The global cryptocurrency market experienced a slight decline in the last 24 hours. The total market capitalization dropped to $1.38 trillion, marking a 2.54% decrease over the same 24-hour period. The latest development takes its expected toll on the next cryptocurrency to explode.

Over the past 24 hours, the total trading volume in the crypto sphere surged to $69.86 billion, signifying a significant 25.49% increase. The decentralized finance sector contributed $7.07 billion within this volume, accounting for 10.12% of the total crypto market’s 24-hour trading volume. Notably, stablecoins generated a trading volume of $62.96 billion, comprising 90.13% of the entire crypto market’s 24-hour volume.

Bitcoin’s dominance currently stands at 51.58%. This percentage reflects a marginal decrease of 0.06% compared to the previous day.

On Wednesday, Asian stocks retreated from their recent 2-1/2-month peak, paralleled by a resurgence in support for the dollar, as investors cautiously moderated their earlier optimism surrounding the potential conclusion of U.S. interest rate hikes.

While the Federal Reserve unveiled meeting minutes overnight, traders discerned that the policymakers’ commitment to “proceed carefully” didn’t offer fresh insights into the situation.

Next Cryptocurrency To Explode

During Asian trading, the ten-year Treasury yields experienced a marginal downturn, settling at 4.40%. Since the Fed decided to maintain rates earlier in the month, these yields have dropped approximately 50 basis points.

Futures markets for interest rates indicate almost negligible probabilities of the Fed implementing further hikes, estimating around 90 basis points of rate reductions by 2024. There’s a 30% likelihood that these cuts might initiate as early as March.

1. FTX Token (FTT)

FTX (FTT) currently trades at $3.54, boasting a 24-hour trading volume of $354.16 million. Over the last 24 hours, the token has surged by 11.13%, marking a 2.11% increase in the past seven days. However, data for the market cap of FTX remains to be available as the circulating supply of FTT tokens is not reported.

FTT’s all-time high stands at an impressive $84.18, logged on Sep 09, 2021, approximately two years ago. The current price reflects a notable 95.69% decrease from its record peak. Conversely, the all-time low for FTX was registered at $0.776774 on Jun 10, 2023, approximately five months ago. The present price marks a substantial 367.01% surge from this lowest point.

In a performance comparison against its peers, FTX (FTT) has exhibited a 2.10% increase in the last seven days, outshining the global cryptocurrency market, which has experienced a 3.40% downturn. Similarly, concerning similar FTX Holdings cryptocurrencies, FTT has performed better, boasting a 1.40% increase.

The market sentiment for FTX (FTT) appears bullish today, with more than 64% of users expressing positive sentiments toward the token. The rate with which it recently maintained an excellent place in the spotlight indicates FTT is the next cryptocurrency to explode.

2. Bitcoin Minetrix (BTCMTX)

Bitcoin Minetrix introduces a stake-to-mine mechanism enabling users to earn Bitcoin (BTC) rewards passively. This unique proposition keeps attracting investors to the next cryptocurrency to explode.

Through staking the platform’s native token, BTCMTX, users can generate mining credits, granting access to cloud mining power for Bitcoin. This innovative approach aims to decentralize hash power acquisition, providing users more control and authority than conventional cloud mining setups.

The platform’s staking protocol offers substantial yields, currently set at an impressive APY of 141%. As Bitcoin’s halving event in April 2024 approaches, potentially decreasing profitability due to reduced block rewards, Bitcoin Minetrix’s Stake-to-Mine feature emerges as a protective measure.

#BitcoinMinetrix imagines a renewed cloud mining landscape that merges ownership and cloud mining.

Through transparency, independence, and safety, #BitcoinMinetrix aims to lead tokenized cloud mining, providing a reliable $BTC mining path for everyone. 🌐⚒️ pic.twitter.com/SOETy3de0a

— Bitcoinminetrix (@bitcoinminetrix) November 21, 2023

By allowing users to stake BTCMTX for cloud mining power instead of investing directly in costly rigs and hardware, Bitcoin Minetrix significantly reduces barriers to entry in Bitcoin mining. Traditional GPU mining rigs priced at $1,000 to $2,000 and ASIC miners costing tens of thousands are comparatively costly investments, making this alternative model financially appealing.

