Next Cryptocurrency to Explode Monday 23 October - Bitcoin Minetrix, Chainlink, Fantom

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The crypto market continues its upward trajectory. Its capitalization has reached a significant milestone of $1.17 trillion so far. This figure represents a 2.51% increase over the last 24 hours. The next cryptocurrency to explode from this development will do so quite seamlessly.

The market’s total trading volume in the last 24 hours rose to $46.54 billion, which is a 19.99% increase. The decentralized finance sector contributed significantly to the recent surge in trading volume. It had a 24-hour total trading volume of $3.68 billion, representing 7.90% of the total 24-hour crypto market volume.

Meanwhile, stablecoins contributed $43.17 billion in the same timeframe. This constitutes a substantial 92.75% of the total crypto market 24-hour volume.

As for Bitcoin, its dominance within the overall market currently stands at 51.36%, with a slight decrease of 0.03% observed over the past day.

Asian stocks dipped on Monday amid rising concerns of a broader Middle East conflict, casting a shadow over a week filled with crucial data releases on US economic growth and inflation, in addition to earnings reports from major global tech corporations.

Next Cryptocurrency to Explode

Additionally, bond markets experienced pressure as yields on the US 10-year Treasury inched dangerously close to the 5.0% threshold. This rise in yields has driven up borrowing costs on a global scale, thereby challenging the valuations of equities.

Over the weekend, Washington issued a warning regarding substantial risks to US interests in the Middle East. These concerns arose as Israel, a key ally, conducted airstrikes on Gaza, and tensions escalated along its border with Lebanon.

1. Chainlink (LINK)

Chainlink (LINK) began an ascent on Sunday and achieved a price milestone, surging above the $9 mark. At the time of this report, the coin has broken the $10 mark and is selling at $10.85, marking its highest level since May 2022. This surge was part of the positive momentum in the broader cryptocurrency market. The price of the next cryptocurrency to explode has risen by over 14% in the last 24 hours and by 46.16% in the previous week.

As LINK’s price eyes a potential test of the $12 level, analysts who closely examine on-chain data suggest that traders may find it beneficial to keep an eye on whale activity.

Chainlink, renowned for its oracle network and experiencing remarkable adoption, particularly after the launch of its Cross-Chain Interoperability Protocol (CCIP), emerged as one of the standout performers in the crypto market amidst the prevailing bullish sentiment.

⬡ Chainlink Adoption Update ⬡

This week, there were 7 integrations of 4 #Chainlink services across 5 different chains: @arbitrum, @BNBCHAIN, @ethereum, @optimismFND, and @0xPolygon.

New integrations include @acryptosdao, @BTCLProtocol, @Equilibriafi, @KreepyKritters, and… pic.twitter.com/1CfVwTvP42

— Chainlink (@chainlink) October 22, 2023

According to insights from on-chain analytics and the smart money account Lookonchain, the upsurge in LINK’s price aligned with significant accumulation by whales and a substantial increase in trading activity on South Korean exchanges, Bithumb and Upbit. During this price surge, data indicates that these two prominent Korean exchanges amassed a staggering 945,000 LINK tokens, valued at approximately $9 million.

Presently, exchanges collectively hold approximately 202.6 million LINK tokens, which constitute 20.26% of the total supply and have an estimated value of around $1.9 billion. While holders currently stake 37.45 million LINK tokens, there are notable “giant whales” holding LINK, including one with 81 addresses containing over 11 million tokens and another with 38 addresses holding more than 8.35 million LINK tokens.

These whale activities will give more direction to smaller investors in the days to come. In the meantime, their lead can be closely followed.

2. Bitcoin Minetrix (BTCMTX)

Conventional cloud mining services often demand substantial upfront investments, leaving users exposed to fraud risks. Bitcoin Minetrix is set to revolutionize the mining landscape by introducing a new approach. By staking BTCMTX tokens, users can earn cloud mining credits, which can be redeemed for mining power to mine BTC.

Showing how #BitcoinMinetrix differs from typical cloud mining. ⛏️🪙

1️⃣ Using ERC-20 #Tokens removes the need for transactions.

2️⃣ Users control their mining power via earned credits from staking.

