Next Cryptocurrency to Explode Friday 20 October - Bitcoin Minetrix, Solana, XRP

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The crypto market capitalization surged in the last 24 hours to an impressive $1.11 trillion, marking a 2.64% gain. This surge highlights the continued interest and investment in the crypto market. The solid interest brings several tokens to the fore as the next cryptocurrencies to explode. The market’s trading volumes also showed growth, with a total volume of $43.3 billion in the past day, representing an increase of 10.77%.

Decentralized finance gained momentum, with a current 24-hour trading volume of $2.14 billion, accounting for 4.94% of the total crypto market trading volume. Stablecoins equally reached a total trading volume of $40.25 billion, comprising an impressive 92.94% of the overall crypto market 24-hour trading volume.

Bitcoin maintains its dominance in the market, with a current dominance percentage of 51.45%. This marks a daily increase of 0.25%.

On Friday, Asian shares plunged to 11-month lows, primarily due to the relentless surge in long-term US yields, which placed pressure on valuations and led investors to adopt a risk-averse stance. These market jitters were further compounded by mounting concerns that Israel’s ongoing conflict with Hamas could ignite a broader conflagration in the Middle East.

Next Cryptocurrency to Explode

In Europe, the sentiment was equally somber, with EUROSTOXX 50 futures declining by 0.6% and FTSE futures falling by 0.4%. In the US, S&P 500 futures experienced a 0.1% dip, while Nasdaq futures were down by 0.3%.

The overnight surge in the 10-year US benchmark yield, briefly touching 5%, has led to increased borrowing costs on a global scale. Meanwhile, the Bank of Japan took action in the Japanese government bond market as the 10-year bond yield reached its highest point in a decade.

1. Solana (SOL)

Solana (SOL) has emerged as the top gainer among the top 10 crypto projects, showcasing remarkable gains. In the last 24 hours, the token’s price has soared by more than 10.1%, and it gained 22.7% in a week. SOL is not just the next cryptocurrency to explode; instead, it is currently exploding.

The recent surge in Solana’s price is attributed in part to the US SEC withdrawing its lawsuit against Ripple executives. Concurrently, the US Dollar has reached its 2023 high, typically signaling a bearish trend for cryptocurrencies. However, it’s noteworthy that Santiment has observed a unique trend where “digital gold and physical gold are moving up in tandem.”

Year-to-date, SOL has seen an impressive uptrend, with a growth rate of nearly 165%, surpassing the approximately 76% growth seen in Bitcoin (BTC) during the same period. This achievement is particularly praiseworthy, considering that Solana faced significant challenges following the collapse of FTX. Its price tumbled from a high of $36.72 on November 6, 2022, to a low of $9.77 by late December. Nevertheless, the project demonstrated exceptional resilience, continued to innovate, and persevered through adversity.

Machine learning algorithms at PricePredictions foresee a bullish outlook for Solana (SOL) in November, with a projected price of $28.18 on November 19, indicating a growth of 6.7%.

Thanks to all the builders who participated in the Solana Hyperdrive Hackathon! 💫

There were a record number of submissions and judging is now underway.

Browse all the projects! ⬇️https://t.co/GG48GZWCM0 pic.twitter.com/BVokCsWBI4

— Solana (@solana) October 20, 2023

Additionally, CoinCodex anticipates that SOL will reach $29.27 by November 16, signifying a robust 10.83% increase from its current price levels.

With both platforms predicting a bullish trajectory for Solana (SOL) in the short term, it appears that the token may soon approach the $30 mark. Furthermore, as Bitcoin’s (BTC) halving, scheduled for April 2024, draws nearer, many are anticipating a potential rally in the broader cryptocurrency market.

2. Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix (BTCMTX) is set to see substantial growth thanks to its innovative approach to Bitcoin mining. This Ethereum-based platform introduces a unique “Stake-to-Mine” model, enabling everyday cryptocurrency investors to participate in Bitcoin mining without the need for costly hardware or extensive technical knowledge.

Considering #Bitcoin mining but not sure where to start?

