Analyst bullish on Cardano, new token likely to surge
According to analyst Ali Martinez, Cardano (ADA) may likely break out as the coin retest its highest level in two years. Meanwhile, with the Bitcoin Minetrix (BTCMTX) presale ongoing, supporters are convinced that another altcoin rally could be in the making.
Analyzing Cardano and market trends
Analyst Ali Martinez’s recent insights on Cardano have stirred interest from investors.
Analyzing IntoTheBlock data, Martinez suggests that ADA might be about to reach its highest price level in two years.
This projection contrasts with the current market consolidation and the recent price drop to $0.37.
Martinez’s optimism stems from the lack of significant resistance for Cardano.
Approximately 166,470 wallets acquired 4.88 billion ADA within the $0.37 to $0.38 range, which suggests solid support at this level.
This development is crucial for ADA, especially as this year’s highs stand at $0.462, registered on April 15.
Furthermore, the recent surge in trading volume points to rising interest in ADA.
Martinez emphasizes that a new yearly high could be imminent if this demand sustains and ADA maintains its support between $0.37 and $0.38.
Price fluctuations and key events shape ADA’s 2023 journey
Cardano has been volatile in 2023, like most altcoins.
The year began on a high note for ADA, with prices rising Q1 2023, registering yearly highs in April.
However, ADA has been on a consistent downtrend since that high, hitting a yearly low of $0.230 in June.
Although ADA struggled for the months that followed, prices recovered in October and has been rising throughout November – reaching as high as $0.409 on Nov. 16.
One of the year’s highlights was the Cardano Summit in Dubai, where the push for global smart contract governance was a central talking point.
On the other hand, the SEC‘s decision to label ADA a security caused uncertainty for investors, though Cardano refuted this allegation.
Bitcoin Minetrix introduces stake-to-mine model
Alongside Cardano, Bitcoin Minetrix is another altcoin that’s being tracked
The Bitcoin Minetrix team has created a tokenized mining platform on Ethereum that uses a unique stake-to-mine model.
This system could address challenges plaguing traditional cloud mining.
By staking BTCMTX, Bitcoin Minetrix’s native token, users can earn mining credits.
As outlined in the project’s whitepaper, these mining credits can be redeemed for cloud mining power – enabling Bitcoin Minetrix’s users to earn BTC rewards.
This process can decentralize hash power acquisition, giving miners more control and flexibility.
BTCMTX has a total supply of 4 billion allocated for mining, marketing, community engagement, and staking incentives.
BTCMTX holders can stake and earn yields of up to 133% per year while also participating in the mining process.
The Bitcoin Minetrix presale has raised over $4.4 million.
Investors can acquire BTCMTX for $0.0119 in the current presale stage.
Later, BTCMTX will be listed on exchanges, potentially increasing liquidity and value for early investors.
The Coinsult audit also adds a layer of credibility to the project.
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