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Skepticism has returned to the crypto market as the prices of cryptocurrencies decline marginally. The trend has made many crypto investors speculate on the return of crypto winter. However, a far-right wing of the market believes that the momentary pullback in the prices of assets presents an opportunity to identify the next cryptocurrencies to explode.
As the bulls fight to take control of the market, it’s best to look objectively at the market trends to identify the next cryptocurrencies to explode. When the market returns to an uptrend, the majority of the cryptocurrencies will trade at prices that are much higher than their ATH values.
Next Cryptocurrency To Explode
Those who got in early when Bitcoin was at its lowest now hold BTC, which is worth multiple times their initial investment. However, the opportunity to own Bitcoin is not over, as a team recently proposed a democratized Bitcoin mining initiative named Bitcoin Minetrix. The project is designed to allow investors to mine Bitcoins using the platform’s native cryptocurrency. The details of Bitcoin Minetrix are included in the article.
1. Ethena (ENA)
Ethena is one of the recent cryptocurrencies listed on the Binance exchange. Following its listing on the platform, the price of Ethena has kicked into a parabolic trend, appearing on the list of top gains for most of this week. In the last 24 hours, ENA, which is the native cryptocurrency of the project, has witnessed an increase of over 75% and a trading volume pump of about 75%.
Ethana gained investors’ attention by stepping in as a project that would replicate the real-world money model in the crypto ecosystem. It is dubbed the synthetic dollar protocol. The idea is to make it into a banking system that’s not dependent on the existing banking infrastructure. As the actual value of the Ethena protocol unfolds, investors might see a significant pump in the value of its underlying asset, ENA.
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The ENA, the governance token of the platform, was distributed in an airdrop on the 2nd of April after the successful completion of its airdrop program. The token was distributed in proportion to the points gathered before the first day of the month. In the meantime, the growing value of the token makes it an excellent asset to look into for short-term opportunities.
However, investors have to watch out for two long-term red flags that threaten the sustainability of the project and the short-term value of its cryptocurrency. First is the restaking model of the project’s USDe, which many fear follows the same approach as Terra’s UST. Secondly, the over 750 million ENA distributed during airdrop would likely flood the market at new ATH values. Hence, ENA might go through repeated cycles of price fluctuations.
2. Flare (FLR)
Flare’s performance in the last 24 hours has been quite remarkable. The token recorded an impressive 26% increase in price, which has pushed its market cap closer to the $2 billion range. Today’s gains are not the first of FLR in recent times, as the token has posted over 29% gains over the last 7 days.
The cumulative gains of Flare have helped holders who purchased in the middle of the last quarter regain their profit. In addition to FLR’s growing price, the token has also seen an over 800% increase in trading volume today, which also accounts for the increasing value of the asset.
If FLR maintains its current gains, the token will likely test its ATH range before the end of the first month of this quarter. With that, investors should watch the trends of FLR closely as it would likely become one of the next cryptocurrencies to explode this season.
Flare proposes a new approach to AI, where blockchain integration leads to safer and more accurate AI.
Learn how consensus learning can power greater collaboration in data-sensitive sectors.https://t.co/6jF3cEjh5k pic.twitter.com/w1yDFWO6N4
— Flare ☀️ (@FlareNetworks) March 22, 2024
In addition, Flare is undergoing radical upgrades that would give the platform a competitive edge in the Oracle and AI space. A recent announcement on its Twitter account reveals the launch of FTSov2, which is believed to grant dApp developers access to over 1000 data feeds.
The initiative would create a significant rise in the demand for Flare’s services, and the use cases of the FLR token are bound to increase significantly. FLR’s chance of breaking its ATH value is relatively high, given the recent upgrades and announcements. Hence, investors should keep a close eye on its trend this quarter.
3. Brett (BRETT)
Brett is one of the latest meme coin projects in the crypto market. More importantly, the project taps into the growing visibility of the Base chain since it’s built on Base. In the last 24 hours, BRETT has gained over 87% price increase, giving it a market cap of $656 million. The project is comically dubbed Pepe’s best friend because of the position it occupies on Base.
Brett recorded its first ATH value at the close of the previous month, with a value of $0.085. However, the current trend of the asset shows that there’ll likely be a new ATH value soon. One factor that would likely spark the momentum it needs to break above its ATH is the current sideways trend of the crypto market. As investors continue the search for assets to hedge their gains with, BRETT and other notable assets may become the next cryptocurrencies to explode.
As Brett holds the position as the second largest memecoin project on Base, investors can expect its sheer size also to provide the advantage it needs to reach new values. Ultimately, it’s best to include the token on the watchlist as most fundamental data shows that it is one of the next cryptocurrencies with solid potential for explosive gains.
4. Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix’s presale is almost coming to an end, as the project raised an impressive $12.8 million. As the project approaches the $13.79 million milestone, the chance of getting in at a discounted value is fast shutting down. Thus, investors who wish to participate in the next iteration of Bitcoin mining have a concise window to participate.
The project is designed to democratize Bitcoin mining, an initiative that would change how the market mines cryptocurrencies forever. Nonetheless, Bitcoin Minetrix is not only out to disrupt Bitcoin mining, but it’s also offering investors an opportunity to profit from its cryptocurrency, the BTCMTX token.
🚀 @Bitfarms_io is gearing up for the #Bitcoin halving with a massive $240 million investment in upgrading its mining equipment! 💰
With the hash rate capacity tripled and efficiency boosted, how do you think this will impact the $BTC mining landscape?
Also another breakthrough… pic.twitter.com/UWDiaEqLfW
— Bitcoinminetrix (@bitcoinminetrix) April 3, 2024
Ultimately, as the project goes live and its token is listed on exchanges, investors have the opportunity to enjoy dual rewards. First, anyone can mine Bitcoin with as little as $10. Secondly, the value gains of BTCMTX present an opportunity for investors to earn ROI on their investments. The project presale page offers additional information.
Visit Bitcoin Minetrix Presale
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