The next cryptocurrency will explode on Wednesday January 3 – Bitcoin Minetrix, Maker, Internet Computer

adminJanuary 4, 2024

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Some projects are blazing new trails while exploring the established cryptocurrency ecosystem. This week, Bitcoin Minetrix, Maker, and Internet Computer each disclosed developments that have significant implications for the future of the cryptocurrency market. Bitcoin Minetrix announced that it has completed its first successful testnet launch. This milestone paves the way for real-world implementation, potentially providing a solution to Bitcoin’s long-standing environmental issues and potentially redefining Bitcoin’s role within the broader crypto space.

Next Cryptocurrency to Explode

Meanwhile, Maker, the decentralized stablecoin project behind DAI, has revealed plans for a major protocol upgrade. The proposed changes aim to solidify the position of the MKR token by improving the stability and scalability of DAI. Internet computer included. The project announced the deployment of the Governance Canister. This is an important step toward decentralizing network control and placing the fate of this innovative platform in the hands of the global community. With these impactful developments underway, the rest of the week will be a pivotal time for these projects and the broader cryptocurrency landscape.

1. Maker (MKR)

Maker (MKR) has become the next cryptocurrency to explode, rising over 29% in the past week. The recent rally has been fueled by massive whale accumulation and positive technical indicators. Lookonchain reported that three new wallets have acquired up to $18.6 million worth of MKR over the past seven days, highlighting the growing confidence of institutional investors in the long-term potential of cryptocurrencies.

MKR price chart

This accumulation is not an isolated case. Last December, Coin Edition also reported notable purchases of MKR by other whales, suggesting ongoing purchases. The price then surged more than 10%, breaking through key resistance levels of $1,281 and $1,455. Technical indicators such as MACD are showing more optimism, suggesting that a convergence could lead to a rise towards the $2,000 level. However, for the bullish momentum to be fully confirmed, On Balance Volume (OBV) needs to catch up.

A golden cross recently formed between the 50th and 200th EMAs on the daily chart supports the continued upward trend. A decline in the $2,000 psychological zone is expected, but a correction exceeding 20% could be an attractive entry point for investors who missed the initial surge.

2023 has been quite a year 💚 https://t.co/aBAPDVV4Nx See More
— Chronicle Protocol 📖 (@ChronicleLabs) December 24, 2023

Overall, the confluence of whale accumulation, bullish technical indicators, and a potential golden cross signals a promising outlook for MKR in 2024. However, investors should be cautious about potential short-term volatility and perform due diligence before entering the market.

2. Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix is making waves in the cryptocurrency space with its unique take on cloud mining. The project is in the pre-sale phase and will allow users to engage in Bitcoin mining without the technical complexity or high initial costs associated with traditional methods.

Instead of purchasing expensive hardware and navigating complex mining software, Bitcoin Minetrix users simply stake BTCMTX, the platform’s native token, in exchange for “Bitcoin mining credits.” These credits can then be burned (permanently removed from circulation) to fuel cloud mining operations and give access to computing power dedicated to Bitcoin creation.

🎉 Happy New Year, #BTCMTX community! 🚀
Exceeding $7,200,000 is a great way to start 2024.
Here’s to an amazing year ahead!#happy new year #Encryption Milestones pic.twitter.com/IGO0Jv70AA
— Bitcoin Minetrix (@bitcoinminetrix) January 2, 2024

This user-friendly process requires minimal technical expertise, making Bitcoin Minetrix an attractive option for both seasoned cryptocurrency enthusiasts and newcomers. All you need to get started is a web3 wallet like MetaMask and some BTCMTX tokens.

The platform’s innovative approach has garnered attention and attracted more than $7.2 million in funding during the ongoing pre-sale period. Analysts highlight several reasons for the project’s promising potential. The first is the unique token economics. Unlike other tokenized mining platforms, Bitcoin Minetrix rewards users primarily with mining credits rather than additional BTCMTX tokens. This reduces inflationary pressures on the native token and creates a scenario where the staking utility directly drives demand.

