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On Friday, Bitcoin (BTC) approached a significant resistance level at $28,000 as both the cryptocurrency and traditional markets recovered from earlier declines attributed to stronger-than-expected US employment numbers. Before you continue, check out our latest report on the next crypto to explode.
Bitcoin, the largest cryptocurrency by market capitalization, suffered a brief decline of almost 2%, falling below $27,300 in response to news that the US economy had created 336,000 jobs in September – nearly doubling economists’ expectations. However, Bitcoin’s losses were short-lived as it quickly returned to just above $28,000.
Ethereum (ETH), on the other hand, ended its losing streak against BTC, showing more robust performance and gaining almost 2%. During the afternoon hours, the second largest cryptocurrency was trading at $1,650.
With everything going on in the crypto world, the most important question remains: what is the next cryptocurrency that will explode? Let’s dive in.
Next cryptocurrency explodes Saturday, October 7
Given the current global economic uncertainty and slow recovery, it is a good idea to be cautious when dealing with market changes. Rather than investing right now, it is advisable to keep a close eye on how the cryptocurrency market is evolving.
Doing this will help you buy the digital assets you want at a better price when the current market instability subsides. Furthermore, if you follow the price cycles, this could be the right time to acquire the best cryptocurrencies for the long term.
1. Rendering (RNDR)
As of today, the price of Render (RNDR) is at $1.87, and the price has risen 7.08% over the past day, as well as a notable increase of 22.19% over the past week. RNDR boasts a circulating supply of 370 million tokens, contributing to its current market capitalization of $693,873,437. Moreover, the 24-hour trading volume for RNDR is $43,996,725.91.
Render has gained a lot of attention as one of the best crypto investments in 2023. This platform provides distributed GPU rendering services to artists and acts as a bridge between mining partners offering GPU capabilities for rent and artists or studios requiring GPU computing power. The native cryptocurrency of the Render Network is RNDR, according to the ERC-20 standard, and serves as the main means of payment between artists or studios and mining partners.
A standout feature of Render is its unique hybrid consensus mechanism, which combines manual and automatic proof-of-work methods to effectively validate rendered artworks. Recently, the RNDR platform made headlines by successfully demonstrating test computing tasks on real Render models, using IO.net. This achievement marks the platform’s expansion into AI and ML processing, indicating a promising future.
Groundbreaking technology meets artistic innovation! Exciting times…???? https://t.co/U0ZdJywkOJ
— The Render Network (@rendernetwork) October 3, 2023
Experts show particular confidence in the RNDR token for 2023, with substantial accumulation by influential investors (whales) in anticipation of a possible bullish rally soon.
2. Stacks (STX)
The Stacks cryptocurrency stands out as a unique case in the crypto world. It is one of the few digital currencies that has received explicit approval from the US Securities and Exchange Commission (SEC). Stacks, designed to allow users to interact with the Bitcoin (BTC) blockchain, similar to Ethereum (ETH), faced challenges when the overall market took a hit in early June 2023 due to SEC lawsuits against Binance and Coinbase .
However, later in the month, things took a turn for the better when Blackrock, an investment firm, announced its intention to launch a Bitcoin exchange-traded fund (ETF). This news contributed to a recovery in Stacks’ price and weathered the market decline better than most other cryptocurrencies, even though the recovery peak occurred in early July.
Since then, the Stacks platform has been in a consolidation phase.
Our Reddit community is hosting a “share your Stacks story contest” with big prizes!https://t.co/3x7cSC4Olc
— stacks.btc (@Stacks) October 6, 2023
Stacks has been actively improving its development capabilities. Earlier this year, it rolled out the Stacks 2.1 upgrade, which expanded connectivity to the Bitcoin blockchain.
In terms of short-term price predictions, CoinCodex suggested that Stacks (STX) would experience fluctuations in the coming weeks. According to their analysis, the price was expected to fall to $0.4787 on October 8, but then recover to $0.5676 on November 2.
3. dYdX (DYDX)
Currently, dYdX functions as a hybrid decentralized exchange, combining decentralization with certain elements managed by dYdX Trading Inc. and its partners on their servers. They built the exchange protocol using Ethereum smart contracts and STARK (zero Knowledge) rollups, powered by Starkware. This unique setup ensures transparency and gives users full control over their funds and positions within the dYdX platform.
With the upcoming v4 release, dYdX aims for complete decentralization, eliminating central control and potential protocol issues. The community will take control of every aspect of the protocol, especially the order book and matching engine, to create a truly decentralized ecosystem.
Anticipating the expected launch of v4 has led to more activity in the chain. In the last 30 days, the protocol has witnessed a significant increase in sales of 29.4%, with revenues increasing by 74.9%. Furthermore, there is a notable 1.14% increase in supply issuance and a significant 5.8% growth in the number of token holders.
dYdX has seen a total of $6.2 billion in volume over the last 7 days!! ????
— dYdX (@dYdX) October 5, 2023
Interestingly, despite this increased protocol activity, dYdX’s price has fallen over the same 30-day period. This discrepancy between activity and price may indicate that the market is currently undervaluing dYdX.
4. Bitcoin Minetrix (BTCMTX)
On Friday, Bitcoin Minetrix, a cloud-based Bitcoin mining platform based in T’bilisi, Georgia, has made an exciting announcement. They successfully secured $600,000 in pre-sale financing. This platform works on the Ethereum blockchain and uses ERC-20 technology.
#BitcoinMinetrix has achieved another major achievement! ????
More than $600,000 has been raised. pic.twitter.com/flPGRolMBC
— Bitcoinminetrix (@bitcoinminetrix) October 6, 2023
What sets it apart is its unique Stake-to-Mine strategy, which allows individuals to mine Bitcoin by staking $BTCMTX tokens within a smart contract. This shift gives more power to individual investors and moves away from the dominance of large corporations in the mining process.
Bitcoin Minetrix’s business model offers two attractive passive income opportunities. Firstly, staking $BTCMTX coins can provide an impressive annual return of 1,193%. Furthermore, mining revenues are proportional to the number of tokens contributed. To entice more users, they are even hosting a Minedrop giveaway worth $30,000. Remarkable, Bitcoin Minetrix has received support from prominent crypto influencers such as Crypto Gains, Cilinix, Melos Crypto, Zach Humphries, Michael Wrubel and Austin Hilton, who have endorsed the platform on their YouTube channels.
One of the standout features of the platform is its strong commitment to decentralization, which serves to reduce the risk of a 51% attack and counteract issues associated with excessive mining centralization. Bitcoin’s Stake-to-Mine system and hash rate play a crucial role in both its operation and potential profitability.
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Next cryptocurrency to explode in 2023
New Crypto Mining Platform – Bitcoin Minetrix
- Controlled by Coinsult
- Decentralized, secure cloud mining
- Earn free Bitcoin every day
- Native token now on pre-sale – BTCMTX
- Staking Rewards – Over 1,000% APY
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