The crypto market continues to post impressive figures in the last quarter of 2023. The ongoing accumulation frenzy has pushed the total market cap to $1.45 trillion. Also, Bitcoin accounts for $715 billion of the total value.
Notably, a combination of positive factors, such as BTC trading above $36,000, has sustained the ongoing crypto market rally. Also, the massive liquidation of 206.48 million worth of short positions is adding to the overall value of the market.
Further, the NFT market has rallied, moving some holders to profit.
Moreover, crypto loan outfit Celsius has received approval for a bankruptcy plan that will ensure investors recover lost funds. These positive events have aided the crypto top gainers’ rally in the last 24 hours.
Find out more about their price outlook and notable events below.
ORDI (ORDI) – The NFT and Ordinals Support Platform
ORDI’s price on November 10, at 5:21 am EST, is $21.29, with a 40.5% surge in the last 24 hours. Also, ORDI has rallied massively in the past week, gaining 277.5% on its price.
This seven-day spike is likely a result of an error from Binance during its listing, affiliating the tokens to Bitcoin ordinals. Presently, the ORDI Army is quite bullish on the tokens, with a potential listing on Coinbase a possibility.
$ORDI Has been surging the past few weeks. Super clean.
— Daan Crypto Trades (@DaanCrypto) November 6, 2023
According to crypto analyst Daan Crypto Trades, ORDI has surged in the past few weeks and will likely continue to record gains. This price surge from ORDI resulted from an error, and despite the correction, it gave the token vital exposure.
On the daily chart, the bullish candlestick pattern is quite evident as ORDI attempts a break above its nearest resistance level.
ORDI Displays Strong Buy Pressure, Will A Retracement Occur?
ORDI is in an uptrend on the daily chart after flipping the $13.59 resistance to support. The buyers have sustained the rally, moving the asset to $21.23 as it attempts to break above this resistance level.
Also, the Relative Strength Index (RSI) indicator is in the overbought region above 70, displaying a value of 91.73. This indicates the buyers’ strong pressure and dominance over the past week.
Additionally, the Moving Average Convergence Divergence (MACD) has risen above the signal line to display a strong buy signal. Also, the green Histogram bars confirm that the accumulation phase for ORDI is still ongoing.
Based on these positive sentiments, ORDI will likely overcome the $21.23 resistance in the coming days before a brief retracement. However, if the buyers retreat since ORDI is in the overbought region, the asset will decline to rest on the $13.59 support.
Lido DAO (LDO) – The Crypto Staking Solution
LDO’s price on November 10, at 6:58 am EST, is $2.40, with a 21.5% increase in its price in the past 24 hours. Also, it has gained 36.2% on its price in the last seven days, confirming the rising pressure from the buyers.
Notably, Lido’s wstETH launched on Based, leading to a surge in the value of LDO in the market.
Yesterday Lido’s wstETH launched on Base 🔵
Here’s what you need to know 👇 pic.twitter.com/qMsDuCuTrA
— Lido (@LidoFinance) November 9, 2023
Lido DAO contributors noted that the launch of the waste on the Base bridge brings the benefits of staked ETH to the Base ecosystem. Therefore, it enhances Ethereum’s liquidity and stability. Notably, Base is a leading ETH L2, recording impressive statistics such as user growth and a booming developer economy.
With this launch, Base user can use their staked ETH on the Base DeFi ecosystem. Also, protocols on Base will integrate wstETH to enhance its liquidity and use.
These staking and liquidity innovations add more utility to the Lido DAO and are likely driving LDO’s price gains.
LIDO Forms Gravestone Doji, Is The Bull Run Over?
LDO has formed a Gravestone Doji candlestick on the daily chart after forming a Maribozu candle on November 9. The buyers broke above the $2.04 resistance level, flipping it to support, and attempted a break above $2.47. However, the Gravestone Doji suggests a sharp rejection occurred at the $2.47 resistance level.
