We have a new player that has come from obscurity to be one of the only good-performing cryptocurrencies right now. Loom Network (LOOM) has seen over 500% growth in the last 30 days after having basically been hovering around the same price for nearly two years prior.
Its progress over the last while has a lot to do with a takeover we will get into further into this piece. As we touched on, the market in general is looking pretty bleak at the moment mostly due to the crisis currently ongoing in the Middle East. Loom Network is a rare example of an altcoin performing well but it isn’t on its own.
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Bitcoin Minetrix (BTCMTX) is a new presale project that has already passed its first goal of raising $1.5 million despite only beginning a few weeks ago. What we are most impressed about when it comes to this project is it does something every crypto expert loves, solves a problem.
Let’s look at this in more detail.
Bitcoin Minetrix- This project could solve a huge problem Bitcoin mining faces
It may seem a little ambitious to proclaim that Bitcoin Minetrix (BTCMTX) could save the Bitcoin mining industry but after this piece, you will understand why we think this. Of course, everyone knows the mining process is under a lot of scrutiny from environmental groups but it didn’t always used to be like this.
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When Bitcoin was first taking off the mining process was available to almost everyone and of course, it was decentralized, the very ethos of crypto. However, as the market exploded in popularity it soon went away from its roots. All of a sudden mining was done on an industrialized scale and was only for the uber-wealthy and well-connected who could afford a warehouse full of mining equipment and know-how.
Cloud mining was thus brought forward as the solution, to allow the everyday crypto investor to have access to Bitcoin mining once again. The idea was an individual could enter into a cash contract with a company with mining capabilities. The individual would then get a share of the mining yields.
However, this process is now plagued with issues too. As many probably could have predicted greed has ruined it. The cash contracts are lopsided with huge fees being charged to mine and then a share of the yields must be given up too. Add to the mix that scammers are everywhere drawing in investors at the start then upping the deposit and making it difficult for them to withdraw their yields, and we can see the huge issues at play.
The solution to the Bitcoin mining problem
So what is Bitcoin Minetrix bringing to the table? Well, the idea behind the project is to make Bitcoin mining more decentralized again. How do they do this? By putting the power back in the everyday investor's hands. The main ethos of crypto is to get away from traditional banking methods that the 1% control. So Bitcoin Minetrix’s plan to save mining could be crucial for the future of the market.
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The way they give the power back to investors is through a stake-to-mine system. Staking has become very popular with new projects this year as it creates a perfect symbiotic relationship between project and investor. The project gets an extra layer of security which helps prevent against a pump-and-dump scenario, whereas the investor gets a chance to earn a passive income.
The staking also gives control to investors. In this case, they can unstake at any time and sell their tokens, they can hold onto them and hope they appreciate and yield a passive income, or, with Bitcoin Minetrix, they can exchange them for mining credits.
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The mining credits are secondary ERC-20 tokens that are non-transferable. The tokens act as a ticket for the investor's entrance into the mining world. They can either be exchanged for mining time or for a share of mining yields. As you can see the investor has control every step of the way, No hidden fees, no scams, just making Bitcoin mining accessible for everyone again.
Is the Loom Network boom over already?
As we mentioned above, Loom Network (LOOM) has seen a massive boom in the last 30 days. Considering that the market has been going through mostly bearish conditions it is amazing that a project has seen over 500% growth. However, if we look at yesterday's performance we can see a pretty big drop in price.
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The good performance from LOOM is down to the acquisition of its parent company by Atlassian last week. Atlassian is a software company that develops products for software developers, project managers, and other software development teams. They have significant ties to the crypto market and are very well respected. It is likely that this imminent partnership was what caused the uptick in price and market cap.
The market cap jumped from just $50 million to over a billion so there is some level of project security for investors to fall back on. However, with tensions as high as ever due to the Israel-Palestine conflict, it is difficult to recommend any altcoin. For now, we would recommend a watching brief as the main growth period may be finished.
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Conclusion
Bearish conditions are likely to remain for the foreseeable future due to rising global tensions. Conditions weren’t exactly perfect for what is normally known as ‘Uptober’ but now it's even worse. The presale market is where savvy investors are looking and Bitcoin Minetrix is the pick of the bunch. A token that solves a major market issue is as close to a sure thing as this market has. So, get involved now before the next price increase.
