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Is Monero Doomed? XMR Plummets, Yet This Bitcoin Protocol Just Hit $10.3 Million in Funding

After a tumultuous Binance announcement, the leading privacy token Monero has seen its price plummet. This XMR analysis takes a look at whether Monero is doomed to fall even further.

Monero token’s huge price drop has been attributed to an announcement from Binance, which yesterday spooked XMR markets after revealing plans to de-list the dark-web favorite cryptocurrency from public trading on the exchange.

The decision comes following Monero’s refusal to comply with increased KYC requirements due to the arrival on more stringent Western cryptocurrency regulations, which as a popular privacy oriented token, XMR seeks to avoid.

Are we looking at $600 $XMR? pic.twitter.com/n2AquWnTiP

— SirJaɱzAlot (@MgkMshrmBrkfst) February 6, 2024

Crypto community sentiment remains surprisingly bullish despite the sell-off, with traders commenting on XMR’s commitment to continued privacy as a compelling fundamental factor that could be seen as bullish for XMR’s continued future use as a currency.

XMR Price Analysis: Can Monero Bounce Back From Binance Delisting Sell-Off?


As XMR price recoils from the aggressive dumping move, Monero token is currently trading at a market price of $127.1 (representing a 24-hour change of +20.49%).

This comes following the catastrophic -39% sell-off move Yesterday, which saw XMR price hammer down through the vital support of moving averages, in a resounding market panic that caught bedrock support around the lower trendline at $101.

Now trading back above $126.60, a historic support level with precedents from June 2023 and November 2022, XMR price appears to be past the worst of the dumping move.

As the market stabilizes, Monero (XMR) is setting sights on recovery, with investors aiming for the 20-day moving average (DMA) at $156.10.

The resilience shown during the recent sell-off positions XMR for a potential rebound from the lower trendline, fueled by optimistic indicators. The Relative Strength Index (RSI) has dropped to a bullish 36.57, indicating the price may bounce back from its oversold condition.

However, concerns arise with the Moving Average Convergence Divergence (MACD) indicating a significant loss of momentum at -4.0, contrasting the positive outlook from the RSI.

In summary, while the initial price drop may have ceased, Monero’s path to recovery is laden with challenges. The absence of trading volume from Binance could significantly test XMR’s short-term price movements.

To the upside, XMR is targeting a recovery move to higher support at $136.40 (a potential +6.4%).

While downside risk could see XMR targeting a drop back to lower support at $126.60 (a possible -1.25%).

XMR price analysis therefore leaves Monero with a risk: reward ratio of 5.13 – a strong entry dominated by recovery on the short-time frame.

But while Monero token shifts into recovery mode, a more strategic play emerges ahead of the Bitcoin halving event in April, with viral-momentum fuelling growth in the Bitcoin Minetrix presale.

XMR Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $10.3M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$10,391,923 raised – with the latest Stage 24 just kicking off!

Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$13M In The Crosshairs: Bitcoin Minetrix Surges Past $10.39M – Poised to Outperform XMR Price Analysis


Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).

 

The significant growth in the Bitcoin mining sector has been driven by the expansion of Marathon Digital and Riot Platforms’ operations.

Marathon, the world’s largest Bitcoin miner, reported a Q3 2023 average hash rate of 14.2 EH/s, a 500% increase year-over-year, accounting for about 4% of the total network hash. This capacity enabled them to mine approximately 1153 BTC per month, valued at $42.2 million USD.

Riot Platforms achieved a new record hash rate of 10.9 EH/s, mining around 368 BTC per month, worth $13.3 million USD. Riot anticipates growing its operations to 20.2 EH/s by summer 2024.

However, the record-high Bitcoin network hash rate, while enhancing network security and profitability for miners, raises concerns about moving away from Satoshi Nakamoto’s original vision of decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

Why Has Bitcoin Mining Become So Centralized?


A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable Bitcoin mining.

This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in Bitcoin mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over Monero Token Verdict:

Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. The initiative introduces the first-ever tokenized Bitcoin cloud mining, featuring an automated system designed for cloud-based Bitcoin mining. This sets a new standard in the industry.
Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $9.1m raised towards its $9.5M goal. At a competitive price of just $0.0133 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

The Bottom Line: Don’t Miss BTCMTX


In sum, Bitcoin Minetrix is set to redefine the Bitcoin landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.

Buy BTCMTX Here

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