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-anticipated U.S. employment figures. Before you go further, check out our last report on the next crypto to explode.
Bitcoin, the largest cryptocurrency by market capitalization, experienced a brief drop of nearly 2%, falling below $27,300 in response to the news that the U.S. economy had added 336,000 jobs in September—surpassing economists’ expectations by almost double. However, Bitcoin’s losses were short-lived, as it quickly bounced back to slightly above $28,000.
Ethereum (ETH), on the other hand, ended its losing streak against BTC, exhibiting more robust performance and recording a nearly 2% increase. During the afternoon hours, the second largest cryptocurrency was trading at $1,650.
With everything going on in the crypto world, the main question remains – what’s the next cryptocurrency to explode? Let’s dive in.
Next Cryptocurrency to Explode Saturday, 7 October
Given the current global economic uncertainty and the slow recovery, it’s a good idea to be cautious when dealing with market changes. Instead of rushing into investments right now, keeping a close eye on how the cryptocurrency market is evolving is advisable.
Doing this lets you purchase the digital assets you want at a better price when the current market instability settles down. Additionally, if you follow the price cycles, now might be the right moment to acquire the best cryptocurrencies for the long haul.
1. Render (RNDR)
As of today, the price of Render (RNDR) stands at $1.87, and it has witnessed a 7.08% rise in its price over the past day, as well as a notable 22.19% increase over the last week. RNDR boasts a circulating supply of 370 million tokens, contributing to its current market capitalization of $693,873,437. Additionally, the 24-hour trading volume for RNDR amounts to $43,996,725.91.
Render has garnered significant attention in 2023 as one of the top crypto investments. This platform provides distributed GPU rendering services to artists, acting as a bridge between mining partners offering GPU capabilities for rent and artists or studios needing GPU computing power. The native cryptocurrency of the Render network is RNDR, following the ERC-20 standard, and it serves as the primary means of payment between artists or studios and mining partners.
One notable feature of Render is its unique hybrid consensus mechanism, which combines manual and automatic proof-of-work methods to validate rendered artworks effectively. Recently, the RNDR platform made headlines by successfully demonstrating test compute jobs on real Render models, utilizing IO.net. This achievement signifies the platform’s expansion into AI and ML processing, signalling a promising future.
Groundbreaking technology meets artistic innovation! Exciting times…
— The Render Network (@rendernetwork) October 3, 2023
Notably, experts are showing confidence in the RNDR token for 2023, with substantial accumulation by influential investors (whales) in anticipation of a potential 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 United States 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 due to SEC lawsuits against Binance and Coinbase in early June 2023.
However, the situation took a positive turn later in the month 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 it weathered the market downturn better than most other cryptocurrencies, even though its recovery peak occurred in early July.
Since then, the Stacks platform has been in a phase of consolidation.
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 capabilities on the development front. Earlier this year, it rolled out the Stacks 2.1 upgrade, which expanded its connectivity with the Bitcoin blockchain.
Regarding short-term price predictions, CoinCodex suggested that Stacks (STX) would experience fluctuations in the coming weeks. According to their analysis, by October 8, the price was expected to drop to $0.4787 but then recover to $0.5676 by November 2.
3. dYdX (DYDX)
Currently, dYdX functions as a hybrid decentralized exchange, blending decentralization with certain elements managed by dYdX Trading Inc. and its partners on their servers. They’ve 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 of their funds and positions within the dYdX platform.
With the upcoming v4 release, dYdX aims for complete decentralization, removing central control and potential protocol issues. The community will take control of every aspect of the protocol, particularly the order book and matching engine, to create a genuinely decentralized ecosystem.
The anticipation of the awaited v4 launch has led to increased on-chain activity. In the last 30 days, the protocol has witnessed a substantial 29.4% rise in revenue, with earnings surging by 74.9%. Additionally, there’s been a notable 1.14% increase in supply emission and a significant 5.8% growth in the number of token holders.
dYdX has seen a total of $6.2B in volume over the past 7 days!!
— dYdX (@dYdX) October 5, 2023
Interestingly, despite this increased protocol activity, dYdX’s price has declined over the same 30-day period. This disconnect 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 located in T’bilisi, Georgia, made an exciting announcement. They successfully secured $600,000 in presale funding. This platform operates on the Ethereum blockchain and leverages ERC-20 technology.
#BitcoinMinetrix has reached another vital achievement!
Exceeding $600,000 raised. pic.twitter.com/flPGRolMBC
— Bitcoinminetrix (@bitcoinminetrix) October 6, 2023
What sets it apart is its unique Stake-to-Mine strategy, which enables individuals to mine Bitcoin by staking $BTCMTX tokens within a smart contract. This shift empowers individual investors, moving away from the dominance of large corporations in the mining process.
Bitcoin Minetrix’s business model offers two attractive avenues for passive income. Firstly, staking $BTCMTX coins can yield an impressive annual return of 1,193%. Additionally, mining returns are proportionate to the amount of tokens contributed. To entice more users, they even host a $30,000 Minedrop giveaway. Notably, Bitcoin Minetrix has garnered 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 platform’s standout features is its strong commitment to decentralization, which serves to reduce the risk of a 51% attack and counteract problems related to excessive mining centralization. The Stake-to-Mine system and Bitcoin’s hash rate play pivotal roles in both its operation and potential profitability.
Next Cryptocurrency To Explode 2023
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