bitcoin dominance. The next cryptocurrency to explode has a huge wave to ride, making your ride smoother.
Japanese Actions Last week we witnessed a wave of foreign investors emerging as major buyers. Strong corporate earnings and a broader boom in the global market fueled the wave. This trend emerged amid expectations that the US Federal Reserve could stop its aggressive interest rate hikes.
Data obtained from Japanese stock exchanges showed that foreign investors made huge stock purchases, amounting to a net purchase of 1.12 trillion yen (about $7.4 billion) during the week ending Nov. 10. This is the most substantial weekly net buying since the week ending June. sixteen.
The next cryptocurrency to explode
Assessing the year so far, Japanese stocks have witnessed net inflows of 5.96 trillion yen from foreign investors, presenting a notable contrast to the net outflows of 4.07 trillion yen seen during the year. corresponding period of the previous year.
However, on Thursday, Japan’s Nikkei (.N225) halted a three-day winning streak as investors opted to lock in gains following a strong rally in the previous session. Furthermore, the resurgence in US Treasury yields also affected market sentiment.
1. bitcoin Minetrix (BTCMTX)
bitcoin Minetrix has raised over $4 million in its ongoing token pre-sale campaign, a testament to the growing traction within the bitcoin mining landscape it aims to lead. This increase in pre-sale funding comes amid the ongoing consolidation of bitcoin mining among a handful of dominant entities like 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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Recent reports highlight the significant concentration of bitcoin mining, revealing that more than 55% of mining activity is controlled by just two groups: AntPool and Foundry USA. This concentration deviates from bitcoin‘s initial decentralized spirit, potentially posing challenges to individual and small-scale miners seeking to profitably participate in the network.
To address this increasing centralization, bitcoin Minetrix is introducing its BTCMTX token along with a decentralized cloud mining service. BTCMTX holders can stake their tokens and redeem mining credits for bitcoin cloud mining credits. This innovative approach allows retail investors to access bitcoin block rewards while contributing to the decentralization of the network.
The BTCMTX token has a fixed total supply of 4 billion tokens, with the ongoing pre-sale allocating 42.5% of the tokens. Currently valued at $0.0116 per token, investors are eagerly seeking tokens ahead of the impending price surge in less than 24 hours.
Jacob crypto Bury, a prominent crypto analyst, anticipates significant growth potential for the token once trading begins. He highlights its comparatively lower market capitalization versus bitcoin, which could drive substantial growth.
With bitcoin regaining a position above $37,000, interest in mining has increased considerably. bitcoin Minetrix’s decentralized cloud mining service and BTCMTX token incentives offer retail investors an affordable avenue to capitalize on this growing interest in bitcoin mining.
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2. Represent (RNDR)
After news leaked that Binance RNDR was listed on the Japanese exchange, Render’s token, RNDR, surged by approximately 35% in 24 hours. The token is currently among the best performers in the industry.
Initially, RNDR price seemed to remain around the $1,786 mark, briefly floating near its support level. Following the news, a notable increase in price momentum broke the initial range. The token showed bullish momentum, breaking above its upper resistance level at $2,125, where the price once encountered resistance.
With a subsequent rise of approximately 30%, the Render token saw a substantial increase in its value but faced a rejection at $2,617, leading to a sideways trading pattern for almost 19 days.
Recent developments caused the RNDR token to break above its fundamental resistance level of $2,617, significantly increasing its valuation. Currently, the token appears poised to challenge its overhead resistance of $3,150, the outcome of which remains uncertain.
The Moving Average Convergence Divergence (MACD) indicates substantial price volatility since the beginning of the month, indicating ongoing dynamic price movements. Notably, the averages reflect a strong rebound, suggesting possible continued appreciation in the value soon.
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(2/2)
– The rendering network (@rendernetwork) November 15, 2023
A successful break of the $3.150 resistance could lead to a bull run, potentially setting the stage to test the subsequent resistance level of $3.40. Further market stability at this level may pave the way for an attempt to challenge the $3,721 resistance next week.
If the bullish trend persists, the coin could strive towards a significant $4 level next month, marking a crucial milestone in its price trajectory and sealing its place as the next cryptocurrency to break out.
3. Avalanche (AVAX)
Avalanche’s AVAX is also seeing a surge after JP 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 revealed in a joint press release. This collaborative effort is anticipated to revolutionize asset and wealth management practices.
The proof of concept shows the transformative potential of blockchain, smart contracts and tokenization to simplify portfolio management, particularly for alternative asset trading and management, which historically presented challenges.
Following the announcement, AVAX rose to $20.31 almost immediately, embarking on a journey to become the next cryptocurrency to explode. It is selling for $23.20 at the time of this report, which is a notable increase of 22.81% in the last 24 hours. It was also up 74.58% over the previous seven days, according to CoinMarketCap.
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On how to boost business with the Blockchain of tomorrow, leaders of @AcmeInnovation @featureio and @AvaLabs will delve into how they are approaching these new media… pic.twitter.com/Rf4lFtkHKO
— Avalanche (@avax) November 15, 2023
Using the LayerZero protocol, which reached a $3 billion valuation this year following a Series B funding round, Onyx Digital Assets is establishing a connection with an Avalanche Evergreen subnet.
4. Solana (SUN)
Solana’s SOL token is included in this. The token showed impressive performance over 30 days, accumulating a notable gain of over 166%. Despite hitting its 2023 high on November 10, Solana’s current price is still four times lower than its all-time high of $259.96. However, its recent gains are still notable and it may be the next cryptocurrency to explode.
The rise in Solana’s price trajectory is driven by an increase in its user base, primarily driven by Jito, the leading decentralized application operating on blockchain, known for its liquidity staking platform.
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With average fees of less than $0.001 per transaction, Solana is for everyone.#OnlyPossibleInSolana
Join the movement: https://t.co/nQ0eqevrbL pic.twitter.com/Er2O55J3ho
— Solana (@solana) November 15, 2023
Solana saw its daily active users rise to a 2023 high on November 10, reaching a count of 200,000. With this increase in users, Solana’s revenue has also surpassed the million dollar mark in 30 days, an impressive increase of 78.2%.
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Next cryptocurrency to explode in 2023 list
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
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