Nevertheless, LDO still trades above the “Parabolic SAR” indicator. This confirms that buyers are active and making trades. The “RSI” indicator is inclining in the overbought zone at 75.71. Based on the sideways movement of the RSI indicator, a retracement could occur soon.
Therefore, buyers must look out for a retracement back to the $2.04 price level in the coming days before a possible rebound for LDO. Notably, the retracement is likely due to buyers hoping to profit from short trades.
Rocket Pool (RPL) – The Ethereum 2.0 Staking Pool
RPL is trading at $33.26 on November 10, with a 22.3% surge in the last 24 hours. Additionally, RPL has gained 36.8% on its price in the last seven days, confirming that the bulls are in control of its price.
The growth of the Rocket Pool ecosystem is likely to lead to massive price gains for the token in the crypto market. According to the Rocket Pool developers, the Ethereum Foundation has recognized Rocket Poll as its top choice among Ethereum Staking Protocols.
Today is our 2nd mainnet birthday 🙂 So we’ve decided to release a whopper of a Medium article detailing our growth and next big upgrade called Houston. We’ve also included some road map sneak peeks if that’s not enough for you – https://t.co/y6zedKFHG7
— Rocket Pool (@Rocket_Pool) November 9, 2023
Rocket Pool boasts features such as open source, permissionless nodes, diversity, and much more. Also, rETH is the token used for staking on the protocol. rETH can be traded to Rocket Pool for ETH if liquidity is available.
Further, the developers stated that rETHs recorded a 4X growth in 2023, which is likely due to the Atlas upgrade. Meanwhile, node operators remain the focal point of the Rocket Pool protocol. So, operating a node and staking is quite easy on Rocket Pool.
Remarkably, Rocket Pool has a network of approximately 3,300 nodes, which is larger than other staking platforms on Ethereum. Furthermore, the growth of the Rocket Pool protocol is evident in the surge in its TVL. Nearly 815,000 ETH have been staked in a year, representing a 300% surge.
Also, over 10 million RPL has been staked on the protocol. Node operators on Rocket Pool must stake RPL tokens as a promise of good behavior to prevent attacks.
Meanwhile, 51% of RPL’s total supply is locked in the protocol to provide insurance collateral for the staked ETH.
Another factor driving RPL’s gains is the upcoming Huston Protocol Upgrade. This upgrade will introduce an on-chain DAO for protocol governance referred to as Protocol DAO (pDAO).
Also, it will introduce new features, such as the ability to Stake ETH on behalf of a node.
What Will the Protocol DAO Bring?
The Protocol DAO can control several aspects of Rocket Pool, such as the setting that determines the minimum amount of ETH to be deposited for rETH. Also, it will control the maximum size of the deposit pool and other settings relevant to the staking process.
The pDAO will also elect members of a security council that can propose and carry out vital changes. Additionally, the pDAO can remove members or dissolve the security council entirely.
These new features and the recognition by the Ethereum foundation have aided RPL’s price gains in the last seven days.
Presently, RPL is in the overbought region on the daily chart as the bulls continue to dominate the market. On the daily chart, RPL shows signs of a slight retracement after positive price movement in the past week.
RPL Enters Overbought Region, What Next?
RPL’s rally began on November 3, after it broke above the median band of the Donchian Channel (DC), recording higher highs on the daily chart.
Notably, it formed seven green consecutive candles to flip the $26.91 resistance to support. After forming a large green candle on November 9, RPL faces resistance at the $33.49 price level.
Despite the bearish pressure, it is still above the median band of the Donchian Channel, hinting at a possible price increase ahead.
Also, the RSI is in the overbought region, displaying a value of 82.85, which confirms that the buyers are still in control. Therefore, today’s retracement is likely temporary as some traders close their open positions.
So, RPL will probably overcome the $33.49 resistance level in the coming days based on the bullish pressure.
