Next Cryptocurrency to Explode Wednesday 27 September - Bitcoin Minetrix, Maker, GMX

Join Our Telegram channel to stay up to date on breaking news coverage

At the time of this report, the crypto market capitalization has dipped by 0.28% in the last 24 hours. It’s a slight pullback from the market’s stellar performance in recent times. The total market capitalization is $1.05 trillion.

The market’s trading volume also dropped, however, quite sharply. Trades carried out were worth $19.5 billion after a 14.22% loss over the past day.

Decentralized finance contributed 11.30% of this trading volume at $2.2 billion. Stablecoins, on the other hand, dominate the market. The sector contributed $18.8 billion, representing 96.40% of the market’s 24-hour trading volume.

Bitcoin’s dominance in the market dropped to 48.92%, reflecting a 0.04% decrease during the day. Many crypto assets have been displaying strength against Bitcoin for several months. Their constant evolution potentially makes them the next cryptocurrency to explode.

Reports show that Australia saw increased inflation in August. The huge jump in fuel prices accelerated the inflation. However, this inflation increase was in tandem with expectations, and a key measure of core inflation showed a further decline. The latest report has somewhat alleviated immediate pressure on the central bank to consider another interest rate hike.

The Australian dollar remained relatively stable, hovering around 64 cents, while yields on three-year government bonds eased by 3 basis points, settling at 4.029%.

Next Cryptocurrency to Explode

Furthermore, market sentiment has shifted slightly in favor of the Reserve Bank of Australia’s fourth consecutive interest rate pause in the upcoming month, with the probability increasing to 92% from the previous 87%. Nevertheless, the markets unanimously think that there will be an interest rate hike occurring by May next year.

1. Bitcoin Minetrix (BTCMTX)

Another crypto project has made a spectacular entry into the scene. This innovative newcomer, Bitcoin Minetrix (BTCMTX), raised more than $100,000 within minutes of its launch. It introduces a new Stake-to-Mine mechanism that provides an accessible path for crypto users to participate in mining Bitcoin (BTC).

Bitcoin Minetrix had an impressive debut, gaining early investors’ attention. This category of investors sees it as a potential disruptor in the BTC mining arena and the next cryptocurrency to explode.

Before this period, Bitcoin mining required substantial energy and capital investments while excluding retail investors from participating. Bitcoin Minetrix aims to change the game by leveraging its Stake-to-Mine mechanism to make BTC cloud mining accessible to more people.

This mechanism runs by having users stake the platform’s BTCMTX token in exchange for Bitcoin mining credits. The credits earned in this process can later be redeemed for either BTC mining time or a share of mining returns. The approach is underpinned by Ethereum-based smart contracts, adding an essential layer of security and transparency usually absent in cloud mining.

The stake-to-mine concept is a novel idea that promises to bring #Bitcoin mining back into the realm of possibility for ordinary #Crypto observers.🌟

Users of #BitcoinMinetrix need only an Ethereum-compatible wallet such as #MetaMask, making things very simple. pic.twitter.com/METPd8HV6k

— Bitcoinminetrix (@bitcoinminetrix) September 26, 2023

Bitcoin Minetrix’s whitepaper states that this combination of staking and cloud mining addresses several problems that disturb the cloud mining sector. These problems include fraud and a lack of user control. Importantly, Stake-to-Mine democratizes mining power by empowering individual investors without access to large-scale mining hardware.

Using an innovative and inclusive approach, Bitcoin Minetrix shows that it has the potential to reshape how ordinary individuals engage in Bitcoin mining. Its early presale success showcases its unique promise, but this project may just be getting started in its quest to revolutionize the crypto-mining sector.

Looking ahead, Bitcoin Minetrix’s environmentally friendly cloud mining solution may appeal to investors concerned about the ecological impact of traditional mining operations. It also provides enhanced security while eliminating entry barriers that deter potential miners.

Global market research firm Priority Research projects the crypto mining market to reach approximately $7 billion by 2032, representing a Compound Annual Growth Rate (CAGR) of 12.90% during that period. With this projected growth, Bitcoin Minetrix’s innovative mining approach positions it to capture a significant market share.

Ultimately, with its Stake-to-Mine model and community focus, Bitcoin Minetrix is positioning itself as a major player in the BTC mining industry.

Visit Bitcoin Minetrix.

2. Maker (MKR)

While the crypto market is undergoing its trials, Maker DAO’s MKR token has experienced significant momentum. The token rose on Monday from a low of $1,265 to a high of $1,343. That price level is so fascinating that investors immediately reckon MKR as the next cryptocurrency to explode.

As other tokens struggled to regain control, MKR demonstrated remarkable strength with a 6.46% increase over a 24-hour. Currently trading at $1,408.62, MKR is progressing towards overcoming a crucial resistance level at $1,500.

These recent developments indicate that buyers are firmly in control, potentially paving the way for further gains in MKR’s value.