3️⃣ Smart contracts on #Ethereum automate security and decentralized staking. pic.twitter.com/EyxaQQ6EIR

— Bitcoinminetrix (@bitcoinminetrix) October 22, 2023

This innovative “Stake-to-Mine” model eliminates the need for cash contracts and greatly mitigates the risks associated with third-party service providers.

Further to enhanced security, Bitcoin Minetrix also offers an impressive yield of 318% annually for users who choose to pledge their BTCMTX tokens to the staking pool.

At the time of this report, Bitcoin Minetrix has successfully raised over $2.09 million during the second stage of its presale phase, with just a few days remaining before the token price experiences an increase. The rate with which presale funds are raised gives credence to BTCMTX’s strength and status as the next cryptocurrency to explode.

Investors have the opportunity to get involved with a minimal investment starting at $0.0111, a decision that many members of the Bitcoin Minetrix Telegram community deem potentially lucrative given the project’s inherent promise.

The developers of the project are committed to allocating 42.5% of the BTCMTX supply towards funding mining operations while dedicating 35% to marketing initiatives. This dual allocation underscores the developers’ focus on both sustainability and vigorous expansion.

The timing of Bitcoin Minetrix’s launch appears strategic, aligning perfectly with the trajectory of the global crypto-mining market, which is projected to reach approximately $7 billion by 2032. This forecast represents a Compound Annual Growth Rate (CAGR) of 12.90% from the present day until that future date, positioning Bitcoin Minetrix for substantial success in the evolving landscape.

Visit Bitcoin Minetrix.

3. Fantom (FTM)

Fantom (FTM) was conceived with the ambition of addressing Ethereum’s limitations and pioneering a new generation of blockchain technology that could resolve the scalability, security, and decentralization trilemma. Nonetheless, despite its remarkable 2,108% growth and the addition of 2,000% unique addresses, FTM has encountered challenges, experiencing a 93% depreciation from its all-time high (ATH) in January 2022. A more effective revenue-earning strategy is imperative.

Looking ahead to 2023, there is a hopeful outlook for FTM as it is anticipated to rebound to its previous highs following the recent approval of a governance proposal that introduces gas monetization to successful decentralized applications (dApps) on the platform. This strategic move will augment #Fantom’s ecosystem for developers by creating a new revenue stream, enabling them to monetize the transaction volume generated by their decentralized apps. This approach is designed to attract top-tier developer talent and ensure the network’s long-term sustainability.

> Go to @FantomFDN X
> Click the bell icon
> Notifications ON
> Don't miss news
> 10.24.23
> Simple!

👉🔔 pic.twitter.com/BONkAijk19

— Fantom Foundation (@FantomFDN) October 20, 2023

Fantom remains a magnet for investors, as demonstrated by billionaire investor and HyperChain Capital founder Stelian Balta, who has injected an additional $15 million into the project. HyperChain Capital has a strong track record of successful investments in recent years, setting them apart as they thrive while other funds falter in the crypto winter. The resilience of the Fantom community in navigating the turbulent cryptocurrency landscape is genuinely noteworthy.

In line with the Fantom price forecast for 2023, FTM is anticipated to reach a peak price of $0.40 and a bottom value of $0.34. However, the coin is expected to stabilize at an average price of approximately $0.36.

4. Polygon (MATIC)

Polygon has a distinct layer of transaction-processing blockchain system that functions as an Ethereum catalyst. At the same time, it maintains complete compatibility with the original network.

Polygon is not the sole solution for enhancing Ethereum applications and services. Still, it is unquestionably the most prominent, boasting the highest transaction volume and a market capitalization of $5.8 billion. The second-largest Ethereum augmentation platform is Arbitrum, a smaller contender with a total market value just shy of $1 billion.

The value of the Polygon token reached its zenith at $2.85 in December of 2021. Presently, the token is valued at $0.63 per blockchain token, marking an 80% decline from that brief peak.

It’s time to chat with @MantaNetwork about their transition using Polygon CDK.

Set those reminders for Monday. https://t.co/5gHhTAe04w

— Polygon | Aggregated (@0xPolygon) October 21, 2023

After rising by more than 8% in the last 24 hours, it is hoped that MATIC will have a sustained recovery. If it keeps up the momentum for another 24 hours, then the token may test the $1 level. If it reaches that point, MATICs advance as the next cryptocurrency to explode will be undisputed.