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The price of Bitcoin significantly influences the current market as the princesses of assets are forced into a fluctuating trend. As the price of BTC dragged closer to $52k today, it sparked a brief rally in the price of assets, with some printing as high as a double-digit percentage increase.
After posting impressive price pumps, BNB, Avalanche, and Worldcoin have clinched their spots near the top of the gainers’ list. The details of the price action are provided below, with the relevant data to provide context.
Next Cryptocurrency To Explode
However, the growing inflow of funds into Bitcoin spots ETF put pressure on the price of crypto assets. Many assume that the situation may have caused the protracted sideways trend of BTC. The growing demand outpaces the supply in the market, which creates opportunities for decentralised mining projects, such as Bitcoin Minetrix. Today’s update covers the current presale offering of the BTCMTX token, and all that investors need to know about the project.
1. Avalanche (AVAX)
The recent 150% increase in the value of AVAX made the token the 9th largest crypto by market cap. At the time of writing, AVAX has a market cap of $13.95 billion and a circulating supply of 377.15 million coins. Despite its meteoric rise last quarter, AVAX saw a significant pullback early this quarter, forcing its price down by nearly 22%.
Historically, AVAX is known to go through a cycle of highs and lows ahead of its token release. The worst pullback was seen in August of last year when the token release of over $100 million value forced the asset into a protracted downtrend. However, this time, the overall crypto market outlook is different.
The token release of last quarter took the asset from $22 to $48. Currently, AVAX is holding its ground in the $37- $38 range despite releasing over 9.5 million tokens, which are projected to increase the circulating supply by 2.9%.
It also has an RSI value of 48 on the daily time frame, which indicates that the token is headed towards the overbought zone. The RSI readings remain neutral weekly and monthly, while the moving averages are mostly bullish. These signals are similar to what played out in the previous token release.
What's driving the growth of Avalanche over the past few months?
Strong liquidity, fresh competition in gaming, accelerated adoption of Subnets, and an established foothold for RWAs have all contributed to a healthy, booming ecosystem 💪
Dive into the State of Avalanche Report… pic.twitter.com/wM2SAfH9bE
— Avalanche 🔺 (@avax) February 21, 2024
On the other hand, the update posted on its official Twitter handle reveals that the platform is primed for growth. There are claims that it boasts impressive liquidity and increasing use cases. It also claims there are increased activities across the chains. All are indicating the potential for more uptrend.
2. BNB (BNB)
BNB has kept an uptrend for nearly 60 days, even defying the current downtrend across the crypto market. It recorded another round of price increases today, reaching as high as 7% in the last 24 hours. With the current pace, the price of BNB might rise to $400 before the end of the week.
Will BNB become the next cryptocurrency to explode? Several indicators show that BNB is one of the cryptos to watch now. Its price has pushed past half the value of its ATH, which means its trends align with the overall performance of the crypto market.
While its struggle in the previous year due to the legal battles still reflects on its price, technical data reveals that the BNB is set for a more upward trend. The RSI values on its monthly chart remain neutral, indicating long-term prospects for the token. Also, its moving averages remain bullish in the short and long term.
BNB Chain & the Web3 Blueprint is now live! 🚀 https://t.co/0tNwO7J3qs pic.twitter.com/14OMXY5y9l
— BNB Chain (@BNBCHAIN) February 21, 2024
Moreover, the company’s continuous drive for innovation puts it at an advantage and contributes to the persistent value increase. Conversely, the daily timeframe reveals that BNB investors can expect a quick reversal as the bearish signals take effect. Many BNB oscillators give bearish signals, and their RSI reading in the time frame appears overbought, which indicates a potential bearish movement.
Nevertheless, BNB has an imminent supply cluster in the $360 – $370 price range. Hence, in case of a reversal, it will likely bounce at this range if the optimism in the market remains high.
3. Worldcoin (WLD)
Following its controversial push to keep a record of people’s identity, the Worldcoin token, WLD, faced a sharp decline as many countries opposed its business model. However, the token is making an impressive headway as its value has increased by nearly 400% since its launch. Its market cap recently crossed the $1 billion mark, putting it at the 67th position of the crypto ranking.
There are speculations that the Sam Altman-backed crypto might become the next cryptocurrency to explode. In the last 24 hours, it recorded gains of over 25% and trading volume increase of 45%. The boost in the token’s value can be traced to the rising interest of investors in the AI sectors and DePin.
However, there are concerns about the prospect of the WLD token, as only 132,801,934 of the 10 billion total supply is currently in circulation. Sadly, a single wallet holds 75 million of the supply. The less than 2% circulating supply presents a probability of high price fluctuations ahead of the token. In the meantime, investors can watch out for more WLD bullish trends as the market continues its rally.
4. Bitcoin Minetrix (BTCMTX)
As demand for Bitcoin continues to outpace supply, the need for optimal mining initiatives becomes imminent. Bitcoin Minetrix provides a novel initiative to help combat the supply challenges using a decentralized cloud-based mining system.
The project has attracted rising interest from investors, with over $11.2 million raised so far. As the bitcoin halving draws closer and the BTC Sport ETF inflow increases, the demand for BTC is bound to increase dramatically. Consequently, the pressure on mine would go through the rough.
Examining the Cost Entry Point for #BitcoinMinetrix versus Traditional Cloud Mining: 🔍
💰 #BTCMTX: Economical – (No obligatory minimum purchase)
💸 Traditional Cloud Mining: Expensive – (Significant minimum payment required) pic.twitter.com/EqBGNevcoA
— Bitcoinminetrix (@bitcoinminetrix) February 22, 2024
The BTCMTX token allows holders to mine BTC for as low as $10, a new feat in the sector. Moreover, it also eliminates the risk that’s common with cloud mining projects. Investors have a short window of about 48 hours to join the train at a discounted price of $0.0136. The presale price would increase as soon as the time elapses.
Visit Bitcoin Minitrix Presale
5. Filecoin (FIL)
FIL is up by 4% today, bringing the overall gains in the past seven days to 30%. The recent gains in the token’s value validate the claims that DePIN assets are the altcoin’s jewel of this bull market. The FIL has gone from struggling at $5 to peaking at $7.7 in this bull run.
Moreover, there are speculations that the price might beat its way to $11 this quarter as the technical indicators give off bullish signals.
Filecoin maintains a bullish outlook daily as the price remains below its long-term moving averages. Also, its oscillators signal bullish trends. However, there might be a short-time pullback resulting from overbought signals coming from its RSI readings.
On the contrary, the monthly time frame deviates a little from the signals seen on the daily chart. While it signals stable RSI ready at 45, the long-term moving averages indicate bearish signals. Thus, FIL might encounter fierce pressure from the bears as it approaches the $13 mark.
Filecoin News 83 has arrived! 📬
Check out the highlights:
✨Filecoin collaborating with @solana to store block history
💰5 Filecoin bounties at @ethereumdenver’s #BUIDLWEEK
🏔️The schedule for #FILDevSummitv3 in Denver is now liveRead it for yourself:https://t.co/RJVpqPD3BI
— Filecoin (@Filecoin) February 21, 2024
Notwithstanding, investors can expect to see improved performance of FIL as the token takes its place as the Decentralized Storage Facility for crypto projects. It recently partnered with Solana and is pushing to establish more such partnerships.
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