Today, cryptocurrency prices are rising following a challenging few weeks for the digital asset industry.
One of the top performers of the day is Cardano’s native ADA coin, which has increased by almost 8% to $0.528 during the past 24 hours.
Bitcoin Minetrix (BTCMTX) is leading the way in terms of obscure tokens and is still seeing increases throughout its short presale period.
Bullish Energy Resurfaces as Cardano Breaks Through the 50-Day EMA
For the past four days, ADA has ended higher than it has opened, which represents the token’s finest run of results since early December.
ADA reached its highest value since January 16—shortly before the market saw a 16% decline—thanks to four positive closing.
In addition, ADA’s incredible surge has seen it break above the 50-day exponential moving average (EMA), indicating a clear reversal in the medium-term trend.
Bulls in Cardano will now be targeting the $0.55 mark as an upward objective.
The next significant resistance zone, where ADA peaked on January 11, is situated around $0.60, if that level can be breached.
ADA’s rise over the last day has been fueled by a notable 74% increase in spot trading volumes, which are currently above $530 million.
As a result, ADA is now the 13th most traded cryptocurrency worldwide.
This is looking like it will be a good week for Cardano holders because the momentum is not slowing down.
Big Investors Build Up ADA When Attitudes Change
On Twitter, Dan Gambardello, the creator of CryptoCapitalVenture, raised an interesting question about Cardano’s future.
According to Gambardello, Cardano has a strong framework in place that offers security, stability, decentralisation, and interoperability after years of careful development.
Cardano is expanding into DeFi and supporting a wide range of use cases thanks to its solid foundation.
As noted by Gambardello, Cardano’s strong infrastructure may allow it to surpass other blockchains if it can expand efficiently.
Furthermore, it appears that some ADA whales concur with this optimistic forecast.
An FXStreet report claims that throughout the previous eight months, the number of big holder wallets holding 100,000–100,000 ADA tokens has climbed dramatically.
This suggests significant and ongoing accumulation by powerful, long-term investors.
Thanks to its technological benefits, practical application, and support from cryptocurrency billionaires, Cardano is emerging from a period of dormancy.
As a result, ADA bulls are beginning to believe that 2024 would be a good year for the coin.
Bitcoin Minetrix’s Groundbreaking Stake-to-Mine Model Sparks Massive Presale Excitement
Another cryptocurrency project is gaining traction while Cardano’s recent price jump gains pace.
With over $9.8 million raised during its ongoing presale, Bitcoin Minetrix (BTCMTX) has attracted a lot of interest from investors due to its innovative use case.
The project intends to revolutionise cloud crypto mining by implementing a smart contract-powered “Stake-to-Mine” mechanism.
By doing this, users may earn cloud mining credits by staking BTCMTX coins, which can then be burnt to generate hash power.
Bitcoin Minetrix aims to enable anybody to mine by doing away with the requirement for pricey gear or specialised knowledge.
Up to 77.5% of the 4 billion tokens that make up the entire supply of BTCMTX will be distributed to early purchasers.
Owners of BTCMTX tokens have the option to stake them in order to potentially earn two streams of passive income, with annual payouts predicted to reach 68%.
The team at Bitcoin Minetrix has also made security a top concern since Coinsult has audited the project’s smart contracts.
Because of all of these reasons, Bitcoin Minetrix has become more well-known and is currently receiving a lot of interest from regular traders.
Currently, 13,100 users actively engage in the Bitcoin Minetrix Telegram channel, and over 19,700 individuals follow the project on Twitter.
In the latter week of January, as the cryptocurrency market began to pick up steam again, Bitcoin Minetrix could be well-positioned to profit.
With over four years of immersive experience in the crypto industry, Nick is a seasoned crypto writer dedicated to unraveling the complexities of blockchain technology and decentralized finance.
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