The Impact of Bitcoin Price on the Market
The price of Bitcoin significantly influences the current market as the prices of assets are forced into a fluctuating trend. As the price of BTC approached $52k today, it sparked a brief rally in the price of assets, with some printing as high as a double-digit percentage increase.
After posting impressive price pumps, BNB, Avalanche, and Worldcoin have clinched their spots near the top of the gainers’ list. The details of the price action are provided below, with the relevant data to provide context.
Next Cryptocurrency To Explode
However, the growing inflow of funds into Bitcoin spots ETF put pressure on the price of crypto assets. Many assume that the situation may have caused the protracted sideways trend of BTC. The growing demand outpaces the supply in the market, which creates opportunities for decentralized mining projects, such as Bitcoin Minetrix. Today’s update covers the current presale offering of the BTCMTX token, and all that investors need to know about the project.
1. Avalanche (AVAX)
The recent 150% increase in the value of AVAX made the token the 9th largest crypto by market cap. At the time of writing, AVAX has a market cap of $13.95 billion and a circulating supply of 377.15 million coins. Despite its meteoric rise last quarter, AVAX saw a significant pullback early this quarter, forcing its price down by nearly 22%.
Historically, AVAX is known to go through a cycle of highs and lows ahead of its token release. The worst pullback was seen in August of last year when the token release of over $100 million value forced the asset into a protracted downtrend. However, this time, the overall crypto market outlook is different.
The token release of last quarter took the asset from $22 to $48. Currently, AVAX is holding its ground in the $37- $38 range despite releasing over 9.5 million tokens, which are projected to increase the circulating supply by 2.9%.
2. BNB (BNB)
BNB has kept an uptrend for nearly 60 days, even defying the current downtrend across the crypto market. It recorded another round of price increases today, reaching as high as 7% in the last 24 hours. With the current pace, the price of BNB might rise to $400 before the end of the week.
3. Worldcoin (WLD)
Following its controversial push to keep a record of people’s identity, the Worldcoin token, WLD, faced a sharp decline as many countries opposed its business model. However, the token is making an impressive headway as its value has increased by nearly 400% since its launch. Its market cap recently crossed the $1 billion mark, putting it at the 67th position of the crypto ranking.
4. Bitcoin Minetrix (BTCMTX)
As demand for Bitcoin continues to outpace supply, the need for optimal mining initiatives becomes imminent. Bitcoin Minetrix provides a novel initiative to help combat the supply challenges using a decentralized cloud-based mining system.
5. Filecoin (FIL)
FIL is up by 4% today, bringing the overall gains in the past seven days to 30%. The recent gains in the token’s value validate the claims that DePIN assets are the altcoin’s jewel of this bull market. The FIL has gone from struggling at $5 to peaking at $7.7 in this bull run.
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