The crypto market has been on a downward trajectory as the FOMO around the approval of Bitcoin spot ETFs subsided. But things won’t remain so dull for long. In this article, we will discuss three crypto projects that are about to make striking movements in the coming days.
The first is Sui, which has registered a 53% surge over the last thirty days and is looking at an inevitable price correction. The second is Bitcoin Minetrix ($BTCMTX), the viral cloud mining token that has been bucking the trend with a grand presale, and is on its way to the ten-million milestone. We will also discuss the prospects of Chainlink, and where it’s headed.
What you'll learn 👉
Sui TVL Crosses $359M
Sui is one of the most trending cryptocurrencies of this month, and for the right reasons. The blockchain token has surged 72.25% over the last thirty days, despite the recent dips.
According to DefiLlama, Sui is the twelfth largest chain, with a TVL (total value locked) of $359m.
Sui TVL, source: DefiLlama
A key factor that has been driving the price of the token this week is Mysten Labs’ partnership with Alibaba Cloud. Mysten Labs is the team behind the blockchain project Sui. With the partnership, Mysten Labs is expected to reinforce its blockchain ecosystem through the integration of advanced AI technologies.
It marks an integral milestone in the journey of the Layer 1 blockchain and smart contract platform. The partnership aligns with Sui’s goal to make digital asset ownership fast, private, secure, and accessible to everyone. The blockchain’s key highlight is its horizontally scalable processing and storage that supports a wide range of applications with unmatched speed at low cost.
Alibaba Cloud’s infrastructure and technical support will help Sui to develop an AI-enabled environment for its Move language developers. Natural language processing will allow developers to generate Move code from simple prompts. The partnership also touches upon other aspects like expanding Sui’s foothold in key Asian markets, nurturing a diverse and global community of developers, infrastructural support for the Sui blockchain, etc.
Sui 1-month price action, source: CoinMarketCap
The news of the coming together of the two projects has been welcomed with optimism by the crypto market. It has reflected in the price action too, with SUI surging more than 20% on Wednesday. But a price correction is in order for SUI in the bear market, as the FOMO and speculation subside.
Bitcoin Minetrix Presale is About to Cross $10M
Bitcoin Minetrix ($BTCMTX) has been bucking the bear market this week. The cloud mining token, which has yet to make its debut on crypto exchanges, is currently in a presale period.
With most cryptocurrencies going through a series of dips, strategic investors turned to $BTCMTX. Since the token’s launch is days away, the bear market won’t influence its price action.
But that’s not a good enough reason to buy a token.
The key appeal of Bitcoin Minetrix lies in its highly market-relevant utility. The novel stake-to-mine dashboard introduced by the project decentralizes bitcoin mining. With the dashboard, anyone who holds $BTCMTX can stake their tokens in exchange for attractive mining credits.
The credits are distributed in non-transferable ERC-20 tokens, which can be burnt to earn BTC mining rewards.
The simplified mechanism makes mining accessible to retail participants. Although there are many cloud mining platforms that promise to simplify the mechanism, they rarely live up to the expectations. Sometimes, they demand hardware investment and contractual obligations. Cloud mining remains complex to an average investor who doesn’t want to spend time or put in effort.
On the other hand, Bitcoin Minetrix is straightforward.
Since the beginning of the presale, the project has been drawing the attention of strategic investors, analysts, and crypto publications. According to YouTuber and crypto analyst Michael Wruber, Bitcoin Minetrix is the future of bitcoin mining.
Investors have little time to grab the token for discounted prices, with the presale closing in on an early sell-out. It is on its way to the $10M milestone at the time of writing. There is less than 24 hours left before the next price increase.
Investors are eligible for staking rewards during the presale period.
Chainlink is Entering a Volatile Period
In the category of established cryptocurrencies, Chainlink demands to be kept an eye on. While most of the market has been on a downtrend, Chainlink has been stuck in a horizontal range since early December. But things are going south now.
Chainlink 7-day price action, source: CoinMarketCap
Indicators, notably the Relative Strength Index (RSI), are bearish. Analysts and traders, on the other hand, have been giving mixed views of where LINK is headed. While some believe that LINK could surge to $19 soon, the possibility of the token slipping to $10 or $11 can’t be ruled out.
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