Bitcoin Minetrix (BTCMTX) – The Cloud Mining Solution That Works
How #BitcoinMinetrix stands out:
Budget-friendly operations. 💰
No space constraints or disturbance. 🌿
No concerns about reselling. pic.twitter.com/LkiuQDNTDV
— Bitcoinminetrix (@bitcoinminetrix) November 9, 2023
Bitcoin is topping the headlines due to its extensive moves in the crypto market. However, its high value, currently exceeding $36,000 per token, makes it quite difficult for most investors to purchase. Mining is another way of receiving Bitcoin as a reward. However, each Bitcoin mining makes the process more difficult for individual miners.
Cloud mining is a practical solution to the mining dilemma most solo miners suffer. Bitcoin Minetrix leverages cloud mining to give its users additional rewards. Although cloud mining has its fair share of issues, such as scam operators, Bitcoin Minetrix hopes to sanitize the sector.
How Will Bitcoin Minetrix Change the Mining Landscape?
Cloud mining requires a miner to pay a specified amount to rent cloud computing power. However, the traditional cloud mining models require users to sign binding contracts and are quite expensive.
Bitcoin Minetrix introduces the novel Stake-to-Mine mechanism where users stake BTCMTX, its utility token, to receive mining credits.
These credits are non-tradable and must be burnt in exchange for cloud mining time or mining rewards. Bitcoin Minetrix hopes to achieve its goals in a decentralized manner, giving miners control over their tokens.
BTCMTX Presale Ongoing As Investors Accumulate Tokens
Currently, BTCMTX is on presale with over $3.74 million raised out of the presale target of $4.40 million at this stage. Each BTCMTX token is worth $0.0115, and a price increase will occur in less than two days.
Also, the presales offer investors the opportunity to accumulate the tokens for sufficient mining power. Eventually, BTCFMTX will list on notable crypto exchanges, which will likely lead to a price surge granting early investors paper rewards.
Users can connect a secure crypto wallet such as Trust Wallet or Meta Mask to the official website. Also, the purchase can be completed with ETH, USDT, or bank cards.
Why Use Cloud Mining?
Bitcoin mining is now dominated by large corporations who have the resources to compete for mining rewards. However, cloud mining lowers the entry barrier for miners and gives them access to additional benefits listed below.
Cloud mining makes mining accessible to users with minimal level of skills as there is no need for technical expertise. This makes it quite accessible to beginners with limited knowledge of mining operations.
- Cost Control
Bitcoin mining involves the purchase and maintenance of expensive mining hardware such as the ASIC miner. Also, rising energy costs and taxes for miners in some regions around the world, especially the United States, are concerning. ,
Nevertheless, Bitcoin Minetrix cloud mining eliminates this cost for users who only need to purchase BTCMTX tokens to begin the process.
- Noise Pollution Control and Space Problems
Bitcoin Mining rigs are quite massive and produce so much noise and heat as by-products of the process. This is quite alarming and not welcome in certain areas with heavy fines or outright bans placed on mining activities.
Also, some miners struggle to find a suitable location where their activities do not interfere with peaceful living. Remarkably, Bitcoin Minetrix’s Stake-to-Mine solution handles this problem and allows miners to make a profit with ease.
Cloud mining eliminates the need for miners to own or sell mining rigs, sometimes as a loss if mining is no longer profitable.
There is no need to purchase mining hardware. Therefore, the responsibility for upgrades rests on the cloud mining company. With a total supply of 4 billion BTCMTX tokens, 42.5% is dedicated to funding mining operations of the Bitcoin Minetrix platform.
Based on these advantages and the simplified process, BTCMTX could likely become a top crypto project when it is eventually listed on exchanges. However, investors must research and understand the risks before committing to any crypto investment.
The crypto market rally confirms a possible bull run in the coming weeks with improvements in price levels. The Fear and Greed Index displays a value of 70 on greed, confirming that the accumulation phase will likely persist.
So, based on the positive sentiments, the crypto market rally could persist in the coming days as buyers continue to dominate. Keep in mind that a slight retracement might occur due to price volatility, which is constant in the crypto market.
Therefore, proper risk assessment and analysis of historical data is vital to understanding the next moves in the market.
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