Top Crypto Gainers on 20th October – STX, BSV, And SOL
The crypto market shows impressive gains today, October 20, with the overall market cap value rising to $1.17 trillion. The market has gained 4.05% in the last 24 hours due to Bitcoin breaking above $30,000.
BTC's brief price spike could be connected to the Bitcoin ETF approval saga. However, the asset manager at BlackRock denied reports that the Bitcoin ETF has been approved, causing BTC to drop below $30,000.
Although the crypto market is still volatile, some altcoins benefitted from this surge to rank among the top gainers. Below are interesting developments in their ecosystems and their possible short-term price forecasts.
Stacks (STX) - The Bitcoin Layer for Smart Contracts
STX's price today, October 20, at 9:38 am EST, is $0.64, a 14.4% increase in the last 24 hours. STX gained slightly above 30% in the past week as the buyers continued to force an uptrend.
One of the factors contributing to STX's gains is the sBTC developers' release.
JUST IN: The sBTC Developer Release is live
The time to make Bitcoin programmable as an asset is here
This release will allow developers to build innovative apps with an early sBTC version
Read more about the release in this new blog post:https://t.co/9IUs5gvusu
- stacksfoundation.btc (@StacksOrg) October 19, 2023
This release will enable developers to build innovative apps using an early sBTC version. The sBTC working group stated that the initiative would unlock a more expansive Bitcoin economy.
Also, the Stacks Foundation has created an incentivized sBTC Testnet Program with 150 selected users and developers.
The Foundation is holding a 500 STX giveaway for four lucky participants who will share a quote from their recent event on social media.These developments and Bitcoin's resurgence led STX to rally on the daily chart as more buyers entered long positions.
STX Likely to Overcome $0.64 Resistance Level
STX is in an uptrend on the daily chart after finding support at the $0.54 price level. It has formed a large green candle with a long upper wick, signifying an aggressive buying phase.Notably, STX is testing the $0.64 resistance level, and a break above it will lead to further price gains.
Also, it is trading close to the upper band of the Donchian Channel (DC), confirming the prevalent bullish sentiment.This position implies that the buyers are dominating the market and seeking to push STX's price even further.
Additionally, the Relative Strength Index (RSI) is in the overbought region above 70, at a value of 77.3.
Although the RSI indicator is in the overbought zone, the buyers are not relenting.Therefore, STX will likely break above the $0.64 resistance level in the coming days. However, a retracement may occur when the buyers begin to make a profit.
Bitcoin Minetrix (BTCMTX) - The Modern Cloud Mining Solution
>>>Visit Bitcoin Minetrix Presale
Bitcoin Minetrix is an innovative crypto project that aims to change the Bitcoin cloud mining landscape. It relies on a Stake-to-Mine mechanism automated by smart contracts. Also, Bitcoin Minetrix operates on Ethereum, and tokens can be staked and burnt to earn mining power.
Identifying the safety and security aspects for #BitcoinMinetrix vs Traditional Cloud Mining:
#BTCMTX: Decentralized, user-owned tradable tokens.
Traditional Cloud Mining: Cash deposits are required.#CryptoComparison #CloudMining pic.twitter.com/55g9OmvRoz
- Bitcoinminetrix (@bitcoinminetrix) October 20, 2023
Ultimately, the goal is to create a safe and efficient blockchain that overcomes the setbacks of cloud mining.
Bitcoin Mining and Its ChallengesBitcoin relies on mining, which was initially processed on personal computers in its early days. However, as mining difficulty increased, advanced supercomputers such as the Antminer were introduced, thus increasing costs.
This rise in mining costs and energy consumption created the need for cloud mining. With cloud mining, users can rent mining power from centralized operators, eliminating the need for hardware investments. However, cloud mining has struggled with scams, thus discouraging miners.
Nevertheless, with Bitcoin Minetrix, users are assured of cloud mining rewards secured on the Ethereum framework. Notably, individuals are not required to own any hardware to engage in mining.Also, cloud mining makes mining available to users with no technical expertise, granting them access to passive rewards.
What Does Bitcoin Minetrix Offer Users?With a Stake-to-Mine approach, users can no longer purchase cash contracts from mining companies.The decentralized approach grants users more control over their tokens and eliminates some of the problems associated with cloud mining.
BTCMTX token mining rewards will be distributed to users at the rate of 158.5 $BTCMTX per ETH block.Also, the rewards are payable over two years and determined by a user's share in the staking pool and the APY.
