Altcoins
XRP and Cardano Tank in Crypto Crash, Investors Turn to New Altcoin
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Cryptocurrency prices have plunged over the past 24 hours, but XRP and Cardano are among the worst hit, down 9.08% and 8.54%, respectively.
However, market participants found solitude in the recently launched Bitcoin Minetrix presale, which continues to gain momentum despite the market turmoil.
XRP and ADA plunge
With growing apprehension as the SEC’s Jan. 10 deadline to approve Bitcoin ETF approach, crypto financial services platform Matrixport has released an unfavorable report.
The company is well respected in the industry and recently predicted that Bitcoin would reach $45,000 by the end of 2023. However, the recent report was less desirable, preparing market participants for ETF application rejections this month.
“We believe that not all applications meet a critical requirement that must be met prior to SEC approval,” the report explains.
Subsequently, cryptocurrency prices fell, with Bitcoin currently down 4.82% and Ethereum 6.45%. However, XRP and ADA have been more affected, currently both down over 8.5%.
These measures have disappointed both communities, but analysts remain optimistic that the decline is short-term FUD.
Furthermore, the Matrixport report explains: “We still expect Bitcoin prices to be higher by the end of 2024 than at the start of the year ($42,000). »
However, another factor that further hurts the XRP price is that commenter EDO FARINA pointed out that Binance suspended XRP withdrawals on Tuesday.
In a follow-up tweet, Edo expressed concerns that this opens the door to “market manipulation and exploitation of customer funds.”
Nonetheless, analysts remain bullish on XRP, with Crypto_Prime explaining that while the recent trend may appear bearish, it could actually turn out to be bullish provided the price holds above its daily candlestick low.
Moving to Cardano, trader Sssebi thinks the drop could have been “exactly what Cardano needed.”
He explained: “RSI has been reset well and is rebounding while the price is also rebounding from the $0.54 support zone. This move showed us that the bulls are strong and that such a decline is quickly caught. Sssebi concluded by predicting that Cardano would hit $0.6 on January 4.
Still, while analysts remain optimistic about the prices of XRP and Cardano, Bitcoin Minetrix has been relatively firm as the project approaches $7.5 million in presale.
Bitcoin Minetrix Presale Raises $7.4 Million
Bitcoin Minetrix allows users to mine Bitcoin effortlessly.
Users stake on BTCMTX to earn Bitcoin mining credits. They can then burn these credits on the Bitcoin Minetrix platform to benefit from the power of Bitcoin cloud mining.
This process is beginner-friendly and easy for anyone to start. There are no requirements for hardware or technical expertise; users can get started with just an Ethereum and BTCMTX compatible wallet.
The Bitcoin Minetrix use case aims to propel Bitcoin mining towards mass adoption, which could benefit BTCMX.
This is due to the role of BTCMTX in staking.
Staking rewards are primarily paid in mining credits, not BTCMTX.
Additionally, the decentralized nature of the platform eliminates the risk of cloud mining scams.
This arrangement can support long-term growth. So far, the Bitcoin Minetrix presale has raised over $7.4 million.
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