Join our Telegram channel to stay up to date on breaking news coverage
The global crypto market has witnessed a remarkable rally, reaching a market capitalization of $1.41 trillion, marking a 1.52% increase in valuation in the last 24 hours. The next cryptocurrency to explode has had more latitude than two days ago.
In the same period, the total trading volume across all cryptocurrencies reached $39.88 billion, indicating a 1.72% increase in daily trading activity. Decentralized finance contributes significantly, with its 24-hour volume totaling $4.44 billion, representing approximately 11.13% of all crypto market trading activity. Stablecoins continue to dominate the scene, recording a volume of $35.19 billion, representing approximately 88.23% of the total crypto market volume.
bitcoin maintains its dominance at 51.42%, marking a slight increase of 0.03% during the day.
At the start of Monday’s trading session, the South African rand showed strength, with investors turning their attention to upcoming inflation data and an impending interest rate decision scheduled for later in the week.
At 07:01 GMT, the rand stood at 18.3050 against the dollar, marking a marginal appreciation of 0.2% compared to its previous close. The dollar index showed a drop of 0.18%. Analysts attributed the dollar’s weakness to growing optimism, suggesting that US interest rates have peaked.
Local market attention is focused on the upcoming inflation report scheduled for release on Wednesday and the South African Reserve Bank’s interest rate decision scheduled for Thursday, which is expected to offer new insights to market participants .
The next cryptocurrency to explode
Last Friday, S&P Global affirmed South Africa’s local and foreign currency ratings, highlighting the benefits of access to strong domestic markets, concessional financing and a currency that is actively traded in global markets.
In stock Exchange activity, the Top-40 Index (.JTOPI) showed an upward trend of approximately 0.3% in the first trading sessions.
1. Synthetix (SNX)
The current price of Synthetix Network (SNX) is $3.61, with a 24-hour trading volume of $174.00 million. In the last 24 hours, it increased by 18.01%, which is an increase of 28.80% in the last seven days. The market capitalization of Synthetix Network, considering a circulating supply of 330 million SNX tokens, is estimated at $1.18 billion.
SNX is at the top of the winners chart at the time of this report, due to its huge gains. After a long time out of the spotlight, the token is regaining its place as the next cryptocurrency to explode.
SNX’s all-time high is $28.53, recorded on February 14, 2021, almost three years ago. The current price is 87.40% lower than the all-time high. On the other hand, its all-time low was recorded at $0.03478640 on January 6, 2019, almost five years ago. In comparison, the current price shows a notable increase, rising 10,232.47% from the all-time lowest price.
Synthetix Network’s (SNX) fully diluted valuation (FDV) stands at $1.18 billion. This estimate represents the maximum market capitalization, considering the circulation of 330 million SNX tokens. It may take several years before the FDV is realized, depending on the SNX token issuance schedule.
Exciting news! Perps V3 is on the horizon, ready to build on the remarkable success of V2. Get ready for your next release in @BuildOnBase via the Andromeda version.
V2 brought a paradigm shift for chain criminals, focusing on risk management and introducing now-standard features… pic.twitter.com/z2a7U9N4nv
— Synthetix (@synthetix_io) November 19, 2023
Synthetix Network (SNX) has shown a price increase of 28.60% in the last seven days, outperforming the global cryptocurrency market’s 1.30% increase and outperforming similar cryptocurrencies from the Polygon Ecosystem, which remained unchanged.
Community sentiment towards Synthetix Network (SNX) appears overwhelmingly optimistic, with over 93% of users expressing positive feelings about the cryptocurrency currently.
2. Immutable (IMX)
Immutable (IMX) is also showing impressive price growth, with the price currently at $1.35 and a substantial 24-hour trading volume of $915.09 million. Over the past day, it saw a notable price rise of 11.59% and over the past week, it shot up an impressive 22.28%. With a circulating supply of 1.3 billion IMX tokens, Immutable’s market cap is $1.69 billion.
The all-time high for Immutable (IMX) stands at $9.52, recorded on November 26, 2021, almost two years ago, indicating a significant decline of 85.74% from the current price. In contrast, the all-time low for Immutable (IMX) stands at $0.378055, recorded on December 31, 2022, about 11 months ago. The current price demonstrates a notable 259.12% increase from the all-time lowest price.
