The cryptocurrency market saw widespread losses over the weekend, with XRP down nearly 5% since Friday.
Major currencies like Bitcoin and Ethereum are also trading lower as the overall cryptocurrency market turns red.
But amid the decline, Bitcoin Minetrix emerged as a bright spot, reaching the $820,000 level during the ongoing pre-sale.
XRP slides below key support level as selling pressure builds
XRP has closed in the red for four out of the past five days – and it looks likely to continue this poor performance today.
The token is trading around $0.49, just below the vital $0.50 level that has served as support and resistance in recent weeks.
Even more worrying for investors is that XRP fell below the 20-day and 50-day exponential moving averages (EMAs) over the weekend, indicating that the short- and medium-term trend is now bearish.
The price broke out of the upward channel it was trapped in on the downside – and all signs point to another retest of support around $0.47.
but, Data from CoinMarketCap It shows that XRP trading volume actually increased by 137% over the past day.
This increased volume may indicate a potential trend reversal – but it more likely indicates intense selling pressure behind XRP’s recent decline.
Red sea in the cryptocurrency market as economic concerns intensify
XRP is not the only cryptocurrency seeing a decline, as most major currencies and tokens recorded losses over the weekend.
As shown in Cryptocurrency Market Heat Map from Coin360There is a sea of red in the market, with Bitcoin down 1.68% and Ethereum down over 3% since Friday.
Even previously popular projects like Solana are seeing losses of 5% or more — pushing the total cryptocurrency market capitalization below $1.08 trillion.
This week’s US CPI report appears to be weighing on traders’ minds, as hotter-than-expected inflation could prompt the Fed to raise interest rates again before the end of 2023.
If this happens, it will put downward pressure on risky assets such as cryptocurrencies.
Adding to the uncertainty are the geopolitical tensions that occurred over the weekend, causing cryptocurrency investors to reconsider their investment portfolios.
These factors contributed to increased volatility and bearish sentiment, leading to widespread sell-offs that affected both old and new currencies.
Hot new cryptocurrency Bitcoin Minetrix defies recession and raises $820K for Stake-to-Mine project
While traders are reeling from market-wide declines, some investors are using the decline as a buying opportunity to snap up undervalued crypto assets.
One new crypto asset that has attracted attention in this regard is Bitcoin Maintrix (BTCMTX)which recently crossed the $820,000 mark in ongoing presale.
The Bitcoin Minetrix Stake-to-Mine model, which provides everyday investors with an alternative route to Bitcoin mining, has created a unique value proposition that seems to resonate with the cryptocurrency community.
However, Bitcoin Minetrix’s double-earning approach promises not only BTC mining rewards, but also high-yield opportunities with its native BTCMTX token.
At the time of writing, Investors can earn returns of up to 734% annuallywith over 56.7 million BTCMTX tokens already pledged.
Unsurprisingly, these high returns have attracted the attention of investors, with more than 1,200 people joining the group. Official Telegram community To learn more about the project.
To increase participation, the Bitcoin Minetrix team has launched a $30,000 “Minedrop” initiative, where ten lucky winners will each receive $3,000 worth of BTXMTX tokens.
To enter, participants must complete several easy social media tasks, such as following The official Twitter account of Bitcoin Minetrix.
With BTCMTX available for $0.011 per token for only six more days, investors are rushing to take advantage of this limited supply while they can.
Once the presale is over, Bitcoin Minetrix developers intend to launch BTXMTX on a range of high-profile exchanges – meaning those who participate early are putting themselves in line for potentially high returns if all goes as planned.
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