Top Crypto Gainers on January 8 – MKR and STX
As the Bitcoin ETF approaches its final stages ahead of a possible approval by the SEC, the crypto market has gone on a roller coaster ride, with so many speculations about possible price hikes.
The US SEC is mandated to take action on at least one of these applications by January 10.
While many are hopeful for a favorable outcome on BTC's price when the SEC's decision is revealed, some investors have turned to altcoins, anticipating a rub-off of potential Bitcoin goodness.
Amid these, many altcoin prices are over the moon, ranking among the top gainers in the last 24 hours.
Most of them also ride on positive developments in their ecosystem. Below are more details on the top crypto gainers, their next possible price moves, and ecosystem developments.
Maker (MKR) - The DAO for DAI Users
MKR records modest gains in the past week following many days of bearish pressure in December last year. While MKR benefits from the ongoing frenzy in the crypto market, its strong ecosystem and competent DeFi lending and borrowing system could be the foothold of its gains.
According to data from Coinglass, MKR has recorded a significant uptick in liquidations following its price increase from a week low of $1,694 to $1,952 on January 3, marking a 15% uptick.
Although there's been a pull-back, MKR still retains nearly 3% of its past week and now trades at $1,738.
MKR Buyers Resume Rally: Will It Break Above $1839.73?
MKR has formed two consecutive green candlesticks on the daily chart, confirming the return of buyers. The token has broken above the $1755.70 level and is testing the $1839.73 resistance level.
A break above this level will sustain the ongoing uptrend for Maker.
Also, MKR is trading above the Median Band of the Donchian Channel (DC) and rising, which is a bullish sentiment. The Relative Strength Index is 69.99 and approaches the overbought region.
An entry into the overbought zone will send the asset to higher highs. So, MKR will likely break above the $1839.73 resistance level in the coming days if the bulls prevail.
Stacks (STX) - The Open-Source Dapp Network
The price of Stacks (STX) at 5:34 a.m. EST is $1.81, with a 15.7% 24-hour increase and a 20.5% seven-day price gain. Its trading volume also shot up by 252% in the last 24 hours, hitting over $570 million.
Even though the overall global crypto market has slightly dropped to $1.7 trillion, Stacks is still making big moves.
Some data from Santiment shows that people are really interested in Stacks. The total interest in Stacks went up from $64.8 million to $80.8 million in just 24 hours.
Investors in STX seem to be holding onto their positions despite the market being a bit shaky.
Santiment suggests that long-term holders are slightly more dominant right now. Moreover, the STX Relative Strength Index (RSI) went up a lot on the last day, from 56 to 68.
This might mean that big investors could influence the price, leading to higher volatility.
Tim Draper, a famous investor, thinks the Stacks Network could really change how smart contracts are used. He believes this could make the value of STX go up a lot because of how useful it might become.
STX Finds Support at $1.67. What Next for The Asset?
STX has found support at $1.67 to rally to $1.79 as the buyers continue to uphold its price. A close look at the daily chart reveals a similar pattern of highs and lows from December 27 till date.
Also, the sellers are determined to limit the asset below the $1.79 price level.
Nevertheless, the candles, formed on January 7 and 8, suggest that the buyers are still active and supporting further price gains.The RSI indicator displays a value of 65.54 and is rising to the overbought region above 70.
If the RSI moves above 70, then STX will likely break above $1.79 to trade at $1.80.
Meanwhile, the Moving Average Convergence/Divergence (MACD) indicator is rising above its signal line, which is a bullish sentiment. Also, the fading red Histogram bars confirm the return of the buyers.
So, STX will likely break above the $1.79 resistance level and rally to $1.80 if the bulls sustain their charge.
Bitcoin Minetrix: Cost-efficient Alternative to Revolutionize Bitcoin Mining
>>>Visit Bitcoin Minetrix Presale
Next on our top gainer list is BTCMTX, a project that introduces a fresh way of mining Bitcoin through the cloud. It uses tokens to address common issues found in other cloud mining setups.
The main goal is to make a secure and open space for people to mine Bitcoin in a decentralized manner.
Bitcoin Minetrix holds a significant amount of BTCMTX tokens, exceeding 400,000. It offers a yearly yield of 103% to investors who stake their tokens, but this might change with more BTCMTX being staked.
The project has set 42.5% of the total token supply for mining operations, focusing on building a strong mining setup.
Another big chunk, 35%, goes to marketing and expanding the BTCMTX ecosystem.Then, 15% is for rewarding active community members, and the last 7.5% is for BTCMTX staking rewards.
