The price of Loom Network (LOOM) has seen renewed interest lately, soaring over 118% in the past week.
Given the token's impressive momentum, some in the crypto community predict that LOOM could hit $1 by the end of 2023.
Meanwhile, investors are also bullish on Bitcoin Minetrix (BTCMTX), an innovative cloud mining platform that has just crossed $1.5m in presale funding.
Loom Network is a platform built on Ethereum that allows developers to run large-scale decentralized applications (dApps), such as games, social networks, and NFT marketplaces.
The network’s native token, LOOM, plays a key role in Loom’s operations, with token holders able to stake their tokens to help secure the network – earning rewards when transactions are verified.
This staking system uses a Delegated Proof-of-Stake (DPoS) model to provide super-fast confirmation times and low (or zero) transaction fees.
Additionally, LOOM tokens give holders governance rights, allowing them to vote on proposed changes to the network.
Over 71 million LOOM are currently staked on the Loom Network, with validators located around the world.
Moreover, integrations with other chains, like Bitcoin and Binance Smart Chain, ensure Loom can offer a smooth and interoperable experience when it comes to dApp usage.
With versatile utility and strong technical foundations, the LOOM is key to powering the Loom Network as it scales up for broader adoption.
Over the past month, LOOM has seen a remarkable rally, surging over 715% to hit the $0.379 level.
This massive spike has been driven by increased trading volume and market hype, with the token now listed on an array of high-profile exchanges.
However, LOOM did hit resistance around $0.50 on Sunday morning, meaning the token might be overextended in the short term.
As such, LOOM reaching $1 by the year's end looks feasible but is not guaranteed.
For that to happen, Loom would likely need to partner with one (or more) major industry players, further expanding its ecosystem and driving demand for LOOM.
Moreover, there’s a likelihood that conservative traders may be looking to take profits following LOOM’s incredible rise.
As such, potential short-term pullbacks could be likely as investors re-evaluate their positions.
Ultimately, LOOM has excellent potential, but the path to $1 will require maintaining strong momentum – meaning it could take until next year before investors see this milestone reached.
While LOOM continues to be the talk of the crypto market, another project that’s consistently gaining momentum is Bitcoin Minetrix.
Bitcoin Minetrix (BTCMTX) offers a novel approach called "Stake-to-Mine" that requires no upfront investment in expensive mining equipment, opening up BTC mining to the masses.
Users can stake Bitcoin Minetrix’s native token, BTCMTX, to earn non-tradable mining credits, which are then burned to gain cloud mining power.
Bitcoin Minetrix's developers tie mining power to staked BTCMTX through this process, creating built-in utility and demand.
Moreover, stakers can earn yields of 373% per year by pledging their BTCMTX – with over 111.8 million tokens already staked.
Unsurprisingly, this unique setup has caught the attention of crypto enthusiasts worldwide, prompting Bitcoin Minetrix to be ranked first on CoinSniper.
Additionally, over 2,200 people have joined Bitcoin Minetrix’s Telegram channel in the past few weeks, indicating a growing community interest and eagerness to stay updated on the project’s developments.
With the presale heating up, many early backers believe the BTCMTX price could rise quickly once listed on CEXs and DEXs.
YouTuber Joe Parys, who has an audience of over 380,000 subscribers, even described it as having "big potential."
As such, Bitcoin Minetrix could be set for an exciting end to 2023 – much like LOOM.