Top Crypto Gainers on November 6 – NEO, XRP, And AAVE
The crypto market continues to be in a positive form, with the total market cap rising to $1.37 trillion within 24 hours.Bitcoin has remained above the $35,000 price level since November 4, leading to an ongoing altcoin rally.
Bitcoin's rise is likely due to increasing interest from investors as global assets invested in Bitcoin ETFs increased to $4.16 billion.Also, Hong Kong is intensifying efforts to adopt these ETFs, further boosting investor's confidence.
Further, the conviction of the former CEO of FTX, Sam Bankman-Fried, likely boosted investor confidence in the crypto market.Therefore, some assets have emerged as the top gainers of today, relying on these events and developments in their ecosystem to record price gains.
Find them below and their possible price action in the coming days.
NEO (NEO) - The Community-Driven, Open Source Blockchain
At 6:05 a.m. EST today, November 6, NEO's price is $13.61, with a 13.1% gain in the last 24 hours.Additionally, NEO has rallied impressively to gain 50% in the last seven days, confirming massive pressure from buyers.
NEO's bullish outlook is likely a result of the ongoing naming campaign in its ecosystem that will give investors exciting rewards.NEO unveiled an EVM-compatible sidechain to its community to create a developer-friendly ecosystem.
Participate in the #Neo Sidechain Naming Campaign and seize the opportunity to win a share of the $20,000 prize pool!
Spread the word by hitting
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For more information, please visit:
$GAS $NEO #blockchain https://t.co/ak9mExWwyP
- Neo Smart Economy (@Neo_Blockchain) November 6, 2023
According to the developers, the sidechain's testnet will launch by the end of 2023. There is an ongoing Neo Sidechain Naming Campaign to commemorate the sidechain launch,Users can compete for a share of the $20,000 price money in this community-based event.
The event will run from November 6 - November 15, 2023, in three phases.
The second phase will reduce the number of contestants to just 20, with other community members voting for their preferred choice.Finally, the third phase will feature a panel of judges consisting of core ecosystem members to select the ultimate winner.
According to the blog post, the winner will be selected based on the name, uniqueness, scalability, and spelling. This competition is likely driving more users to the NEO ecosystem and boosting its price.
Also, it further confirms NEO's status as an open-source blockchain that relies on its community for vital developments.On the daily chart, NEO is testing a critical resistance level as it approaches $15 in the coming days.
NEO Testing the S14.60 Resistance: Will It Breakthrough?
NEO is in an uptrend on the daily chart, continuing its rally on November 3 after a brief retracement on November 2.It is presently at the $14.60 Resistance level, and a break above it will likely lead NEO to rally to $15.
Also, its Relative Strength Index (RSI) is still rising and displays a value of 86.96 in the overbought region above 70. This implies that the buyers are still in an aggressive accumulation phase.Furthermore, the Moving Average Convergence/Divergence (MACD) is above its signal line and rising, displaying a strong buy signal.
Also, this bullish signal is confirmed by the green Histogram bars, confirming that the buyers are still active.So, NEO will likely rally in the coming days to overcome the $14.60 resistance if the bulls sustain their charge.
Ripple (XRP) - The Cross-Border Transfer Network
XRP's price, at 6:07 a.m. EST, is at $0.69, with a 7.5% increase in the last 24 hours. Also, XRP has gained 23.9% on its price within seven days as the buyers control its price.
The big news event likely driving XRP's price gain is its partnership it scored with the National Bank of Georgia on November 2.
Today, we announce a partnership with the National Bank of Georgia (NBG) on the Digital Lari (GEL) pilot project. The pilot will leverage Ripple's award-winning #CBDC Platform to evaluate practical use cases & benefits for the public sector & businesses.
https://t.co/rtE3zxlAkm
- Ripple (@Ripple) November 2, 2023
This partnership is for a Georgia CBDC initiative, Digital Lari (GEL). According to a Ripple press release, the National Bank of Georgia selected Ripple to become its technology partner for the project.
Therefore, they will rely on Ripple's CBDC technology to assess the potential benefits of the digital tokens to the public.
According to the NBG, Ripple was selected due to its profound understanding of the project's application and utility.Also, the NBG cited Ripple's experience with pilot projects and smart contract tokenization.
Remarkably, the Ripple CBDC Platform enables financial institutions to mint, transact, and utilize CBDCs.
