The prices of Cardano (ADA) and Solana (SOL) have declined sharply in the past day as the broader crypto market experiences a pullback.
Both of these altcoins have posted 4%+ losses, although they appear to be retracing their steps somewhat, suggesting that investors might view this dip as a buying opportunity.
At the same time, investors are also looking to new crypto startup Bitcoin Minetrix (BTCMTX), which continues to see strong demand and has now raised over $3.9 million in its presale.
Cardano Price Slides 7% from Weekend High as Traders Take Profits
ADA is hovering around the $0.366 level at the time of writing, a 7% drop from Saturday’s high of $0.395.
Since Saturday, ADA has posted three consecutive bearish daily closes, marking the token’s worst performance since early October.
Although ADA is still up 53% from October’s low, many investors have opted to take profits – prompting the token’s price to decline.
This downturn may stem from the fact that Cardano’s recent rise was fueled more by general positive sentiment in the cryptocurrency market than by factors specific to its network.
Regardless, the positivity and demand have helped push Cardano into the top 10 cryptocurrencies by market cap, ahead of Dogecoin (DOGE) and TRON (TRX).
Additionally, the token’s price is still up 48% for the year, meaning long-term investors might still be seeing substantial gains despite the pullback.
Solana Also Drops 8% as Investors Cash Out After Massive October Gains
Solana has faced a similar fate to Cardano in the past 24 hours, with SOL’s value dropping over 8%.
In total, SOL fell 19% from Saturday’s high, yet early signs suggest that buying momentum may be returning on the lower time frames.
Similar to Cardano, the SOL pullback may be due to profit-taking, a common response to sharp price increases.
The SOL trading volume rose 17% in the past day to $2.9 billion, implying that investors are opting to liquidate their positions rather than hold for another push.
The token saw significant gains throughout October, driven by growing institutional interest and the bullishness around a potential spot BTC ETF.
However, the lack of ETF updates in the past week has cooled investor hype somewhat, leading to this pullback as traders take gains.
Overall, both Cardano and Solana have seen their runs lose some momentum in the past few days – with traders now watching key support levels to see if the sell-off will continue.
New Crypto Startup Bitcoin Minetrix Raises $3.9 Million as Investor Hype Grows
While ADA and SOL navigate some short-term bearishness, one new crypto project has been defying the downtrend.
Bitcoin Minetrix (BTCMTX) has seen a surge of interest during its ongoing presale, helping it raise an impressive $3.9 million so far.
The team behind Bitcoin Minetrix aims to reshape the cloud crypto mining sector by allowing users to stake their tokens in exchange for non-transferable mining credits.
These mining credits can then be burned to generate cloud mining power.
This innovative staking model incentivizes users to hold the native BTCMTX token since stakers earn yields of 150% per year alongside cloud mining credits.
Although still in development, Bitcoin Minetrix’s presale is progressing well, hitting significant fundraising milestones recently.
Investors can buy BTCMTX tokens for $0.0116 through the current stage of the presale – although this price will increase in three days.
Due to the low price point, crypto enthusiasts worldwide have been stocking up on BTCMTX ahead of the exchange listings planned for after the presale ends.
This level of demand has also prompted some high-profile crypto influencers to take note, including YouTube analyst Austin Hilton, who stated “You have never seen this before!”
With Bitcoin Minetrix also ranked second on CoinSniper’s list of upcoming ICOs to watch, the project is gaining significant traction, positioning it as a low-cap altcoin to keep tabs on in the coming weeks.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
Readers are also advised to read CryptoPotato’s full disclaimer.