Filecoin’s native FIL token has jumped 18% in the past 24 hours, hitting the $7.60 level.
The decentralized storage network’s token now ranks as the world’s 27th-largest crypto asset. Meanwhile, it boasts a market cap of $3.8 billion.
A lesser-known crypto called Bitcoin Minetrix (BTCMTX) is showing signs of following Filecoin’s lead. Moreover, it is being touted as the next token that could see major gains.
FIL Price Shoots Higher as Bulls Aim for $10
FIL has posted two bullish weekly closes in a row and will likely make it a third this week. The token’s price is now at its highest level since March 2023 – and is up 156% since September’s low.
Filecoin’s impressive run has come during a time of overwhelming bullishness in the market, which has played into investor demand.
Zooming out on the daily chart, FIL began surging after tapping support around $4.60 on January 23.
This support level was also tapped in early December and came right before FIL soared 75% in the weeks that followed. Helping FIL rise even more is the fact that spot trading volumes have rocketed – up 217% in the past day alone.
This makes FIL the 12th most-traded cryptocurrency globally, ahead of heavyweights like Dogecoin (DOGE) and Cardano (ADA). Despite the massive optimism around FIL, investors will need to be wary of the token’s current price point of $7.60.
This price acted as a major resistance level on January 1, leading to a 42% value decline in the three weeks after tapping it.
Solana Integration Boosts Filecoin’s Value Proposition
A major catalyst behind Filecoin’s gains this week is the project’s integration with Solana.
Solana, one of the largest layer-1 blockchains, announced it will leverage Filecoin’s technology to store historical blockchain data off-chain.
This allows Solana to free up space on its blockchain while still maintaining easy access to previous data. By tapping into Filecoin’s decentralized network of storage providers, Solana can benefit from enhanced scalability.
In a post on Twitter, Solana founder Anatoly Yakovenko said he is “really excited” to see this launch. This integration validates Filecoin’s use case and technology in a major way, explaining the surge in interest for FIL.
As more blockchains realize the need for scalable off-chain storage, Filecoin could see even more adoption among top crypto projects.
Should this occur, Filecoin’s position as a crucial infrastructure provider in the blockchain space could be massively strengthened.
Emerging Crypto Bitcoin Minetrix Positioned to Shake Up the Mining Sector
While Filecoin’s integration with Solana explains its meteoric rise, a lesser-known cryptocurrency could be next to join the ranks of top gainers.
That cryptocurrency is Bitcoin Minetrix, which offers a unique value proposition as a tokenized cloud mining platform.
The project aims to simplify access to the crypto mining space, allowing regular investors to participate without expensive hardware.
Bitcoin Minetrix makes this possible by debuting a “Stake-to-Mine” platform, where users can stake their BTCMTX tokens and earn cloud mining credits.
These credits can then be burned for hash power.
Given this streamlined approach, Bitcoin Minetrix’s developers believe they can make mining more accessible to a broader audience beyond just the traditional mining community.
Not only that, but the developers also plan to offer a secondary passive income stream in the form of a high-yield staking protocol for BTCMTX.
Combining these elements has created an enormous buzz around Bitcoin Minetrix, with over $11.2 million now raised in its presale phase.
This means Bitcoin Minetrix’s presale is over 33% complete – and investors can still purchase BTCMTX tokens at the discounted rate of $0.0135.
Several YouTube influencers have taken note of Bitcoin Minetrix’s early success, including Jacob Bury, who speculated it could be the “best crypto to buy now.”
With exchange listings in the works once the presale ends, 2024 could be the year that Bitcoin Minetrix becomes a significant player in the crypto mining space.