A quick 3min read about today’s crypto news!
Leading layer-2 solution Polygon has tumbled in recent days, with MATIC price dropping -15%, and with some panicked bag-holders asking ‘Is Polygon price going to zero?’ – lets dig in.
This comes following the breaking news that the emerging Swiss crypto city of Lugano (led by Tether CEO Paolo Ardoino) has integrated Polygon infrastructure for its stablecoin.
A blockchain-based Internet.@RebeccaRettig1 discussing the vision of Polygon 2.0 on @CNBC: pic.twitter.com/3kBMJtUA56
— Polygon (Labs) (@0xPolygonLabs) November 20, 2023
And with market excitement significant ahead of an anticipated Polygon 2.0, market sentiment remains high – despite the ongoing retracement price action.
As Polygon price fights to gain a foothold following retracement, MATIC is currently trading at a market price of $0.7725 (representing a 24-hour change of -0.01%).
This comes after price tumbled back below vital rally support from the 20DMA (currently sat at $0.81) on November 21 in a dramatic downside move that has left Polygon price reeling.
Lower support offered at the $0.71 price level appears to have temporarily halted the downside, but now sat below a ceiling of upside resistance from the 20DMA, MATIC is facing potential consolidation at ongoing levels.
The 200DMA offers further lower support at $0.67, adding further lifeline support in the event of another downtick in Polygon price.
However, in a bullish twist, the recent price tumble has seen the RSI indicator flip to bullish signalling – with a current reading of 51 – suggesting upside could resume from here.
This is dampened by contrast from the MACD, which showcases minor bearish divergence at -0.0192, in a reflection of declining momentum.
Overall, Polygon price looks well-defended at these levels, with the retracement successfully cooling down the RSI, another rally leg could resume if resistance at the 20DMA is broken.
This leaves Polygon price with an upside target at $0.9 (a potential +16.23%).
While downside risk from here could see Polygon price fall back down to $0.71 (a possible -8.23%).
MATIC therefore carries a current short-time frame risk: reward of 1.98, a strong entry characterised by likely upside potential and certainly not going to zero anytime soon.
But while Polygon holders bide their time, quick gains are emerging in the rapid-fire Bitcoin Minetrix presale, which has been met with market excitement following the promise of democratizing Bitcoin mining for investors.
Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$4,289,739 raised.
Offering an enticing 141% 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.
Only 4 days left until #BitcoinMinetrix Stage 9 wraps up! ⏳ pic.twitter.com/UPw1QjUgFB
— Bitcoinminetrix (@bitcoinminetrix) November 23, 2023
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 456.6 Exahashes per second (EH/S).
This dramatic growth has been fuelled by a substantial increase in the scale of Marathon Digital and Riot Platforms’ mining operations.
The world’s largest Bitcoin miner – Marathon – reported that for Q3 2023 it had an average hash rate of 14.2 EH/s (a 500% growth YoY), around 4% of the overall network hash (mining around 1153 BTC per month, or, $42.2M USD).
Meanwhile Riot Platforms reported a new record hash rate of 10.9 EH/s (mining around 368 BTC per month, or, $13.3M USD), with Riot’s operations expected to grow to 20.2 EH/s by summer 2024.
But while the all-time high in Bitcoin network hash rate is healthy for Bitcoin network security, and clearly profitable for growing mining operations, it has also begun to lose sight of the original promise of Satoshi Nakamoto’s decentralization.
Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.
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 62,573,539,549,305 – it has never been harder for the individual participant 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.
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.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
A quick 3min read about today’s crypto news!
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