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Next Cryptocurrency to Explode Tuesday, 17 October – Bitcoin Minetrix, Bitcoin SV, Solana

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Solana SOL
Solana SOL

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The crypto market capitalization rose again today. It has grown to $1.09 trillion, signifying a subtle increase of 0.31% over the past 24 hours. This demonstrates the market’s resilience and capacity to raise the next cryptocurrency to explode.

The total crypto market volume surged to $60.5 billion in the last 24 hours. It marks a remarkable increase of 169.63%. Decentralized finance accounted for $3.06 billion in trading volume. Stablecoins, on the other hand, raised $56.53 billion, which equates to 93.44% of the total crypto market 24-hour volume. 

Bitcoin increased its dominance in the market, standing at 50.64%. This represents a 0.27% increase in the last 24 hours.

On the stock market scene, Asian stock markets cautiously advanced on Tuesday as investors directed their attention toward the promising outlook for corporate earnings and the resilience of the US economy rather than dwelling on Middle East tensions.

The MSCI’s broadest index of Asia-Pacific shares outside Japan recorded a 0.58% uptick, while Tokyo’s Nikkei saw a 0.89% rise.

In the previous trading session, the S&P 500 climbed by 1%, coinciding with declines in both oil prices and the US Dollar.

Next Cryptocurrency to Explode

Kerry Craig, a global market strategist at J.P. Morgan Asset Management, pointed to an array of “favorable” indicators, including the robust US consumer, economic growth, and interest rates that bolstered bank profits, offering a hopeful outlook for the market.

1. Bitcoin SV (BSV)

Bitcoin SV (BSV) currently trades at $37.87, boasting a 24-hour trading volume of $226.11 million. In the last 24 hours, the price has seen a modest increase of 0.65%, and in the previous week, it has surged impressively by 10.74%. With a circulating supply of 19 million BSV tokens, the total market capitalization for Bitcoin SV now amounts to $730.27 million. It displays the recognizable attribute of the next cryptocurrency to explode.

BSV price chart

Bitcoin SV (BSV) came into existence through a hard fork of the Bitcoin Cash (BCH) blockchain in 2018, itself a fork of the BTC blockchain from a year prior. The primary objective of Bitcoin SV is to remain faithful to the original vision outlined in Satoshi Nakamoto’s white paper. This entails achieving scalability and stability in line with Bitcoin’s initial purpose as a peer-to-peer electronic cash system while also establishing a distributed data network capable of supporting advanced blockchain applications at the enterprise level.

Bitcoin SV’s fully diluted valuation (FDV) is currently at $795.99 million. This figure represents a theoretical maximum market capitalization scenario, assuming that all 21 million BSV tokens are in circulation today. However, the actual realization of this FDV depends on the specific design of BSV’s token emission schedule, which may take several years to materialize fully.

As for the market sentiment surrounding Bitcoin SV today, the community appears bullish mainly, with more than 69% of users expressing optimism about the cryptocurrency’s prospects. This positive sentiment reflects the growing confidence in BSV’s technology and its alignment with the original Bitcoin vision.

2. Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix (BTCMTX) has emerged as one of the most discussed projects in crypto presales, captivating the attention of investors worldwide. It is thenext cryptocurrency to explode with a lot to offer.

In less than a month since the commencement of its presale journey, Bitcoin Minetrix has successfully raised over $1.6 million in funding, attracting a diverse range of crypto enthusiasts who have been eager to be part of this promising initiative.

The project is currently positioned in Stage 2 of its ten-stage presale. Here, BTCMTX tokens are available at a price of $0.0111, although it’s worth noting that this price will escalate by 10% upon reaching the stage’s funding objective.

What sets Bitcoin Minetrix apart and fuels the excitement surrounding its presale is its innovative “Stake-to-Mine” protocol. This unique feature enables everyday investors to engage in Bitcoin mining without the need for expensive and resource-intensive computing equipment.

Furthermore, Bitcoin Minetrix offers users the opportunity to stake their BTCMTX tokens, potentially yielding an impressive 372% annually at the time of this report.

In light of the fact that the next Bitcoin halving event is only 6-7 months away, Bitcoin Minetrix has strategically positioned itself as an attractive option for those looking to capitalize on potential increases in the price of Bitcoin.

The growing enthusiasm for BTCMTX tokens is evident. As a result, Bitcoin Minetrix will become a trending cryptocurrency to watch out for in the days ahead.

Visit Bitcoin Minetrix.

3. Solana (SOL)

2023 brought a positive turn of events for Solana after a tedious 2022. The asset’s price experienced a remarkable recovery. After hitting a low of $8, SOL soared to nearly $26 during the first half of January, initiating the formation of an inverse head and shoulders (H&S) pattern.

SOL price chart

This classic inverse H&S pattern, renowned for signaling a bullish reversal, began to materialize in mid-January and continued to evolve until this month. By mid-March, the left shoulder had taken shape, followed by the formation of the head in early June and the emergence of the right shoulder in October.

A crucial element of this pattern is the neckline resistance, which was identified around the $25.81 level. Solana’s price has consistently tested this resistance, and a decisive breakthrough above this threshold would serve as a robust indicator of a bullish trend reversal. In his analysis, Olszewicz positioned the stop loss (SL) for this trade idea just beneath the right shoulder, specifically around $19.30.

By employing Fibonacci extensions, Olszewicz charted potential price trajectories for SOL, contingent on a successful breach of the $25.81 neckline. The targets were set at the 1.618 ($33.85) and 2.0 ($38.82) Fibonacci levels. If these projections materialize, traders could realize profits ranging between 35% and 55% from the current price level. 

As SOL tries to get back to its all-time high, traders hope that the next cryptocurrency to explode will not hit a reversal anytime soon.

4. Render (RNDR)

Render (RNDR), one of the most rapidly advancing artificial intelligence (AI)-based tokens, is currently in the midst of an extraordinary surge, spearheading a bullish uprising among altcoins. As of the present moment, Render has experienced a remarkable overnight growth of over 10%, with its price holding firm at $1.87. This parabolic ascent is consistent with the recent price performance of the altcoin, further propelled by a substantial increase in its trading volume.

RNDR price chart

The trading volume of Render has skyrocketed by more than 248%, surpassing $53 million in RNDR tokens traded thus far. This resurgence in trading activity underscores the heightened enthusiasm among traders for AI-based tokens. As this category of digital currencies continues to evolve, Render has firmly established itself as a dominant player in this specialized niche.

Render’s underlying protocol is primarily engineered to function as a GPU distribution system, benefitting creators, studios, and GPU mining centers. Its overarching mission is to bridge the gap between creators and resources, thus fostering a sustainable ecosystem in its entirety.

RNDR price chart

The growing adoption of the Render solution has been a driving force behind the surging demand for the token, contributing to its substantial upswing in value over the past month and why it is the next cryptocurrency to explode.

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