On October 20 at 4:29 am EST, over 128.7 million BTCMTX tokens have been staked, showing rising interest from cloud miners.Notably, users who purchase and stake BTCMTX tokens gain cloud mining credits redeemable for hash power.
These mining credits are non-transferable ERC-20 tokens obtained by staking BTCMTC tokens.However, they must be burnt in exchange for BTC cloud mining time or percentage mining yields.
BTCMTX Ongoing Presale Above $1.8 Million Bench Mark
>>>Visit Bitcoin Minetrix Presale
BTCMTX presale is ongoing, with each token worth $0.0111 at this stage. Also, over $1.81 has been realized out of the presale goal of $2.3 million. A price increase will occur in the next two days for the token.Users can purchase $BTCMTX tokens with ETH, USDT, or bank cards from the official website.
After purchase, the tokens can be staked for extra rewards.According to the Whitepaper, Bitcoin Minetrix has a total presale target of $15 million. Remarkably, 77.5% of the total supply is available for the presale, and 22.5% is reserved for community initiatives and staking rewards.
Additionally, Bitcoin Minetrix is hosting a $30,000 airdrop to reward 10 lucky users with $3,000 each.However, the winners will be randomly picked and must perform certain tasks, including purchasing BTCMTX tokens.
According to the roadmap, Bitcoin Minetrix will undergo four phases of development. Phase one covers research, presale, and token distribution. Phase two focuses on the platform development and facility setup.
Next is phase three, which will focus on the public launch of the Stake-to-Mine platform.
Finally, stage four covers the mass adoption of BTCMTX tokens and cloud mining rental expansion.Bitcoin Minetrix will likely grow in relevance and adoption based on its exciting features and utility.
Meme Kombat (MK) - The Utility Ecosystem For Meme Battles
Meme Kombat is a utility ecosystem that gives users opportunities to battle with their favorite memes for rewards. Remarkably, it overcomes one of the hurdles faced by meme projects, which is a lack of true utility.
So close!
Presale is going great fighters
$MK pic.twitter.com/5ZORH9oFHq
- Meme Kombat (@Meme_Kombat) October 20, 2023
Also, its diverse gaming options provide users with engaging content that will help increase its adoption over the years.Meme Kombat runs on Ethereum and models a staking feature where users can earn passive rewards. However, a user must purchase $MK tokens to benefit from the extensive features available.
MK's presale is ongoing, with 60 million tokens dedicated to the presale out of the total supply of $120 million.Each MK token is worth $0.1667, which represents an affordable price for investors to accumulate the tokens.
Therefore, users who wish to purchase the MK tokens can process them with ETH or USDT through a secure wallet.Conversely, users can purchase MK tokens through the BSC Smart Chain, although all tokens will be migrated to Ethereum for claiming.
Impressively, Meme Combat presale has exceeded the $600,000 milestone and is fast approaching $1 million.The ecosystem's utility is likely driving the presale success as more investors seek to buy before an eventual price surge.
Meanwhile, Meme Kombat has issued a disclaimer on its social media page warning investors to be wary of scammers.According to the statement, investors must be wary of characters sending direct messages as they would never engage in such.
Why Stake with Meme Kombat?Meme Kombat automatically stakes all presale tokens purchased by investors to give them additional rewards.Also, these rewards are distributed according to the percentage committed by each user to the staking pool and the APY.Note that staking is not limited to the presale period alone and will continue after the presales.
However, users must re-stake their tokens after the presales to claim all accumulated rewards. Also, the minimum lock period allowed is 14 days.Meanwhile, users who wish to un-stake their tokens must remove all tokens from the pool since partial withdrawal is not supported.
Remarkably, Meme Kombat allows users to be flexible with their staked tokens, using them to place bets within the ecosystem on battles. 30% of the total supply is for staking and battle rewards, which will drive more investors to the ecosystem.
Engaging Battle Modes Will Sustain Meme Kombat in The Long Term
Meme Kombat is a battleground for competitors to interact and earn exciting rewards such as additional MK tokens.Also, users can take advantage of the different modes available, such as direct betting, side betting, Player vs. Player, and Player vs. game.
Ultimately, the goal is to create a fun-filled ecosystem where users play, learn, and engage in Web3 activities. So, Meme Kombat relies on Artificial Intelligence to update battles in real-time and add unpredictability to gameplay.
