Avalanche and Solana recover, Bitcoin Minetrix growing
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After a drastic market pullback this month, Avalanche and Solana have begun to recover, adding 7.24% and 6.48%, respectively. Meanwhile, Bitcoin Minetrix is also gathering momentum as its presale exceeds $9.1 million.
Avalanche and Solana rising
The wave of interest in Avalanche and Solana resulted from their teams exploring different blockchain use cases.
Over the past hour, Avalanche has seen a 0.82% rise, while it is also up 7.24% in the past 24 hours but remains down 13.61% this week. Currently, Avalanche is priced at $30.66 with a $11.2 billion market cap and $797 million 24-hour trading volume.
Its trading volume is up by 27.94% in the previous day, illustrating a renewed interest in the coin following its recent pullback.
Still, AVAX is down 35% this month and 37% from its December top of $48.
The pullback represents significant room for growth should a wider recovery occur. However, it also shows that Avalanche remains in trouble despite its recent uptick.
The latest pump was led by the Avalanche Foundation who explained framework to invest in “community coins.” The community coins in question are meme coins, and the statement catapulted the network’s leading meme coin, Coq Inu, over 24% today.
The Avalanche Foundation explained the framework “is designed to identify community coin projects that show stability, growth potential, and a commitment to fair practices in crypto.”
Key rules include a high holder count, liquidity, and daily trading volume.
Solana seemingly caught wind of Avalanche’s move and embarked on its endeavor.
Solana appears to be keen on tokenization.
Tokenization is a hot topic in crypto, with 2% of the world’s total money supply expected to be tokenized by 2028, according to Berstein Research.
Like Avalanche’s tweet on meme coins, Solana’s tweet displayed the team’s openness to exploring alternative use cases that could encourage ecosystem growth.
Solana is up 6.48% in the last 24 hours but remains down 11.27% this week and 22.3% this month. It is also down 28.37% from its December high of $121.
Ultimately, despite their recent upticks, Avalanche and Solana remain in a downtrend.
Amid this, Bitcoin Minetrix, a stake-to-mine altcoin, is firm in its presale.
Bitcoin Minetrix presale hits $9.1 million
Bitcoin Minetrix is an Ethereum-based protocol for users to cloud mine Bitcoin.
The platform demands no expensive hardware or technical expertise, BTCMTX, and an Ethereum-compatible wallet.
It is based on a stake-to-mine model, where users deposit BTCMTX in return for Bitcoin mining credits.
How long the tokens are staked for is up to the user, providing them complete control and autonomy.
The Bitcoin mining credits are non-transferable ERC-20 tokens that they can burn to receive cloud mining power.
This process is simple and ideal for beginners.
Moreover, the decentralized and community-owned nature of Bitcoin Minetrix eradicates the risk of cloud mining scams, solving one of the industry’s main barriers to adoption.
It also removes the space and noise constraints from the user and offers a greener alternative to traditional Bitcoin mining.
Platform rewards are primarily paid out in mining credits but subsidized with BTCMTX.
While cloud mining has yet to launch, presale investors can choose to stake for BTCMTX rewards of up to 72% APY. Even so, this high yield will decrease as the staking pool grows.
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