With its innovative staking and stake-to-mine models, Bitcoin Minetrix addresses the evolving needs of miners, offering sustainable long-term solutions. The ongoing presale of Bitcoin Minetrix has successfully raised over $4.2 million. Enthusiasts are intrigued by the project’s stake-to-mine model and the development team’s $30,000 “Minedrop” giveaway.

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At the current presale stage, investors can purchase BTCMTX at $0.0117. Once this phase concludes, the BTCMTX price will increase by 8%.

After the presale, Bitcoin Minetrix plans to list BTCMTX on significant exchanges, including Uniswap. Looking ahead, their whitepaper outlines forthcoming initiatives, including the launch of a mobile app and strategic partnerships with established cloud mining providers to enhance capacity.

Visit Bitcoin Minetrix.

3. THORChain (RUNE)

THORChain (RUNE) continues its upward trajectory at $5.63, with a 24-hour trading volume soaring to $888.21 million. The coin has witnessed a significant 6.81% surge in the last day, marking a 4.67% increase over the past seven days. The circulating supply of 300 million RUNE values THORChain’s market cap at $1.69 billion.

The all-time high for THORChain (RUNE) was recorded at $20.87 on May 19, 2021, representing a peak of 73.19% higher than the current price. Conversely, the all-time low for RUNE stands at $0.00851264, noted on Sep 28, 2019, demonstrating an astounding 65,619.25% increase from the current price.

In the last seven days, THORChain has exhibited a robust 4.80% increase, outperforming the broader crypto market, which has experienced a decline of 3.40%. Within the BNB Chain Ecosystem, THORChain remains ahead, surpassing other cryptocurrencies in growth at 0.00%.

Bullish decentralised L1 yield pic.twitter.com/zDZI6IXbmt

— THORChain (@THORChain) November 21, 2023

Community sentiment surrounding THORChain is overwhelmingly positive, with more than 86% of users expressing confidence and optimism about its current trajectory.

This surge amid the market’s volatility signifies growing interest and confidence among investors. This favorable trend positions THORChain as the next cryptocurrency to explode.

4. Maker (MKR)

The price of Maker (MKR) stands strong at $1,451, boasting a 24-hour trading volume of $151.61 million. Over the last 24 hours, MKR has seen a commendable 3.37% price surge, furthering its positive trend with a 5.26% increase over the past seven days. The circulating supply of 900 thousand MKR places Maker’s market capitalization at $1.31 billion.

Maker’s all-time high of $6,292, recorded on May 03, 2021, remains a distant peak of 76.92% higher than the current price. In contrast, the all-time low for MKR was at $168.36 on Mar 16, 2020, reflecting an impressive 762.46% surge from the current price.

Maker (MKR) has exhibited notable growth in the last seven days, surging by 5.30%. This performance starkly contrasts the broader crypto market, which is experiencing a decline of 3.30%. When juxtaposed against similar Polygon Ecosystem cryptocurrencies, Maker emerges as a frontrunner, showcasing significant growth at 0.00%.

⚡️ @sparkdotfi just expanded its debt ceiling from Maker by deploying an additional 400 million DAI, giving users a doubled borrowing capacity.

The first batch of 20 million is already in.

→ https://t.co/NTHYoxIXUe pic.twitter.com/CHhMZINp0P

— Maker (@MakerDAO) November 21, 2023

Community sentiment toward Maker is overwhelmingly positive, with over 100% of users expressing confidence and bullishness regarding MKR’s current trajectory.

Despite market volatility, Maker’s consistent upward trajectory signifies growing confidence and interest among investors. This positive momentum positions Maker as the next cryptocurrency to explode. It should also be watched closely in the evolving digital asset landscape.

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• Source: https://insidebitcoins.com/news/next-cryptocurrency-to-explode-wednesday-22-november-bitcoin-minetrix-ftx-token-thorchain