Stock markets across the globe keep gaining on Thursday. Investors’ sentiment has been sharpened by slower inflation rates since Wednesday. Although global inflation is still high and particularly in individual economies. The slow-down experienced in a place like the UK resonated across several other economies.
The US Federal Reserve is now set to launch its FedNow project. It is one that seeks to implement immediate money transfers 24 hours a day, every day. The Feds have been working on instant money transfers since 2019. This move, when implemented will bring the US abreast of countries like the UK, Nigeria, Brazil, and India that have enjoyed instant money transfers for years.
In China, on the other hand, state-owned banks sold the US dollar to buy the yuan in offshore markets. Such a move is to slow down the rate of the yuan’s slide. The Thursday observation was explained by those close to the matter. The People’s Bank of China also announced that it was relaxing the rules on cross-border financing. This will also help slow down the yuan’s decline.
The Next Cryptocurrency To Explode
The crypto market continues to gain slowly but steadily on the back of current events. Taking it a notch higher than Wednesday as reported in our last next cryptocurrency to explode post, the market is up by 0.64% as of the time of this report.
Most assets in the top 100 are confidently in the green zone. Investors are also displaying better confidence in the market. While everyone awaits the next policy move from decision-makers, this is a good time to consolidate.
There are also more top gainers on the chart on Thursday than a few days ago. They all p\flashing buy signals to investors as it is a good time. The next cryptocurrency to explode shed some light on a few top-trending crypto assets.
1. BTC20 (BTC20)
There is yet another presale. Another opportunity for traders and investors to in on a project before it gets listed on exchanges. BTC20 is not like every other token or presale. It is like giving people an opportunity to invest in Bitcoin from the beginning. That weight puts this project right as the next cryptocurrency to explode.
This brilliant crypto project takes the best paths of Bitcoin’s network and operation and put them on Ethereum. It runs on a stake-to-earn method that has gotten investors so eager to position themselves for the presale. The platform’s reward system has also been predicted to create a huge supply shock as soon as the presale ends. This will, in turn, create a price surge.
This new project gives everybody the opportunity to buy the new Bitcoin, as it is called, at $1. BTC20 is an ERC-20 token and a version of Bitcoin but it is based on Ethereum. It equally adopts the reward system of the actual Bitcoin through verified staking.
Anyone who stakes BTC20 gets to earn a percentage of the reward. This will be issued through the platform’s eco-friendly PoS mining system.
🔹 $BTC20: User-friendly and powerful 💫
— BTC20 (@BTC20Token) July 20, 2023
It is said that the ongoing presale is an attempt to take everyone back to when Bitcoin began. It is also paying respect to the market leader by selling at $1 as it did in 2011. The presale is, thus, aiming to sell 6.05 million BTC20 tokens at $1 each.
The presale will have 2 phases. The first phase will sell 3 million tokens and aim at a soft cap of $3 million. The second phase will sell 3.05 million tokens at a hard cap of $6.05 million. The funds raised through this presale will lay a solid foundation for further development. It will also be used to take care of marketing and necessary partnerships.
In respect of the original Bitcoin project, BTC20 has a total supply of 21 million. After the presale, at least 14.95 million BTC20 tokens will be locked away in the staking contract. Any unsold token will also be locked in the same contract. The BTC20 ecosystem will then be driven by its community. This will eliminate threats of a possible rug pull.
The major pull to BTC20 for investors is its reward mechanism. Built on Ethereum, the network reward stakers when a new block is found on Bitcoin. This is usually found every 10 minutes. Whenever a block is found, some BTC20 tokens get released and shared with stakers. The reward earned is then proportional to the BTC20 staked.
The general idea of the ecosystem is a community-driven space where collective action drives prosperity. Tokens are removed for circulation when they are staked. This will force the value of the asset to rise when it becomes scarce and investors struggle to buy.
2. Tezos (XTZ)
The Tezos coin is at the center of the news as it is recently making strides. It has also inspired a level of curiosity from those who may think it’s the next cryptocurrency to explode.
The network managers made serious decisions on how to stabilize it despite prevailing conditions. Tezos has now become a definitive gaming platform as a result. It promises entertaining games on its #TezosBrings.
Tezos was built on the promise that it will also make sure there is active community participation in governance. This is a major factor in the Web3 space. Users have the ease of participation through evaluations, proposing, and approving ideas on the network. With this, there will be innovations that will keep Tezos ahead of the game. This is also why Tezos is properly positioned to drive Web3 innovations.
Tezos is trading at the top of the gainers’ list at $0.8977 as it is up by 7.37%. It has managed a trading volume of $40.7 million in the last 24 hours with a market can p of more than $848 million.
The asset’s price analysis reveals a bullish trend and it is fighting to get out of the $0.898 resistance. This will become its support line once that has been achieved. Bears have dominated the Tezos space for a time and the price was low as a result.
Now that bulls have broken through the major resistance, a high level will be achieved soon. A bull run may be in sight for the XTZ token, but bulls have to consolidate their current gains first.
3. Cardano (ADA)
Cardano’s ADA recovered by 48% from its June low and might be the next cryptocurrency to explode. It is currently looking to beat a crucial obstacle after which it will be firmly in bullish territory.
The token holders got their hearts on the edge as its price meandered. After sliding in June, ADA rallied again due to the good market sentiment that followed Ripple’s court victory. The price rose to 61.8% Fib retracement level and it excited bulls.
The initial enthusiasm waned, however. It was majorly because the buy purchase struggled to stay above the 200-day exponential moving average. ADA eventually corrected to $0.30 but the bulls regained their stamina there. They were able to push the asset price above the 50-day exponential moving average from there.
For ADA to brighten in the short term, it needs to cross the 38.2% Fib retracement level. It is now on the verge of doing this as it currently sells at $0.325. Once this level is conquered, the asset will march toward $0.355. This is where the exponential moving average may show its strongest challenge.
Apart from a put from investors, it could also require positive from the wider crypto market. This will encourage more traders to buy ADA. It will push harder and maintain a bullish position for a longer time to come.
4. Polygon (MATIC)
Polygon is advancing how governance is carried out on its network. The platform’s proposed Polygon 2.0 upgrade which will make that happen is increasing activities around the network. It is becoming the next cryptocurrency to explode for this reason.
This innovation will also work for every other blockchain built on Polygon’s ecosystem. With that, a three-tier approach to governance will be born.
The first tier will enhance the framework for the Polygon Improvement Proposal. Extending the scope of this proposal will give users the power to propose upgrades to be implemented on the protocol. This will bring in a wide range of ideas that may be integrated.
The second tier will be focused on simplifying smart contract upgrades and protocol modification. A specialized council will be in charge of supervising the changes. It will also emphasize the role of the community in operational decisions.
The last tier is about creating the community treasury. It is a mechanism designed to aid the growth of the Polygon network when it provides funds for many projects. The treasury will initially be overseen by a board but it will later be handed over to the community.
Announcing these developments attracted investors to hold more MATIC tokens. The vision is that it will gain more utility when the latest announcement gets implemented. The token’s price will be forced upward and generate higher returns.
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