Bitcoin Minetrix is built on the Ethereum network and therefore utilizes smart contracts for staking and credit burn mechanisms. This ensures transparency and immutability, mitigating the risks associated with centralized platforms.

With tokens locked in smart contracts and rewards issued primarily as mining credits, the circulating supply of BTCMTX is expected to remain limited. This further improves the long-term potential, especially in bull market conditions.

Overall, Bitcoin Minetrix offers a new perspective on cloud mining, solving key problems with existing methods and creating accessibility for a wider audience. Due to its promising token economics, decentralized nature, and limited supply, the project has gained significant market traction. Only time will tell if Bitcoin Minetrix can live up to the initial hype, but one thing is certain. The innovative approach makes it definitely worth watching. This is why it will be the next cryptocurrency to explode.

Visit Bitcoin Minetrix.

3. Internet Computer (ICP)

Internet Computer (ICP) is also hitting the market, with its price soaring a whopping 60% since Monday this week. At $15.76, the coin sits well above its starting point of $8.98, inspiring optimism and cautious respect for the project’s potential.

While this rise is undoubtedly impressive, it is important to maintain perspective. ICP’s current price is just a fraction of its all-time high of $700.65, reflecting the volatility inherent in the digital asset landscape. Investors and enthusiasts alike are keenly watching these fluctuations and grappling with the question of whether this surge is a temporary phenomenon or a sign of a continued upward trajectory.

ICP price chart

Unlike many tokens that rely solely on the movement of Bitcoin, ICP boasts valuable utilities that contribute to its value. The ability to hold value and facilitate staking through the Network Nervous System (NNS) is one of the factors influencing market performance. NNS, a decentralized autonomous organization (DAO) that manages the Internet computer blockchain, allows anyone to participate in open-source governance by staking ICP tokens in “neurons.” Votes on proposals submitted by the community determine the development and future of the network.

Scream @icphubgermany And their incredible keynote speech@nextblockexpoEuropean Blockchain Festival👏#ICP is bringing #AI + #Cryptocurrency To the world! 🌍 pic.twitter.com/4bVHB2ybUp
— Internet Computer (@ICPinfinite) December 10, 2023

The recent price rise can be attributed to a variety of factors, but renewed interest in cryptocurrencies as a whole is certainly playing a role. Over the past 24 hours, ICP has experienced some fluctuations, falling slightly from its highs but still maintaining significant gains. Weekly volatility between $12.50 and $15.00 reflects the dynamic nature of the market and the uncertainty surrounding its future path.

4. Arbitration (ARB)

Arbitrum (ARB) is another asset that is currently performing noticeably well. Last month was its best performance, with an impressive 59% increase. This growth shows the market’s growing confidence in the protocol and its native token, which hit a new all-time high of $1.8391 on Monday.

Beyond the headlines, the data shows the strong foundations driving Arbitrum’s success. According to Token Terminal, Arbitrum’s market capitalization has increased 56.18% over the past month, reaching $2.21 billion. Revenue generated from the protocol has also seen a dramatic increase, increasing 87.74% to $11.31 million over the past 30 days.

ARB price chart

This momentum expanded further, with annual revenue reaching $137.63 million, an impressive growth rate of 106.63%. The fully diluted market capitalization of $17.33 billion further highlights the market’s strong belief in Arbitrum’s potential.

Key market indicators such as price-to-finance and price-to-sales ratios are all above 125, highlighting the strong investor confidence surrounding the protocol. These numbers suggest that investors are willing to pay a premium for exposure to Arbitrum’s future growth potential.

We’re excited to discuss several projects this week to build and grow the ecosystem! 💙💙
Set notifications in your live space👇 #ArbitrumAMA
— Arbitrum (💙, 💙) (@arbitrum) January 2, 2024

Another important indicator of success is user adoption. Arbitrum boasts an average of 153,310 daily active users over the past 30 days, demonstrating its growing popularity and traction within the cryptocurrency ecosystem.

Adding to the bullish sentiment, the prominent cryptocurrency analyst predicts continued positive price action for ARB. This prediction, combined with strong on-chain metrics and a growing user base, provides a compelling narrative for Arbitrum’s future in a layer 2 environment.