Next Cryptocurrency to Explode Tuesday 3 October – Bitcoin Minetrix, dYdX, Mantle

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The global crypto market capitalization is once again in the red. In a broad departure from its achievement in the last 24 hours, the market’s capitalization is down by 2.01% to $1.09 trillion. Nevertheless, investors have confidence as certain assets are doing well and showing traits of the next cryptocurrency to explode.

In the last 24 hours, the crypto market’s trading volume reached $43.53 billion, marking a 26.09% increase. Decentralized finance’s 24-hour trading volume is $3.35 billion, making up 7.69% of the total cryptocurrency market volume. Stablecoins account for $40.73 billion in trading volume, equivalent to 93.56% of the entire crypto market’s 24-hour volume.

Bitcoin’s dominance remains at 49.35%, marking a modest 0.14% increase in 24 hours.

In a different move from Western economies, the Reserve Bank of Australia (RBA) maintained its current interest rates for the fourth month. The decision was made at the bank’s October policy meeting. The interest rates hold steady at 4.10%. 

However, the central bank issued a caveat suggesting that future rate hikes might be necessary. The reason is to bring inflation under control within a specific time.

After the meeting, the RBA noted that recent economic data align with the expectation of inflation gradually returning to its target range of 2%–3% in due time. In the meantime, the economy will continue to grow, and employment will remain on the rise.

Next Cryptocurrency to Explode

Although the financial markets had anticipated a stable interest rate decision for October, a rate hike in November remains possible, depending on the inflation trends observed during the third quarter.

Monetary policy issues that have gripped global finance are a significant determinant of crypto activities. They go a long way in determining how the market fairs and which assets become the next cryptocurrency to explode.

1. dYdX (DYDX)

The dYdX token saw an upward price swing on Monday. The asset benefitted from the general market’s surge that extended to other assets, including Bitcoin, Bitcoin SV, ThorChain, and eCash. The token rose to a height of $2.06, surpassing last week’s low of $1.85.

dYdX, one of the largest decentralized exchanges globally, handles substantial cryptocurrency volumes daily. Therefore, like centralized players like Coinbase and Binance, dYdX thrives during positive cryptocurrency market performance periods. Typically, most individuals tend to buy digital assets when their prices are on the rise.

DYDX price chart

Two key factors could drive the dYdX token price higher. Firstly, dYdX has initiated the transition of its V4 network into a testnet as developers work towards launching the dYdX chain soon. This upgrade aims to make the exchange faster, more efficient, cost-effective, and decentralized.

This new version is constructed using Cosmos technology, renowned for its security, interoperability, and lower transaction costs. Due to that, some analysts speculate that dYdX may announce a launch timeline during the ongoing Cosmoverse event.

The first token unlock for dYdX is scheduled for today, with developers releasing 2.16 million tokens valued at over $4.63 million.

The daily chart shows that the dYdX token has traded sideways for the past few months, bounded by support at $1.771 and resistance at $2.253 since July 7th. The token has recently moved slightly above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) has crossed above the neutral level of 50.

As a result, the dYdX token will likely continue to trade within this range in the coming weeks. A bullish breakout will be confirmed if the price surpasses the $2.25 resistance level, while a bearish breakdown will be confirmed if it drops below $1.77. Bulls are encouraged to double down on the current gains and make DYDX the next cryptocurrency to explode.

2. BITCOIN MINETRIX (BTCMTX)

The crypto presale project developing a unique Bitcoin (BTC) mining solution generates significant excitement in the cryptocurrency community. Bitcoin Minetrix is experiencing rapid sales during its ongoing presale. It has raised more than $360,000 from the investment community.

Bitcoin Minetrix’s standout feature is its decentralized cloud mining solution, designed to tackle the everyday challenges of high hardware costs and deceptive scams prevalent in the Bitcoin mining space. Users can buy and stake BTCMTX tokens. It grants them cloud mining credits, providing a more secure and transparent mining experience.

Bitcoin Minetrix’s decentralized approach, driven by its BTCMTX token, democratizes Bitcoin mining, making it accessible to a broader audience. Users can easily buy and stake tokens to earn cloud mining credits redeemable for BTC. This “Stake-to-Mine” concept is a game-changer, opening decentralized mining to ordinary crypto investors.

This growing attention and a compelling cloud mining solution have rapidly increased the demand for BTCMTX during the presale. The presale soft cap is just $3.08 million, offering buyers a final opportunity to acquire BTCMTX at the low presale price of $0.011 before it increases.

With robust fundamentals and mounting community enthusiasm, Bitcoin Minetrix is well-positioned for rapid growth and the 

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3. Mantle (MNT)

Mantle is a blockchain technology that is focused on improving transaction security. In the crypto space, secure transactions are a necessity. Decentralized applications (DApps) rely on Ethereum’s robust features, and developers require Mantle transactions to ensure the security of their DApps. This is possible because Ethereum is renowned for its secure transaction capabilities.

Beyond the assurance of secure transactions, Mantle offers cost-effective solutions to its users. BitDAO’s project was initiated to reduce transaction costs by up to 80% significantly. This achievement was made possible through batched transaction technology, effectively cutting down user expenses.

Mantle holds a promising future within the blockchain technology landscape. It provides invaluable support to individuals aspiring to develop decentralized applications. The Mantle infrastructure offers a wealth of resources, infrastructure, and access to a marketplace where their DApp products can be marketed and sold. The confidence it built in developers earns it the necessary support to make the MNT token the next cryptocurrency to explode.

MNT price chart

Furthermore, one of Mantle’s primary strengths is its ability to support high transaction throughput while maintaining low gas fees. This presents a golden opportunity for developers encouraged to build DApps using Mantle technology, thereby delivering a superior user experience (UX). For example, Mantle has already incorporated Web3 gaming into Bulliverse and Metaverse, demonstrating its potential for innovation and growth in the cryptocurrency space.

The MNT token is up by 1.57% and currently sells at 0.42. It has a 24-hour trading volume of $50.12 million.

4. EOS (EOS)

While the EOS network works to build a fully decentralized and equitable platform, it employs a round-robin randomized schedule to determine which producer can generate the next block. This schedule shuffles the order of the 21 active block producers, and it does so with each new round. 

EOS price chart

When it is a producer’s turn to generate blocks, they are allotted a 500-millisecond timeframe to broadcast their block before the responsibility shifts to the next producer.

This systematic rotation of producers’ turns in the schedule serves a dual purpose: it prevents any single producer from monopolizing block production. It ensures that all active producers enjoy a fair and proportionate opportunity over time. Combining randomized rotation and the consensus voting process creates a robust system that fosters decentralization in EOS block creation and upholds distributed governance by engaging stakeholders effectively.

The network is going through another round of block generation, and its token price is reacting positively. The EOS price surged by 1.56% early on Tuesday to sell at $0.62.Its trading volume in the last 24 hours has also risen to $95.65 million. The current surges show many investor activities and why EOS is the next cryptocurrency to explode.

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Next Cryptocurrency To Explode 2023

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