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The global crypto market has witnessed a notable upswing, reaching a market capitalization of $1.41 trillion, marking a 1.52% increase in valuation over the past 24 hours. The next cryptocurrency to explode has had more latitude than two days ago.
Within the same period, the overall trading volume across all cryptocurrencies reached $39.88 billion, indicating a 1.72% increase in daily trading activity. Decentralized finance contributes significantly, with its 24-hour volume totaling $4.44 billion, accounting for approximately 11.13% of the entire crypto market’s trading activity. Stablecoins continue to dominate the scene, registering a volume of $35.19 billion, representing approximately 88.23% of the total crypto market volume.
Bitcoin maintains its dominance at 51.42%, marking a slight increase of 0.03% over the day.
In the early trading session on Monday, the South African Rand exhibited strength, with investors directing their attention toward forthcoming inflation data and an impending interest rate decision scheduled later in the week.
As of 0701 GMT, the rand was positioned at 18.3050 against the Dollar, marking a marginal 0.2% appreciation compared to its previous close. The Dollar index showed a decline of 0.18%. Analysts attributed the Dollar’s weakness to growing optimism, suggesting that U.S. interest rates have peaked.
Local market focus centers on the forthcoming inflation report slated for release on Wednesday and the interest rate decision by the South African Reserve Bank scheduled for Thursday, anticipated to offer fresh insights to market participants.
Next Cryptocurrency To Explode
Last Friday, S&P Global confirmed South Africa’s foreign and local currency ratings, highlighting advantages from access to robust domestic markets, concessional funding, and a currency actively traded in global markets.
In stock market activity, the Top-40 (.JTOPI) index showed an upward trend of approximately 0.3% in the early trading session.
1. Synthetix (SNX)
Synthetix Network (SNX) ‘s current price is $3.61, with a 24-hour trading volume of $174.00 million. In the past 24 hours, it has surged by 18.01%, marking a 28.80% increase in the past seven days. The market capitalization of Synthetix Network, considering a circulating supply of 330 million SNX tokens, is estimated at $1.18 billion.
SNX is at the top of the gainers’ chart at the time of this report, owing to its tremendous gains. After a long time away from the spotlight, the token is retaking its spot as the next cryptocurrency to explode.
SNX’s all-time high is $28.53, noted on Feb 14, 2021, almost three years ago. The current price is 87.40% lower than the all-time high. On the other hand, its all-time low was recorded at $0.03478640 on Jan 06, 2019, nearly five years ago. In comparison, the current price exhibits a remarkable surge, soaring by 10,232.47% from the all-time low price.
The fully diluted valuation (FDV) of Synthetix Network (SNX) amounts to $1.18 billion. This estimation represents the maximum market capitalization, considering the circulation of 330 million SNX tokens. It might take several years before the FDV is realized, depending on the emission schedule of SNX tokens.
Exciting news! Perps V3 is on the horizon, set to build upon the remarkable success of V2. Get ready for its upcoming launch on @BuildOnBase via the Andromeda Release.
V2 brought a paradigm shift to onchain perps, focusing on risk management and introducing now-standard features… pic.twitter.com/z2a7U9N4nv
— Synthetix ⚔️ (@synthetix_io) November 19, 2023
Synthetix Network (SNX) has demonstrated a 28.60% price increase in the last seven days, surpassing the global cryptocurrency market’s 1.30% surge and outperforming similar Polygon Ecosystem cryptocurrencies, which remained unchanged.
The community sentiment for Synthetix Network (SNX) appears overwhelmingly bullish, with over 93% of users expressing positive sentiments about the cryptocurrency today.
2. Immutable (IMX)
Immutable (IMX) is also displaying an impressive price surge, with the price currently at $1.35 and a substantial 24-hour trading volume of $915.09 million. Over the last day, it has observed a noteworthy 11.59% price increase, and within the past week, it soared by an impressive 22.28%. With a circulating supply of 1.3 billion IMX tokens, the market capitalization of Immutable is $1.69 billion.
The all-time high for Immutable (IMX) sits at $9.52, recorded on Nov 26, 2021, nearly two years ago, indicating a significant 85.74% decrease from the current price. Conversely, the all-time low for Immutable (IMX) stands at $0.378055, registered on Dec 31, 2022, around 11 months ago. The current price demonstrates a remarkable increase of 259.12% from the all-time low price.