So far, Bitcoin Minetrix has raised over $7,809,552 out of its $8,005,978 goal.
BTCMTX and Its Cloud Mining ModelTo use the project's cloud mining, investors must burn the received gas tokens. This ensures active participation while sharing out rewards efficiently. Analysts predict a potential Bitcoin price surge after spot Bitcoin ETF approvals.
This means investors might gain profits and earn passive BTC income.
The stake-to-mine concept is an innovative idea set to revive #Bitcoin mining for regular #Crypto enthusiasts.
Those on #BitcoinMinetrix only require an Ethereum-compatible wallet like #MetaMask, simplifying everything significantly. pic.twitter.com/YbvHCw7Nj3
- Bitcoinminetrix (@bitcoinminetrix) January 8, 2024
As the Bitcoin halving event approaches, it might get harder to acquire BTC, potentially increasing its price and giving hefty rewards to Bitcoin Minetrix investors. Act quickly if you're interested, as the price of BTCMTX will increase in less than two days.
You can buy BTCMTX from their official website to take advantage of its potential benefits. Don't miss this chance to join a new and innovative cloud mining project. The low presale prices offer easy entry into the BTCMTX community for interested investors.
Each BTCMTX token currently trades at $0.0127, and you can invest with a minimum of $10.To avoid missing out, hurry to the project's presale website and secure a slot using Ether, Tether, or a bank card.
Meme Kombat (MK) - Gaming and Meme Gambling Platform
Meme Kombat ($ MK) has stormed into the crypto world with an ERC20 presale that's reshaping the meme token landscape.
Uniting iconic meme tokens like Doge, Shiba Inu, and Pepe in a unique combat platform is not just creating a battleground but a gathering point for passionate meme communities.
NFT Update
Our artist is hard at work creating the very detailed NFTs that you see below, but it is taking more time than we anticipated.
With that said, unfortunately our marketing or development team aren't artists. But we would like to keep you in the loop nevertheless
pic.twitter.com/GI52hDDdLf
- Meme Kombat (@Meme_Kombat) January 7, 2024
The fusion of these communities into a single ecosystem is a testament to Meme Kombat's innovative approach. What's catching the eye of early investors and traders is the promise of a thrilling betting experience.
Users can wager on the outcomes of meme battles, offering an extra revenue stream.
The allure doesn't stop there; an estimated 400% APY sweetens the deal, making it an enticing opportunity for those eyeing potential returns. The incorporation of AI takes engagement to another level.
Dynamic visualizations and randomized sequences add an interactive charm, reimagining famous memes within the combat setup. It's not just a battle; it's a visually stimulating and entertaining experience, enhancing user involvement.
What's Driving MK's Presale Success?
Meme Kombat leverages blockchain for immutable and fair results, assuring participants of a trustworthy platform. Moreover, the team's openness by being doxxed' adds credibility, fostering trust among potential investors.
The presale's impressive haul of over $6.34 million signals its appeal.
It's not just about the financial prospects; Meme Kombat promises both entertainment and potential profits, making it very appealing to game lovers looking to earn income while playing the games they love.
Its unique concept, merging meme communities, and offering a betting avenue is a breath of fresh air in a crowded market.
So, Meme Kombat could make a splash when it hits crypto exchanges. The potential for high APY adds allure, while the use of AI ensures an engaging user experience. Additionally, the team's roadmap hints at further expansions, introducing new markets, themes, and characters, setting the stage for sustained growth.
Meme Kombat's presale success isn't just about the funds raised; it's about the convergence of memes into an interactive platform with earning potential.
Its listing on exchanges is anticipated to be a top choice due to its innovation, potential returns, engaging AI-driven interface, and promising trajectory for future developments.
ConclusionAll eyes are on the news this week as investors await a possible Bitcoin ETF approval. Although other critical data such as CPI and inflation rates will be released, the Bitcoin ETF approval remains a key element that could influence assets' price trajectory.
Several speculations resulted in massive liquidations in the past week as Bitcoin retraced to $40,000. So, the next few days are critical, given the heightened anticipation among market participants.
If the Bitcoin ETFs have the desired effect post-approval, the market could witness a significant uptrend, even before the April 2024 Bitcoin Halving.
While we await favorable news, investors should consider diversifying their portfolios with low-cap coins like BTC MTX, which have massive growth potential. Above all, it's advisable to implement proper risk management techniques.
The post Top Crypto Gainers on January 8 - MKR and STX appeared first on The Tech Report.