In terms of its potential, the fully diluted valuation of Immutable (IMX) amounts to $2.71 billion, assuming a maximum circulation of 2 billion IMX tokens. Performing this valuation could take considerable time, depending on the issuance schedule of IMX tokens.
Comparing its performance with its peers, Immutable (IMX) has shown a substantial increase of 22.30% in the last seven days, outperforming the 1.40% growth of the global cryptocurrency market and outperforming similar cryptocurrencies in the ethereum ecosystem, which have increased by 12.70%.
Like Synthetix, the crypto community has bullish sentiment towards Immutable (IMX). This positive outlook underscores the confidence and optimism surrounding Immutable’s current trajectory and why it is poised to be the next cryptocurrency to explode.
3. NEAR Protocol (NEAR)
The NEAR protocol (NEAR) has seen an impressive rise in value, currently trading at $2.08 with a 24-hour trading volume of $328.84 million. In the last 24 hours, it has seen a notable price increase of 12.75% and, in the last week, it is up a remarkable 23.74%. The market capitalization of the NEAR Protocol is $2.07 billion, with a circulating supply of 1 billion NEAR tokens.
Despite the current positive momentum, the NEAR Protocol’s all-time high was $20.44, recorded on January 16, 2022, approximately two years ago, indicating a substantial decline of 89.88% from the current price. On the other hand, its all-time low was $0.526762, recorded on November 4, 2020, approximately three years ago, showing an impressive 292.74% increase from the all-time low price.
The fully diluted valuation of the NEAR Protocol is estimated at $2.07 billion, assuming there are 1 billion eth tokens in circulation today.
NEAR Protocol has shown significant growth compared to its peers, rising 23.70% over the past seven days, outperforming the global cryptocurrency market’s 1.60% rally and outperforming similar cryptocurrencies from FTX Holdings.
Congratulations to the builders.
The open web belongs to everyone.
But you build it. https://t.co/VplPDFNdsV
– NEAR Protocol (@NEARProtocol) November 17, 2023
Sentiment within the NEAR Protocol community remains very optimistic, with over 90% of users expressing positive feelings about the current trajectory of the cryptocurrency. It has been projected as the next cryptocurrency to explode.
4. bitcoin Minetrix (BTCMTX)
bitcoin Minetrix is a cloud mining platform that revolutionizes the way retail investors engage in btc mining while earning passive rewards through the BTCMTX token. This offering leads investors towards BTCMTX, which is already driving the weight of the next cryptocurrency to explode.
#BitcoinMinetrix introduce a new perspective on the process of bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Cloud mining!
Ideal for newcomers to the field.
Affordable, no equipment costs required.
Say goodbye to worries about space, noise and heat.
Smooth and effortless updates await you. pic.twitter.com/VSzSocLMM9—Bitcoinminetrix (@bitcoinminetrix) November 19, 2023
Prominent figures have recognized the importance of the platform, acknowledging the substantial demand arising from the high investment costs and technical expertise required in bitcoin mining. Historically, this sector has been monopolized by well-capitalized corporations, resulting in fierce competition and limited accessibility for individual investors.
bitcoin Minetrix addresses this disparity by democratizing the mining landscape, giving investors fractional ownership of computing power without operational issues. By purchasing BTCMTX tokens and staking, users can earn mining credits redeemable for cloud mining time or a share of returns, leading to passive accumulation of btc rewards.
A key advantage lies in the potential for immediate reward for investors who stake tokens, starting from the pre-sale phase with an attractive 142% APY, eliminating the need to wait for the official launch of the platform.
This staking approach to mining injects transparency into cloud mining, mitigating concerns about scams or centralization risks prevalent on other platforms. The platform offers a mining staking control panel, allowing users to withdraw and exchange tokens at any time, a notable improvement over conventional cash-based contracts used elsewhere.
The unique value proposition of the BTCMTX token has seen substantial success, as evidenced by its ICO raising over $4.1 million, which is indicative of strong market interest and confidence in the platform’s offering.
Visit bitcoin Minetrix.
Read more
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 100% APY
Join our Telegram channel to stay up to date on breaking news coverage
