The global crypto market capitalization is going through a correction. It has experienced a slight dip, recording a 0.04% decrease over the last 24 hours and settling at $1.41 trillion. It is a break from the bullish run the market experienced just two days prior.
Over the past 24 hours, the total crypto market volume also notably declined, dropping by 27.04% to $69.32 billion. The decentralized finance sector’s total volume is $7.51 billion, contributing 10.84% to the overall crypto market volume. Stablecoins continue to play a dominant role, with a total volume of $60.01 billion, constituting 86.56% of the entire crypto market’s 24-hour volume.
Bitcoin maintains its dominance in the market, currently standing at 51.57%. This marks a 0.43% increase over the day, reflecting Bitcoin’s continued influence within the broader crypto landscape. Despite the general market’s slide, investors are confident about the next cryptocurrency to explode.
The US Dollar saw a decline, and global equities experienced a rebound on Friday as Wall Street rallied amid uncertainties about an imminent increase in interest rates, despite Federal Reserve Chair Jerome Powell’s caution about the potential need for tighter monetary policy to curb inflation.
Initially, Powell’s statement on Thursday regarding the ongoing battle to achieve price stability had a turbulent impact on the markets. However, a softer labor market, as indicated by last week’s unemployment report, coupled with speculation that the upcoming consumer prices index might reveal a deceleration in inflation, prompted a resurgence in bullish sentiment.
Next Cryptocurrency To Explode
Many investors entertained the idea that US interest rates may have peaked, particularly after the Fed maintained its overnight lending rate last week. This move fueled speculation that the tightening cycle could conclude, contributing to a rally in riskier assets until Thursday.
Thierry Wizman, the global FX and interest rates strategist at Macquarie in New York, noted that with the decline in gasoline prices, the CPI data might deliver a surprise on the downside.
1. SpongeBob (SPONGE)
SpongeBob trades at $ 0.000338, boasting a 24-hour trading volume of $ 1.21M. It has a market cap of $ 12.28M, reflecting a 25.42% surge in the last 24 hours.
The coin reached its zenith on May 8, 2023, attaining a pinnacle value of $ 0.001420. Moreover, the cycle low is $ 0.00008729, and the highest since the last cycle low reached $ 0.000367.
The prevailing sentiment regarding SpongeBob’s price prediction is optimistic, underscored by a Fear & Greed Index registering at 73 (Greed). The circulating supply stands at 36.36B SPONGE out of a total supply of 40.40B SPONGE. In the Ethereum (ERC20) Tokens sector, SpongeBob holds the #3183 position. Concurrently securing the #378 rank in the Meme Coins sector.
Over the past 30 days, SpongeBob has witnessed 21 green days, constituting 70% of the observed period. These green days witnessed by SPONGE are indicative of a relatively positive trajectory. Noteworthy is SpongeBob’s recognized high liquidity, substantiated by its market cap.
🚨 Exciting news, #SPONGERS! 🧽
— $SPONGE (@spongeoneth) November 7, 2023
SpongeBob’s tokenomics model allocates 61% of its total supply towards DEX liquidity, 29% towards unity, and 10% towards CEX. An intriguing aspect of SpongeBob is its collaboration with Tamadoge, a Web3 gaming project. This collaboration resulted in an airdrop that has garnered substantial attention within the crypto and Web3 communities.
2. FTX Token (FTT)
The altcoins closely associated with the FTX founder, Sam Bankman-Fried, experienced a significant upswing during this week’s market rally. They surged despite the recent legal troubles faced by the founder, involving multiple counts of fraud and conspiracy. Referred to as the ‘Sam Coins,’ these digital assets saw notable gains despite the negative sentiment surrounding them throughout the month-long trial.
The FTX Token (FTT) led this resurgence among altcoins. It witnessed a remarkable surge of 200% in a week and a 75% increase in the last 24 hours. Speculation regarding the potential revival of FTX, driven by acquisition interests from companies such as Bullish, is instigating investor optimism.
Once the acquisition is confirmed, bulls will likely strengthen their hand and drive FTT hard to become the next cryptocurrency to explode.
3. Celestia (TIA)
In the dynamic world of cryptocurrency, Celestia (TIA) has experienced a significant surge, currently priced at $3.31, with a robust 24-hour trading volume of $383.54 million. This reflects an impressive 32.25% price increase in the last 24 hours and a 33.35% uptick over the past 7 days. With a circulating supply of 140 million TIA tokens, Celestia boasts a market cap of $472.32 million.
Exploring its price history, Celestia reached its all-time high of $3.78 on November 11, 2023, just six hours ago. Despite the current price being 6.85% lower than this peak, the overall trajectory suggests a robust performance. The all-time low for Celestia stands at $2.08, recorded on October 31, 2023, reflecting a commendable 69.11% increase from this low point.
Considering the potential growth, the fully diluted valuation (FDV) of Celestia (TIA) is estimated at $3.35 billion. This figure represents the maximum market cap, assuming 1 billion TIA tokens are circulating today. The realization of this FDV may take multiple years, contingent on the emission schedule of TIA tokens.
Welcome to the modular ecosystem 🧱 https://t.co/zG7CxNGjqE
— Celestia (@CelestiaOrg) November 8, 2023
Compared to its peers, Celestia has demonstrated a remarkable 33.30% price increase in the last 7 days, outperforming the global cryptocurrency market, which has seen a 7.00% increase. The current market sentiment is predominantly bullish, with over 83% of users expressing positive sentiments about Celestia (TIA) today. The cryptocurrency’s compelling performance and community support position it as the next cryptocurrency to explode.
4. Cronos (CRO)
In the current landscape of cryptocurrency, Cronos (CRO) has showcased remarkable performance, currently priced at $0.103926, accompanied by a robust 24-hour trading volume of $105.51 million. This reflects an impressive 23.31% price increase in the last 24 hours and a significant 55.91% surge over the past 7 days. With a circulating supply of 26 billion CRO tokens, Cronos boasts a market cap of $2.76 billion.
Reviewing its price history, Cronos achieved its all-time high of $0.965407 on November 24, 2021, almost two years ago. Despite the current price being 88.99% lower than this historical peak, recent trends indicate a notable resurgence. The all-time low for Cronos was recorded at $0.01211960 on February 08, 2019, nearly five years ago. The current price reflects an impressive 776.82% increase from this historical low.
The fully diluted valuation (FDV) of Cronos (CRO) is estimated at $3.14 billion. This figure represents the maximum market cap, assuming the maximum number of 30 billion CRO tokens are in circulation today. The realization of this FDV may take multiple years, contingent on the emission schedule of CRO tokens.
Fundraising Tip 2️⃣ from @ellaqiang9 💡
✔ Aim for a runway of at least one to one and a half years
❌ Avoid short-term fundraising based on market predictions
— Cronos (@cronos_chain) November 10, 2023
In comparison to its peers, Cronos has exhibited a remarkable 55.90% price increase in the last 7 days, outperforming both the global cryptocurrency market, which has seen a 7.00% increase, and similar Layer 1 (L1) cryptocurrencies, which have experienced an 8.30% rise. The prevailing market sentiment is overwhelmingly bullish, with over 95% of users expressing positive sentiments about Cronos (CRO) today. The cryptocurrency’s robust performance and strong community support position it as a notable player in crypto and the next cryptocurrency to explode.
New Crypto Mining Platform – Bitcoin Minetrix
- Audited By Coinsult
- Decentralized, Secure Cloud Mining
- Earn Free Bitcoin Daily
- Native Token On Presale Now – BTCMTX
- Staking Rewards – Over 100% APY