XRP falls 5% as prices fall; analysts focus on new altcoin
XRP is down 5%, falling as crypto markets retreat. While the decline may be concerning, some see 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 its gains once the presale ends.
XRP Pulls Back as Investors Take Profits
On the last day, XRP retraced and moved back towards the $0.60 mark as investors appear to be taking profits.
At the start of the week, XRP surged above $0.71 before returning to spot rates. So far, the sell-off is below the 20-day exponential moving average (EMA) of the daily chart.
If XRP stays below this EMA, the next support level is at $0.60, which has prevented the token’s price from falling further during the first week of November. However, if XRP recovers from spot rates, it could recover losses incurred over the past few days.
According to CoinMarketCap, XRP trading volume increased by 8%, making it the ninth most traded coin in the world.
The spike in participation suggests that despite the recent pullback, there is still considerable interest in XRP.
Bitcoin ETF Delays Dampen Market Sentiment
The crypto market is retreating after strong 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 already awaiting approval of a Bitcoin ETF from the United States Securities and Exchange Commission (SEC). Possible legal action from Grayscale following 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 verification process is still ongoing.
However, due to the longer time frame, short-term sentiment has been negatively affected and cryptocurrency prices may remain stagnant until it becomes clearer when a spot Bitcoin ETF will be permitted.
Stake-to-mine project, Bitcoin Minetrix, raises $4.1 million
Bitcoin Minetrix appears resilient despite the near-term challenges facing the broader crypto market.
The platform supports a staking model allowing users to earn mining rewards when they stake instead of purchasing expensive hardware.
Bitcoin Minetrix allows users to stake BTCMTX, its native ERC-20 token, in exchange for mining credits, which can be exchanged for access to Bitcoin cloud mining power or a portion of mining yields.
So far, Bitcoin Minetrix has over 5,100 subscribers on Telegram. Additionally, it has raised over $4.1 million through the ongoing pre-sale.
The project developer plans to list BTCMTX on exchanges after the end of the presale.
YouTube analyst Austin Hilton is bullish on Bitcoin Minetrix, particularly its value proposition.
He notes that the project aims to address key issues surrounding mining accessibility and profitability ahead of the Bitcoin halving event.
Visit the Bitcoin Minetrix Presale
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