Regarding its potential, the fully diluted Immutable (IMX) valuation amounts to $2.71 billion, assuming a maximum circulation of 2 billion IMX tokens. Realizing this valuation might take considerable time, contingent upon the emission schedule of IMX tokens.
Comparing its performance with peers, Immutable (IMX) has exhibited a substantial 22.30% increase in the past seven days, surpassing the global cryptocurrency market’s 1.40% growth and outperforming similar Ethereum Ecosystem cryptocurrencies, which have increased by 12.70%.
Like Synthetix, the crypto community has a bullish sentiment toward Immutable (IMX). This positive outlook underscores the confidence and optimism surrounding Immutable’s current trajectory and why it is poised to be the next cryptocurrency to explode.
3. NEAR Protocol (NEAR)
NEAR Protocol (NEAR) has seen an impressive surge in value, currently trading at $2.08 with a 24-hour trading volume of $328.84 million. Over the last 24 hours, it has observed a remarkable 12.75% price increase, and within the past week, it surged by a notable 23.74%. The market capitalization of the NEAR Protocol is $2.07 billion, with a circulating supply of 1 billion NEAR tokens.
Despite the current positive momentum, NEAR Protocol’s all-time high was $20.44, recorded on Jan 16, 2022, approximately two years ago, indicating a substantial 89.88% decrease from the current price. On the flip side, its all-time low was $0.526762, registered on Nov 04, 2020, approximately three years ago, showcasing an impressive 292.74% increase from the all-time low price.
The fully diluted valuation of NEAR Protocol is estimated at $2.07 billion, assuming 1 billion ETH tokens in circulation today.
NEAR Protocol has shown significant growth compared to its peers, boasting a 23.70% increase in the last seven days, surpassing the global cryptocurrency market’s 1.60% uptick and outperforming similar FTX Holdings cryptocurrencies.
Congratulations to the builders.
The open web belongs to everyone.
But it’s built by you. https://t.co/VplPDFNdsV
— NEAR Protocol (@NEARProtocol) November 17, 2023
The sentiment within the NEAR Protocol community remains highly bullish, with over 90% of users expressing positive sentiments about the cryptocurrency’s current trajectory. It has been projected as the next cryptocurrency to explode.
4. Bitcoin Minetrix (BTCMTX)
Bitcoin Minetrix is a cloud mining platform revolutionizing how retail investors engage in BTC mining while earning passive rewards through the BTCMTX token. This offer drives investors toward BTCMTX, which is already pulling the weight of the next cryptocurrency to explode.
#BitcoinMinetrix introducing a new perspective on the process of #Bitcoin Cloud Mining!
✨ Ideal for newcomers entering the field.
💸 Affordable, no need for equipment costs.
🏠 Bid farewell to concerns about space, noise, and heat.
🔄 Effortless, smooth upgrades await. pic.twitter.com/VSzSocLMM9— Bitcoinminetrix (@bitcoinminetrix) November 19, 2023
Prominent figures have acknowledged the platform’s significance, recognizing the substantial demand from the steep investment costs and technical expertise required in Bitcoin mining. Historically, this sector has been monopolized by well-capitalized corporations, resulting in fierce competition and limited accessibility for individual investors.
Bitcoin Minetrix addresses this disparity by democratizing the mining landscape, granting investors fractional ownership of computational power without operational hassles. By acquiring BTCMTX tokens and staking, users can obtain mining credits redeemable for cloud mining time or a share of yields, leading to a passive accumulation of BTC rewards.
A key advantage lies in the immediate reward potential for investors staking tokens, commencing from the presale phase with an attractive APY of 142%, eliminating the need to wait for the platform’s official launch.
This stake-to-mine approach injects transparency into cloud mining, mitigating concerns about scams or centralization risks prevalent in other platforms. The platform offers a stake-to-mine dashboard, enabling users to unstake and trade tokens at any point, a notable improvement over conventional cash-based contracts used elsewhere.
The BTCMTX token’s unique value proposition has seen substantial success, as evidenced by its ICO raising over $4.1 million, which is indicative of robust market interest and confidence in the platform’s offering.
Visit Bitcoin Minetrix.
Read More
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