Also, Ripple is discussing with over 20 countries worldwide the possible adoption and deployment of CBDCs in these regions. Notably, the central banks in Montenegro, Colombia, Bhutan, Hong Kong, and Palau also partner with Ripple Labs for CBDCs.
This global utility is likely leading to price gains for XRP, which is evident from its pattern on the daily chart.
XRP Likely to Break Above $0.70 In Coming Days
XRP displays a bullish sentiment on the daily chart, forming a fourth consecutive green candle as the buyers uphold its rally.Also, XRP is in the upper region of the Donchian Channel (DC), breaking above the Upper Band and confirming the pressure from the buyers.
Remarkably. XRP found support at $0.66 and is fast approaching the $0.70 resistance level. A break above $0.70 will make $1 a possible target in the coming weeks.
Additionally, the RSI is in the overbought region and rising with a value of 86.93, confirming the sustained pressure for buyers.
Based on the indicators. XRP will likely break above $0.70 in the coming days, rewarding buyers and setting a new high for 2023.
Aave (AAVE) - The Ethereum-Based Financial Platform
AAVE's price at 6:10 a.m. EST is $97.03, with a 6.1% increase in the last 24 hours. In addition, AAVE has gained 11.7% in the last seven days as the general market rally continues.
Even though AAVE encountered a problem with its protocol on November 4, after receiving a report concerning a faulty feature, the assets still gained.
Today we received a report of an issue on a certain feature of the Aave Protocol. After validation by community developers, the guardian has taken the following temporary prevention measure (no funds are at risk):
- Aave (@aave) November 4, 2023
According to the report, the Aave bug bounty program showed a defect that affected the Aave V2, which caused a critical alert.Thankfully, the Aave Guardian activated some protective measures to prevent the attacks, restoring the ecosystem to safety.
Notably, these protective measures include freezing the Aave v2 Ethereum market and disabling certain assets on Aave v2 on Avalanche. Also, some assets were frozen on Aave V3 on Polygon, Optimism, and Arbitrium.
However, details on the exact vulnerability were closely guarded, with the developers stating that it would be irresponsible to make such public knowledge.
Notably, the vulnerability was not exploited before its eventual discovery.Since no funds were lost, the swift response likely encouraged members of the ecosystem to support the project, leading to AAVE's price gains.
Remarkably, AAVE has formed a large green candle on the daily chart to display buyers' dominance as it approaches $100.
AAVE Buyers Likely to Sustain Rally To $100 In The Coming Days
AAVE has formed a bullish engulfing pattern on the daily chart after finding support at $88.91. The upper wick of today's candle is testing the $96.91 resistance level.
Although a rejection occurred at $96.91 on November 2, the bulls have rallied again to force a return above the resistance level. Also, the RSI indicator is in the overbought region, displaying a value of 72.44 and rising as the buyers sustain the pressure.
This bullish sentiment is confirmed by the MACD rising above its signal line and its green Histogram bars.Therefore, AAVE will likely break above the $96.91 resistance level to test $100 in the coming days.
However, a potential rejection can be confirmed if the RSI retraces back into the channel.
Bitcoin Minetrix (BTCMTX) - The Simplified and Reliable Cloud Mining Service ProviderBitcoin Minetrix is a cloud mining solution adapted to fit the evolving needs of Bitcoin miners and provide reliable mining solutions.Its native token, BTCMTX, is on presale, and each token is worth $0.0115 at this stage of the presale, with a few hours left before a price increase.
The concept of staking for mining is a creative idea, sparking hope for ordinary #Crypto enthusiasts to engage in #Bitcoin mining.
With #BitcoinMinetrix, all that is needed is an #Ethereum compatible wallet like #MetaMask, making it straightforward and stress-free.
pic.twitter.com/EJiZOWbnPY
- Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
Remarkably, BTCMTX presale has realized over $3.47 million from investors out of its target of $3.90 million.This confirms the rising investors' interest in these tokens based on their utility.
So, investors can purchase BTCMTX directly from a secure crypto wallet using ETH, USDT, or bank cards.
What Advantage Does BTCMTX Provide?BTCMTX tokenizes cloud mining on the Ethereum network, making it secure and providing a reliable option for miners.Also, using Bitcoin Minetrix eliminates issues like high operational and energy costs, noise pollution, and taxes associated with Bitcoin mining.
