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On Friday, bitcoin (btc) approached a significant resistance level of $28,000 as both the cryptocurrency and traditional markets recovered from previous declines attributed to better-than-expected US employment figures. Before continuing, check out our latest report on the next cryptocurrency to explode.
bitcoin, the largest cryptocurrency by market capitalization, saw a brief drop of almost 2%, falling below $27,300 in response to news that the US economy had added 336,000 jobs in September, exceeding expectations. economists by almost double. However, bitcoin‘s losses were short-lived as it quickly recovered to slightly above $28,000.
ethereum (eth), on the other hand, ended its losing streak against btc, showing a stronger performance and registering an increase of almost 2%. During the afternoon hours, the second largest cryptocurrency was trading at $1,650.
With everything going on in the world of cryptocurrencies, the main question remains: what will be the next cryptocurrency to explode? Let’s dive in.
The next cryptocurrency will explode on Saturday, October 7
Given the current global economic uncertainty and slow recovery, it is a good idea to be cautious when approaching market changes. Instead of rushing into investments right now, it is wise to take a close look at how the cryptocurrency market is evolving.
Doing this will allow you to buy the digital assets you want at a better price when the current market instability calms down. Also, if you follow price cycles, now could be the right time to buy the best cryptocurrencies for the long term.
1. Represent (RNDR)
As of today, the price of Render (RNDR) stands at $1.87 and has witnessed a 7.08% price increase over the past day as well as a notable 22.19% rise. during the last week. RNDR has a circulating supply of 370 million tokens, contributing to its current market capitalization of $693,873,437. Furthermore, the 24-hour trading volume for RNDR amounts to $43,996,725.91.
Render has attracted significant attention in 2023 as one of the top cryptocurrency investments. This platform provides distributed GPU rendering services to artists, acting as a bridge between mining partners who offer GPU capabilities for rent and artists or studios who need GPU computing power. The native cryptocurrency of the Render network is RNDR, following the ERC-20 standard, and serves as the main means of payment between artists or studios and mining partners.
A notable feature of Render is its unique hybrid consensus mechanism, which combines manual and automated proof-of-work methods to validate rendered artworks effectively. Recently, the RNDR platform made headlines by successfully demonstrating test computing work on real rendering models, using IO.net. This achievement signifies the expansion of the platform into ai and ML processing, signaling a promising future.
Innovative technology meets artistic innovation! Exciting times… https://t.co/U0ZdJywkOJ
– The rendering network (@rendernetwork) October 3, 2023
In particular, experts are showing confidence in the RNDR token for 2023, with substantial accumulation by influential investors (whales) in anticipation of a possible bullish rally soon.
2. Batteries (STX)
The Stacks cryptocurrency stands out as a unique case in the crypto world. It is one of the few digital currencies that has received explicit approval from the United States Securities and Exchange Commission (SEC). Stacks, designed to allow users to interact with the bitcoin (btc) blockchain similar to ethereum (eth), faced challenges when the broader market was hit due to SEC lawsuits against Binance and Coinbase in early June 2023.
However, things took a positive turn at the end of the month when Blackrock, an investment firm, announced its intention to launch a bitcoin exchange-traded fund (ETF). This news contributed to a recovery in Stacks’ price and it withstood the market decline better than most other cryptocurrencies, even though its recovery peak occurred in early July.
Since then, the Stacks platform has been in a consolidation phase.
Our Reddit community is hosting a “share your Stacks story” contest with great prizes!https://t.co/3x7cSC4Olc
— pilas.btc (@Stacks) October 6, 2023
Stacks has been actively improving its capabilities on the development front. Earlier this year, it released the Stacks 2.1 update, which expanded its connectivity to the bitcoin blockchain.
As for short-term price predictions, CoinCodex suggested that Stacks (STX) would experience fluctuations in the coming weeks. According to their analysis, by October 8, the price was expected to fall to $0.4787, but then recover to $0.5676 on November 2.
3. dYdX (DYDX)
Currently, dYdX operates as a hybrid decentralized exchange, combining decentralization with certain elements managed by dYdX Trading Inc. and its partners on their servers. They have created the exchange protocol using ethereum smart contracts and STARK (zero knowledge) rollups, powered by Starkware. This unique setup ensures transparency and gives users full control of their funds and positions within the dYdX platform.
With the upcoming v4 release, dYdX is aiming for complete decentralization, eliminating central control and potential protocol issues. The community will take control of all aspects of the protocol, particularly the order book and matching engine, to create a genuinely decentralized ecosystem.
Anticipation of the long-awaited v4 release has led to increased activity on the chain. In the last 30 days, the protocol has witnessed a substantial 29.4% increase in revenue, with profits increasing by 74.9%. Furthermore, there has been a notable 1.14% increase in supply issuances and a significant 5.8% growth in the number of token holders.
dYdX has seen a total volume of $6.2 billion in the last 7 days!! 🫨
– dYdX (@dYdX) October 5, 2023
Interestingly, despite this increased protocol activity, dYdX price has declined over the same 30-day period. This disconnect between activity and price may indicate that the market is currently undervaluing dYdX.
4. bitcoin Minetrix (BTCMTX)
On Friday, bitcoin Minetrix, a cloud-based bitcoin mining platform located in T’bilisi, Georgia, made an exciting announcement. They successfully raised $600,000 in pre-sale financing. This platform operates on the ethereum blockchain and takes advantage of ERC-20 technology.
#BitcoinMinetrix You have achieved another vital achievement!
More than $600,000 was raised. pic.twitter.com/flPGRolMBC
—Bitcoinminetrix (@bitcoinminetrix) October 6, 2023
What sets it apart is its unique Stake-to-Mine strategy, which allows people to mine bitcoin by staking $BTCMTX tokens inside a smart contract. This shift empowers individual investors, moving away from the dominance of large corporations in the mining process.
The bitcoin Minetrix business model offers two attractive avenues to earn passive income. First of all, staking $BTCMTX coins can generate an impressive 1,193% annual return. Furthermore, mining returns are proportional to the number of tokens contributed. To attract more users, they even organize a $30,000 Minedrop giveaway. Notably, bitcoin Minetrix has gained support from prominent crypto influencers such as crypto Gains, Cilinix, Melos crypto, Zach Humphries, Michael Wrubel, and Austin Hilton, who have endorsed the platform on their YouTube channels.
One of the standout features of the platform is its strong commitment to decentralization, which serves to reduce the risk of a 51% attack and counteract the problems related to excessive mining centralization. bitcoin‘s Stake-to-Mine system and hash rate play a critical role in both its operation and potential profitability.
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The next cryptocurrency will explode in 2023
- Audited by Coinsult
- Secure and decentralized cloud mining
- Earn free bitcoin daily
- Native Token on Pre-Sale Now – BTCMTX
- Staking Rewards: Over 1000% APY
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