XRP drops 5% as prices slump; analysts focus on new altcoin
XRP is down 5%, falling as the crypto markets pull back. While the dip can be a concern, some view it as an opportunity to consider the coin and other altcoins, including Bitcoin Minetrix (BTCMTX).
Experts are bullish on BTCMTX, expecting the token to extend gains once the presale ends.
XRP is pulling back as investors take profits
On the last day, XRP retraced and is moving back towards the $0.60 mark as investors appear to be taking profits.
Early this week, XRP surged above $0.71 before cooling off to spot rates. Thus far, the sell-off is below the daily chart’s 20-day exponential moving average (EMA).
If XRP remains below this EMA, the next support level is at $0.60, which prevented the token’s price from falling further in the first week of November. However, if XRP recovers from spot rates, it could recover losses suffered in the past few days.
According to CoinMarketCap, XRP trading volume is up 8%, making it the ninth most-traded coin globally.
The spike in participation suggests that despite the recent pullback, there is still considerable interest in XRP.
Spot Bitcoin ETF delays dampen market sentiment
The crypto market is retracing after sharp gains in early November. Bitcoin (BTC) and Ethereum (ETH) are currently below $37,000 and $2,000, respectively.
The retracement could be due to delays and uncertainties related to the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States.
Investors were anticipating the United States Securities and Exchange Commission’s (SEC)approval of a Bitcoin ETF by now. Potential legal action from Grayscale over the rejection of its GBTC conversion could also create obstacles.
The SEC is still working with ETF applicants despite some delays. This suggests that the vetting process is still moving forward.
However, because of the longer timeline, short-term sentiment has been negatively impacted, and crypto prices may remain stagnant until there is more clarity on when a spot Bitcoin ETF will be authorized.
Stake-to-mine project, Bitcoin Minetrix, raises $4.1m
Bitcoin Minetrix appears resilient despite the near-term challenges the broader crypto market faces.
The platform supports a stake-to-mine model for users to earn mining rewards when they stake instead of buying expensive hardware.
Bitcoin Minetrix allows users to stake BTCMTX, its native ERC-20 token, in exchange for mining credits, which can be redeemed for access to Bitcoin cloud mining power or a portion of mining yields.
So far, Bitcoin Minetrix has over 5,100 followers on Telegram. Additionally, it has raised over $4.1 million in the ongoing presale.
The project developer plans to list BTCMTX on exchanges after the presale ends.
YouTube analyst Austin Hilton is bullish on Bitcoin Minetrix, especially its value proposition.
He notes that the project aims to address key pain points related to mining accessibility and profitability ahead of the Bitcoin halving event.
Visit the Bitcoin Minetrix presale
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