Therefore, it is transparent, secure, and open to all investors who wish to bet on the outcome of games. With such extensive features, a growing community, and rising adoption, Meme Kombat will likely improve in the long term.
Bitcoin SV (BSV) - The Energy Efficient Crypto Ecosystem
On October 20, at 9:42 am EST, BSV traded at $54.21, with a 24.6% increase in its price. Its weekly gains are more impressive, with a 61% spike recorded as its price mirrors the surge in BTC's value this week.
Also, Teranode is another ecosystem development driving BSV's price gains in the last week.
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Unlock the power of Teranode here: https://t.co/6jeRFx11hR pic.twitter.com/9UtZASBjiH
- BSV Blockchain (@BSVBlockchain) October 20, 2023
According to a blog post, Teranode is a scaling solution for node operators that enables limitless scalability. Also, Teranode is a distributed network of many core nodes that enables micro-transactions that combine information and value.
Furthermore, the global Teranode network supports specialized networks, enabling millions of transactions per second.Bitcoin SV developers believe that the BSV Blockchain with Terranode at its core will support a global network.
Additionally, it is scalable with no transaction limits, a feature likely to attract more investors to the ecosystem.BSV's price is rising this week as more buyers seek to enter the ecosystem and take advantage of these benefits.
BSV Crypto Finds Critical Support At $42.4, Leading To Rally
BSV has found support at $42.4, forming a long green candle today as it attempts to break above the $53.9 resistance level. Notably, it is under massive pressure from the buyers, making the RSI move into the overbought zone with a value of 84.1.
Also, the buyers are still active and aiming for higher highs on the daily chart.Furthermore, the Moving Average Convergence/Divergence (MACD) displays a strong buy signal. The MACD is above its signal line, and its buy signal is confirmed by the green Histogram bars.
Based on the prevalent trend, BSV will likely continue on its uptrend. However, if a rejection occurs at $53.9 then a slight retracement will occur as traders take profit.
Solana (SOL) - The Smart Contract Blockchain
SOL traded at $26.9 on October 20, at 9:44 a.m. EST, with an 11% price increase in the past 24 hours. Also, it has been up by 24.9% in the past week as the buyers continue accumulating the tokens.
Solana's Cross-Chain Transfer Protocol (CCTP) is one of the factors likely driving its price gains in the past week.
1/ This year's #Breakpoint2023 will be one to remember because Cross-Chain Transfer Protocol (#CCTP) is now available on devnet for @Solana!
Save the date as we'll be showcasing devnet demos from several special guests live at the Circle Lounge.
Learn more about CCTP
pic.twitter.com/7iYmTos8xj
- Circle (@circle) October 18, 2023
The CCTP facilitates secure USDC transfers between blockchains using a native burn-and-mint process.
Also, the CCTP innovation is expected to launch on the Solana Mainnet before the end of 2023, enabling USDC transfer from Solana to Ethereum and other networks.This CCTP can move USDC through twelve routes at the moment and might increase to 56 after Solana's integration.
While it is yet to launch on Solana, developers can begin to integrate the CCTP on supported EVM chains ahead of its Solana Mainnet Launch.Consequently, SOL buyers have entered an aggressive accumulation phase, forming two consecutive green candles on the daily chart.
SOL In Rallies To Test $27.04 Crypto Resistance, Will It Break Above?
SOL has rallied in the past 48 hours, flipping the $24.02 resistance level to support. Also, it has formed a large green candle today, with its upper wick testing the $27.04 resistance level.Furthermore, the RSI indicator is rising and already in the overbought region above 70, displaying a value of 74.4.
Also, the MACD confirms the bullish sentiment rising above its signal line, and the green Histogram bars show a buy signal.The rally will likely continue if SOL breaks above the $27.04 resistance. However, a retracement in the coming days is still a possibility if the buyers begin to make a profit.
ConclusionCryptocurrencies in the market seem to be moving to a bullish phase in the last quarter of 2023. Besides the Bitcoin ETF rumors, investors are likely entering a late accumulation phase, leading to price gains. Nevertheless, the market remains volatile, with sharp spikes and corrections.
Despite the volatility, investors can vary their approach to cryptocurrencies and consider options such as presales.Therefore, it is advisable to conduct proper research and consider possible risks before making any crypto investments.
The post Top Crypto Gainers on 20th October - STX, BSV, And SOL appeared first on The Tech Report.