MKR has emerged as the top gainer among cryptocurrencies today, outperforming its closest contenders by a more than 4% margin. This surge in Maker’s trading activity suggests increased buying interest. Nevertheless, it is important to analyze the factors driving this increased demand.

One notable factor contributing to MKR’s surge is the buzz surrounding a proposal to deploy the Spark Protocol on the zkSync Era Mainnet. This proposal includes wETH, rETH, wstETH, and DAI as initial collaterals for borrowing on the Spark Protocol. If the proposal is adopted, it will establish a 2 million liquidity goal to stimulate the growth of the Spark Protocol on zkSync.

In case you missed it:

A new proposal has been put forth to deploy @spark_protocol on zkSync Era Mainnet.

It includes wETH, rETH, wstETH, and DAI as initial collaterals and setting a 2 million DAI liquidity goal to kickstart Spark's growth on zkSync.

→ https://t.co/D4XX8VlP0B

— Maker (@MakerDAO) September 21, 2023

Importantly, the community already gave an overwhelming 100% approval to launch Spark on Gnosis Chain. This development positions DAI, the Maker DAO stablecoin, as the native gas token of Gnosis Chain, enabling users to earn enhanced yields when lending their DAI tokens.

The positive sentiment generated by the latest development within the Maker ecosystem likely translated into increased demand for MKR, the governance token of the Maker protocol, potentially driving the surge in trading activity.

3. GMX (GMX)

GMX is showing remarkable resilience. It rebounded strongly after finding support at the $30 level on September 11. It surged on Tuesday by 3.5% to reach $35, indicating a growing upward trend. It is currently trading at $35.49 to give investors enough confidence that it is the next cryptocurrency to explode.

An ascending trendline supports this upward trajectory, while key buy signals from indicators like the Moving Average Convergence Divergence (MACD) suggest that the path of least resistance is upwards. The blue MACD line crossing above the red signal generated a buy signal, and the momentum indicator shifted from the negative region to the positive region, further reinforcing the bullish sentiment.

The token is maintaining its position above important moving averages. However, a crucial milestone for the bulls would be a daily close above $37, which could pave the way to closing the gap up to $40.

GMX is pleased to announce digital risk protection agency @DoppelHQ as a core security partner.

Doppel's expertise is to detect digital phishing scams and brand-related cyber-attacks, and help take down these threats. This helps protect the GMX community from airdrop scams, fake… pic.twitter.com/Q7dVelUdng

— GMX 🫐 (@GMX_IO) September 26, 2023

While many cryptocurrencies have less volatility, with Bitcoin and Ethereum being prime examples, GMX stands out for its ability to initiate price surges even during bearish market conditions. Consequently, traders will likely maintain their interest in GMX, especially if the upward trend extends beyond the 50-day EMA at $37.62 on the daily chart.

The Relative Strength Index adds further weight to the bullish trend as it rises above the midline, targeting the overbought region. However, GMX’s price trajectory still faces challenges, particularly with the confluence resistance formed by the 100-day EMA and the descending trendline that has persisted over several months.

4. Optimism (OP)

Optimism (OP) has a $1.2 demand zone consistently serving as its sanctuary. Bulls try to maintain that line amidst persistent selling pressure on higher timeframes. Despite buyers’ determined efforts, Optimism recently established another higher low after encountering resistance at the $1.4 level.

The stabilization of Bitcoin (BTC) at $26,000 for some days provided some relief by alleviating selling pressure to some extent. However, sellers remained active with the intent of breaching the critical demand zone.

Exciting news for Optimistic devs! We've heard your feedback and now the OP Mainnet RPC is more reliable & available than ever.

In partnership with @ankr, with support from @QuickNode, we’ve raised the RPC rate limit nearly 5X!

— Optimism (@Optimism) September 26, 2023

The $1.2 demand area has held significant importance for the bulls for two months. In mid-July, bullish momentum propelled prices from this demand area to $1.8. However, the subsequent months of August and September witnessed bearish dominance, causing prices to revisit the demand zone twice, specifically on August 17th and September 11th.

Despite the demand zone’s resilience in the face of these tests, prevailing market conditions currently favor sellers, potentially providing them with an advantage to breach the $1.2 price range.

Should BTC dip below $26,000, sellers may target a move below $1.2, with potential downside targets at the $1 to $1.1 range. Conversely, a BTC advance to $27,000 could strengthen the bulls’ position, with profit-taking at $1.35 to $1.4.

Meanwhile, the Relative Strength Index has trended near the oversold territory, while the Chaikin Money Flow has remained close to zero. These indicators suggest a lack of significant buying pressure and subdued capital inflows.

Analyzing exchange long/short ratio data reveals a closely contested battle between long and short positions in the futures market, with a mere $1.35 million difference in open contract positions. This parity suggests that neither buyers nor sellers currently hold a significant advantage.

Consequently, Optimism’s long-term price action will closely follow that of BTC. Therefore, market speculators should keep a watchful eye on Bitcoin’s price for optimal trading strategies so they can push OP as the next cryptocurrency to explode.