#BitcoinMining industry's remarkable shift into #AI tech!@hivemarketing repurposes 38,000 Nvidia GPUs into AI cloud services, while @BitDigital_BTBT invests $35M in new GPUs for AI clients.
How will these bold moves reshape the landscape of #BitcoinMining and accelerate AI...
- Bitcoinminetrix (@bitcoinminetrix) November 6, 2023
With the recent reallocation of 38,000 Nvidia GPUs to AI cloud servers by Hive Marketing, solo mining is likely phasing out.Meanwhile, BitDigital also invested $25 million in new GPUs for AI clients, confirming a shift in the mining sector.
Bitcoin Minetrix offers miners access to advanced and secure cloud mining with ease.Additionally, it lowers the entry level for miners, who have no skills required to become a Bitcoin miner, unlike traditional methods.
Furthermore, Bitcoin Minetrix does not require users to sign binding contracts required by most cloud mining platforms; thus, it simplifies the process.
How Does It Work?
>>>Visit Bitcoin Minetrix Presale
According to the official website, users who purchase the BTCMTX tokens can benefit from its novel stake-to-mine ecosystem.Users who stake their BTCMTX tokens earn non-tradable mining credits.
These tokens are then burnt to access mining time or receive mining rewards.
Therefore, users can benefit from the ongoing presale to accumulate sufficient tokens convertible for mining power.Remarkably, a $30,000 Minedrop is ongoing to give ten lucky users a share of $3000 worth of BTCMTX tokens each.
Meme Kombat - The Innovative Battleground for Meme LoversMeme Kombat is the blockchain battleground for exciting rewards. This novel ecosystem promotes blockchain betting and staking as an earning pathway for its users.Notably, the $MK token gives users access to the exciting rewards available in the ecosystem.
New price, who dis? pic.twitter.com/AOMuDcDaPM
- Meme Kombat (@Meme_Kombat) November 2, 2023
MK tokens increased in value from $0.1667 to $0.183 on November 2, confirming the progress of the ongoing presale. Also, a price increase to $0.189 will occur in two days, giving early investors paper rewards.
Remarkably, the ongoing $MK presale has raised over $ 1.25 million, with $1.5 million the next target for this stage.So, users can easily purchase these tokens using ETH or USDT when they connect a secure crypto wallet to the official page.
Staking During Presale Boosts MK Long Term Value
MK tokens purchased during the presales are automatically staked for the purchasing wallet to earn rewards. However, these rewards are dependent on the APY at the time of staking.
To claim these staking rewards, all purchasing wallets must re-stake their tokens after the presale.
Additionally, once the $MK dApp launches, token holders can claim and stake their MK tokens in the official staking pool.The staking framework adds security to the ecosystem and transparency to transactions.
Also, the cloud storage component of the Meme Kombat ecosystem ensures data integrity and stability.Meanwhile, the staking dashboard will display information such as total MK staked, percentage of MK staked, APY, total rewards paid, and total stakers.
Staking Harvest Adds Versatility for UsersAccording to the updated Whitepaper, Meme Kombat will add a Harvesting Rewards function, allowing investors to harvest staking rewards manually. Therefore, users have access and control over their earnings, making it quite convenient and flexible.
Betting Gives Users Exciting RewardsMeme Kombat is an ecosystem that enables users to engage in battles with their favorite memes with the chance to win exciting rewards.Consequently, users can bet on battles, choosing from several modes enabled by the platform's advanced AI technology.
Meanwhile, users can live bet on battles in real-time, with AI regularly updating gameplay and adding unpredictability. According to the Roadmap, the Meme Kombat platform launch will likely occur in November 2023.
This launch will give users access to the extensive features of the ecosystem.
Once the Meme Kombat platform launches, Season 1 of the battles will begin and likely attract more investors to the ecosystem. Therefore, MK tokens will likely increase in value after listing on exchanges.
So, investors can take advantage of the ongoing presale to accumulate $MK tokens ahead of a potential price surge.
ConclusionThe crypto market continues with the wave of positivity from October as Bitcoin maintains its impressive gains.Also, the Fear and Greed Index still displays greed with a value of 74, confirming that an accumulation phase is still ongoing.
Although there is no certainty in the volatile crypto market, the top gainers rely on positive events to rally on the price chart.Based on the present sentiments, the crypto market will likely continue its rally into 2024.
However, a retracement could eventually occur if the buyers begin to close their positions.Therefore, risk management and research are vital for crypto traders to prevent severe losses.
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