The market is still on a bearish path and struggling to gain a foothold. Its market cap has fallen by 0.23% in the past 24 hours, with a valuation of $1.09 trillion. However, it is not all gloom and doom, as total cryptocurrency market volume has surged to $18.08 billion in the past 24 hours, an increase of 15.37%. This level of activity suggests that the next cryptocurrency will soon break out and take the stage.
Decentralized finance raised $2.15 billion in total trading volume in the past 24 hours, accounting for 11.89% of the overall cryptocurrency market volume during the period. On the other hand, stablecoins also played an equally prominent role, with a total trading volume of $16.04 billion, accounting for 88.75% of the entire cryptocurrency market's 24-hour trading volume.
Bitcoin currently holds 49.93% of the market share and is up slightly by 0.01% over the past 24 hours.
U.S. stock futures fell as oil and Treasury prices rose significantly amid ongoing conflict in the Middle East. Meanwhile, the recent U.S. jobs report for September heightened concerns about possible inflation data later this week.
Although trading was thin due to holidays in Japan and South Korea, initial market sentiment favored bonds and traditional safe-haven assets such as the yen and gold. Oil prices also rose sharply, rising more than $3 a barrel.
The massive Israeli military operation in the Gaza Strip on Sunday is an example of the escalation in the Middle East. The result was heavy casualties. The retaliation came after one of the deadliest attacks in Israeli history, in which the Islamist group Hamas killed 700 Israelis and kidnapped many more.
The next cryptocurrency to explode
The threat of looming supply disruptions caused Brent crude to surge by $3.14 to $87.72 a barrel, while U.S. crude rose by $3.28 to sell for $86.07 a barrel.
Gold demand also surged in response to these geopolitical uncertainties, with the precious metal rising 1.1% to $1,852 an ounce.
Lido Dao（LDO）
Lido Dao Token (LDO) is one of the tokens that has attracted investors’ attention in the new week. Its price has increased by 2.67% and is trading at $1.62. It has weathered the storm last week and deservedly took its place as the next explosive cryptocurrency. Coupled with the high volume of trading activity, this is not surprising.
Over the past week, LDO has been trading near a downtrend line and hovering near the 50-day exponential moving average (EMA), which suggests a neutral position on the chart. One of the interesting developments is the emergence of a double bottom pattern, which suggests a possible recovery towards the 100-day EMA near the $2.00 mark, which is about to happen.
The current price action highlights the accumulation of buying interest and growing traction among investors. However, if the bulls are to make significant progress, they will need strong momentum to overcome the critical resistance at $2.00. If significant buying occurs, the price could rise to $2.50, in line with the upper trajectory.
Crucially, the price of the Lido Dao token is currently above the 20-day moving average and is retesting the trendline. This reconfirms the presence of buying momentum and suggests a new buy signal pointing to a reversal in the chart. Investors must remain committed to accumulating LDO tokens, especially in the face of broader market selling pressure.
LDO has managed to maintain its gains near the middle line of the Bollinger Bands and is heading towards the recent swing high of $2.50. The trading volume also increased slightly by 7.67% to $24.89 million in the past 24 hours.
LDO has a market cap of $1.44 billion. Market analysts maintain a bullish stance on the LDO token while hailing it as the next explosive cryptocurrency.
Tether Gold （XAUt）
Tether Gold (XAUT) is also one of the cryptocurrencies that have gained today and has taken the front seat as the next explosive cryptocurrency. This new momentum is reflected in its price increase, which is currently priced at $1,853.81. According to CoinMarketCap, its price has increased by 1.36% in the past 24 hours. The surge in value has brought Tether Gold's market cap to $458.58 million with a circulating supply of 250,000 XAUT tokens.
In terms of trading volume, Tether Gold (XAUT) has been very active, with a total of $4.77 million in the past 24 hours. This is a 10.80% increase from the previous day, indicating a significant increase in market participation recently.
For those interested in the historical performance of Tether Gold (XAUT), its all-time high of $2,169.74 was set on March 15, 2023 (about seven months ago). Currently, the price is trading -14.58% below that peak. On the other hand, XAUT’s all-time low of $1,447.84 was recorded more than three years ago on March 19, 2020. The current price is up 28.02% from the all-time low.
Tether Gold’s (XAUT) fully diluted valuation (FDV) also reflects a market cap of $458.58 million. This figure represents the maximum potential market cap, assuming all 250,000 ETH tokens are in circulation.
In recent performance, Tether Gold (XAUT) has outperformed the broader global cryptocurrency market. The price has increased by 0.40% over the past 7 days, outperforming the global market's gain of 0.10%. In addition, XAUT has shown superior performance compared to similar stablecoin cryptocurrencies, also performing well with a gain of 0.10%.
Overall, market sentiment surrounding Tether Gold (XAUT) appears bullish, with over 100% of users expressing optimism about the token’s prospects today.
MultiversX（EGLD）
MultiversX is a cutting-edge blockchain protocol that is carefully designed to optimize transaction speed and serve as a foundational technology for decentralized finance, fintech, and the Internet of Things. It leverages the power of its unique adaptive state sharding approach (which fuses three sharding technologies) to facilitate lightning-fast transaction processing at an incredible speed of up to 5,400 transactions per second, at a cost of just $0.001 per transaction.
This innovative approach ensures scalability to accommodate a constant influx of applications and transactions. In addition, developers active on the platform receive compelling incentives, including earning 30% of smart contract fees as royalties. Furthermore, the platform’s cross-chain interoperability feature facilitates seamless interaction between different blockchain networks. All of these features and incentives combine to become the driving force behind the EGLD token becoming the next explosive cryptocurrency.
The simple EGLD token has multiple uses. It serves as a tool for staking to unlock network validation rewards, covers transaction fees, participates in voting on platform changes, and serves as a recognized payment method across acceptance platforms.
To reach the coveted $1,000 milestone, the EGLD token would have to experience a significant increase of nearly 30 times its current value. With such an increase, EGLD’s market cap would surge to around $21 billion, ranking seventh in the market cap rankings, just above Dogecoin.
Since its inception in 2020, EGLD has performed well, with an increase of up to 80%. The token reached an all-time high of $470 in November 2021, and from the low of $74 in July 2021, the value soared 6.35 times in just four months. However, in the past 12 months, EGLD has experienced a 50% decline. Analytical data found that under specific circumstances, such as one or two major liquidity events similar to the COVID-19 pandemic in 2019, EGLD could approach the $1,000 mark.
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