The crypto market has been highly volatile recently, with most coins and tokens seeing substantial price swings.
Loom Network (LOOM) has been the latest crypto to experience this volatility, plummeting from its peak on Sunday.
However, the market’s swings have opened up opportunities for newly launched cryptos to make their mark – with Bitcoin Minetrix (BTCMTX) emerging as a project being touted for exponential growth.
LOOM Price Nosedives as Trend Reversal Sets In
At the time of writing, LOOM is trading around the $0.114 level – a 77% drop in less than four days.
Prior to this drop, LOOM had been on an extended uptrend, rising from just $0.042 in September to a high of $0.499, representing a 1,063% surge.
This rise led to LOOM being ranked on CoinMarketCap’s list of trending cryptocurrencies, yet the token’s time in the limelight appears to have been short-lived.
Since peaking on Sunday morning, LOOM’s price has capitulated dramatically, reinforcing the unpredictable nature of the crypto market.
Adding more pain for LOOM holders is that the price breezed through both the 50-day and 200-day Exponential Moving Averages (EMAs) to the downside on the 4-hour chart, indicating that the trend has definitively shifted.
With no clear areas of support in sight, LOOM could likely continue to face downside risk in the near term.
Loom Network Hype Fades Amid Whale Dumping & Declining Development
Loom Network’s sharp decline can be attributed to several factors that have shaken investor confidence.
A tweet from Lookonchain disclosed that a wallet holding over 47% of LOOM’s supply has started offloading tokens, sparking fears of potential price manipulation.
This significant sell-off overwhelmed buying demand, causing the token’s price to collapse.
Speculation is rife that this whale wallet may belong to an exchange like Upbit, engaging in questionable tactics to profit from LOOM’s prior pump.
Moreover, developer activity around Loom Network is down significantly from its peak, raising doubts about the project’s team and resources.
Unsurprisingly, this lack of new features and partnerships has made holders question LOOM’s long-term viability as an investment.
Ultimately, the initial hype around Loom Network has faded, with profit-taking in full swing and investor sentiment shifting negative.
Which New Cryptos Could Have Higher Potential Than LOOM?
With Loom Network’s outlook murky amid its dramatic sell-off, crypto investors are shifting their focus to emerging projects with more upside potential.
One such new opportunity is Bitcoin Minetrix, an Ethereum-based platform aiming to transform crypto-mining accessibility.
Bitcoin Minetrix Tokenizes Crypto Mining with Unique Stake-to-Mine Model
Bitcoin Minetrix (BTCMTX) operates via a “Stake-to-Mine” model that tokenizes the crypto-mining process.
Holders earn mining credits by staking their BTCMTX tokens, which are burned to gain cloud mining power.
This allows everyday crypto enthusiasts to mine BTC and earn recurring rewards without the need for expensive hardware or risky contracts.
Additionally, Bitcoin Minetrix features a staking protocol for BTCMTX that offers rewards of 332% APY for token holders.
With a seasoned team and planned partnerships with leading cloud mining providers, Bitcoin Minetrix looks well-positioned within the growing crypto-mining sector.
Additionally, with the next Bitcoin halving fast approaching, the platform is being touted as a way for users to benefit from any increases in the BTC price and mining yields.
The project has now begun to pick up steam on social media, with over 2,400 people taking part in the official Bitcoin Minetrix Telegram channel.
Although the Bitcoin Minetrix platform is still in development, would-be investors can buy BTCMTX tokens before its release for $0.0111 through the ongoing presale.
This presale will have ten stages, each with a gradually increasing BTCMTX price, meaning those who invest the earliest are rewarded with a lower entry point.
Having already raised over $1.7 million, Bitcoin Minetrix offers an intriguing alternative to Loom Network – and could be the next major mining disruptor to enter the market.
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