Cloud mining with #BitcoinMinetrix might be the solution!☁️

✅ Ease of entry for beginners
💰 Cost-efficient without high electricity bills
🔇 No worries about space, noise, or maintenance
🔄 No hassle of hardware resale pic.twitter.com/7gtnjOSg4D

— Bitcoinminetrix (@bitcoinminetrix) October 19, 2023

While still in its final development stages, the project’s developers have initiated a limited-time presale for the native BTCMTX token, which has already garnered over $1.8 million in investments.

BTCMTX plays a central role in the Bitcoin Minetrix ecosystem, serving as a means to acquire cloud mining power and for staking rewards, currently offering an impressive annual yield of 330%.

Holding and staking BTCMTX presents two potential passive income streams: rewards from Bitcoin mining and staking pool yields.

With a robust team and growing support on platforms like Twitter, Bitcoin Minetrix appears well-prepared for expansion in anticipation of the 2024 Bitcoin halving. This novel approach to Bitcoin mining has the potential to reshape the landscape of cryptocurrency investment and mining, making it more accessible and lucrative for a broader range of investors while the token itself lines up to become the next cryptocurrency to explode.

Visit Bitcoin Minetrix.

3. XRP (XRP)

In a significant turn of events, XRP began to see substantial daily percentage gains since Thursday for the first time in three months. This surge began as the US Securities and Exchange Commission (SEC) decided to drop securities-violation charges against the top executives of fintech company Ripple.

XRP saw a remarkable 6.5% increase, climbing to 52 cents, with a peak of 53 cents before retracing to 51 cents on Thursday. At the time of this report, the coin has gained 7.05% on Friday.

The SEC’s decision to dismiss allegations against Ripple Chief Executive Brad Garlinghouse and co-founder Chris Larsen was disclosed in a court filing on Thursday. This development follows several months after the Southern District of New York ruled that Ripple’s offering and sale of XRP on digital asset exchanges did not constitute offers and sales of investment contracts, as asserted by the SEC.

XRP is not a security.

This victory for @Ripple is a win for the entire industry and a step toward regulatory clarity in the U.S.

A huge thank you to @bgarlinghouse, @chrislarsensf, and @s_alderoty for their leadership and the #XRPCommunity for their continued support.

— Ripple (@Ripple) July 13, 2023

Approximately three years ago, the SEC accused Ripple Labs, closely associated with XRP, of violating securities laws by raising $1.3 billion through XRP sales to investors. This legal turmoil had placed significant pressure on XRP, even as the broader cryptocurrency market witnessed growth and surges. With the SEC’s latest decision, XRP is on a path to regain its footing in the market, potentially reshaping its prospects.

The latest development will aid XRP’s growth and see it on its way to becoming the next cryptocurrency to explode.

4. MX TOKEN (MX)

Today, MX Token (MX) is trading at $2.81, with a 24-hour trading volume of $5.63 million. This marks an impressive 8.94% price increase over the last day and a substantial 27.34% increase over the past week. With a circulating supply of 100 million MX tokens, the total market capitalization for MX stands at $277.79 million.

When we consider the all-time high for MX, it reached its peak at $3.70 on December 2, 2021, nearly two years ago. In comparison, the current price is approximately 24.04% lower than this historical high point.

On the flip side, the all-time low for MX was a mere $0.0422, recorded on November 25, 2019, almost four years ago. Today’s price is significantly higher, marking a staggering 6,560.75% increase from the all-time low.

MX’s current market capitalization is valued at $277.79 million, and it ranks 111th on CoinGecko today. Market capitalization is calculated by multiplying the token price by the circulating supply of MX tokens, which stands at 100 million tokens available for trading.

Hold $MX and participate in 120+ Free Airdrop events every month! pic.twitter.com/W2r3a6nc9q

— MX Token (@MX_MEXC) October 19, 2023

The fully diluted valuation (FDV) of MX is $1.19 billion. This figure represents a statistical projection of the maximum market capitalization, assuming the circulation of the maximum possible number of 430 million MX tokens. However, it’s essential to note that the realization of FDV might take several years, depending on the emission schedule of MX tokens.

In terms of market sentiment, the community appears to be bullish, with over 80% of users feeling positive about MX Token (MX) today. This optimistic sentiment reflects the current positive price trends and prospects surrounding MX in the cryptocurrency market.

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