Alan Draper
Clickout Media LTD
This is a sponsored post. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by the external author of the post. You should be aware of all the risks associated with trading. Cryptocurrency presales can be very risky investments as the assets have yet to be proven in the market. Some or all the tokens mentioned in the articles may be devalued or subject to scams, and investors may lose all capital as most of these assets lack proper due diligence. FXStreet is not responsible for any losses incurred from investments in crypto presales.
The price of Loom Network (LOOM) has seen renewed interest lately, soaring over 118% in the past week.
Given the token's impressive momentum, some in the crypto community predict that LOOM could hit $1 by the end of 2023.
Meanwhile, investors are also bullish on Bitcoin Minetrix (BTCMTX), an innovative cloud mining platform that has just crossed $1.5m in presale funding.
A closer look at the Loom network & its native LOOM token
Loom Network is a platform built on Ethereum that allows developers to run large-scale decentralized applications (dApps), such as games, social networks, and NFT marketplaces.
The network’s native token, LOOM, plays a key role in Loom’s operations, with token holders able to stake their tokens to help secure the network – earning rewards when transactions are verified.
This staking system uses a Delegated Proof-of-Stake (DPoS) model to provide super-fast confirmation times and low (or zero) transaction fees.
Additionally, LOOM tokens give holders governance rights, allowing them to vote on proposed changes to the network.
Over 71 million LOOM are currently staked on the Loom Network, with validators located around the world.
Moreover, integrations with other chains, like Bitcoin and Binance Smart Chain, ensure Loom can offer a smooth and interoperable experience when it comes to dApp usage.
With versatile utility and strong technical foundations, the LOOM is key to powering the Loom Network as it scales up for broader adoption.
LOOM price faces resistance as investors hope for $1 price target
Over the past month, LOOM has seen a remarkable rally, surging over 715% to hit the $0.379 level.
This massive spike has been driven by increased trading volume and market hype, with the token now listed on an array of high-profile exchanges.
However, LOOM did hit resistance around $0.50 on Sunday morning, meaning the token might be overextended in the short term.
As such, LOOM reaching $1 by the year's end looks feasible but is not guaranteed.
For that to happen, Loom would likely need to partner with one (or more) major industry players, further expanding its ecosystem and driving demand for LOOM.
Moreover, there’s a likelihood that conservative traders may be looking to take profits following LOOM’s incredible rise.
As such, potential short-term pullbacks could be likely as investors re-evaluate their positions.
Ultimately, LOOM has excellent potential, but the path to $1 will require maintaining strong momentum – meaning it could take until next year before investors see this milestone reached.
Red-hot Bitcoin Minetrix also poised for pump as presale breaches $1.5m milestone
While LOOM continues to be the talk of the crypto market, another project that’s consistently gaining momentum is Bitcoin Minetrix.
Bitcoin Minetrix (BTCMTX) offers a novel approach called "Stake-to-Mine" that requires no upfront investment in expensive mining equipment, opening up BTC mining to the masses.
Users can stake Bitcoin Minetrix’s native token, BTCMTX, to earn non-tradable mining credits, which are then burned to gain cloud mining power.
Bitcoin Minetrix's developers tie mining power to staked BTCMTX through this process, creating built-in utility and demand.
Moreover, stakers can earn yields of 373% per year by pledging their BTCMTX – with over 111.8 million tokens already staked.
Unsurprisingly, this unique setup has caught the attention of crypto enthusiasts worldwide, prompting Bitcoin Minetrix to be ranked first on CoinSniper.
Additionally, over 2,200 people have joined Bitcoin Minetrix’s Telegram channel in the past few weeks, indicating a growing community interest and eagerness to stay updated on the project’s developments.
With the presale heating up, many early backers believe the BTCMTX price could rise quickly once listed on CEXs and DEXs.
YouTuber Joe Parys, who has an audience of over 380,000 subscribers, even described it as having "big potential."
As such, Bitcoin Minetrix could be set for an exciting end to 2023 – much like LOOM.
Visit Bitcoin Minetrix Presale
This is a sponsored post. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by the external author of the post. You should be aware of all the risks associated with trading. Cryptocurrency presales can be very risky investments as the assets have yet to be proven in the market. Some or all the tokens mentioned in the articles may be devalued or subject to scams, and investors may lose all capital as most of these assets lack proper due diligence. FXStreet is not responsible for any losses incurred from investments in crypto presales.
ETF News provides quality insights in the form of financial guides and video tutorials on buying and investing in stocks. We compare the top providers and provide detailed insight into their product offerings. We do not advise or recommend any provider but want to enable our readers to make informed decisions and trade on their own responsibility. Contracts for Difference (“CFDs”) are leveraged products and carry a significant risk of loss for your capital. Up to 67 % of retail investor accounts lose money trading with the brokers compared on this website. Please make sure you fully understand the risks and seek independent advice. By continuing to use this website, you agree to our Privacy Policy.
Recommended Content
Editors’ Picks
OpenAI parts ways with cofounder and chief scientist Ilya Sutskever
OpenAI cofounder Ilya Sutskever is exiting the firm for reasons not disclosed yet. Jakub Pachocki replaces Sutskever, taking the baton after running many of OpenAI’s most important projects, Altman says. Reportedly, Sutskever played a key role in the November ouster of CEO Sam Altman.
Sonne Finance suspends all Optimism markets after over $20 million exploit
With PeckShield attributing the attack to a time-locked contract, Sonne Finance has suspended all Optimism markets, adding that the Base market is safe. Noteworthy, Sonne Finance is the first platform to launch a lending protocol on Optimism.
Bitcoin Price Outlook: Will GameStop stock resurgence have downstream effect on BTC and alts?
Bitcoin continues to glide along an ascending trendline on the four-hour time frame. Meanwhile, the GameStop saga that has resurfaced after three years distracts the market, with speculation that it could inspire risk appetite among traders and investors.
Ethereum bears attempt to take lead following increased odds for a spot ETH ETF denial
Ethereum is indicating signs of a bearish move on Tuesday as it is largely trading horizontally. Its co-founder Vitalik Buterin has also proposed a new type of gas fee structure, while the chances of the SEC approving a spot ETH ETF decrease.
Bitcoin: Why BTC is close to a bottom
Bitcoin (BTC) price efforts of a recovery this week have been countered by selling pressure during the onset of the American session. However, the downside potential appears to have been capped.