With Aptos preparing to unlock $103 million worth of APT tokens this November, analysts suggest market bears are increasingly eyeing a new Bitcoin alternative called Bitcoin Spark (BTCS) in response.
Aptos
Aptos is a Layer-1 blockchain launched by ex-Facebook employees in October 2022. According to data from TokenUnlocks, the project is set to release 20 million Aptos (APT) tokens on November 12, 2023. Projects like Aptos usually lock their tokens to prevent early investors and project team members from liquidating their holdings all at once. However, analysts suggest this upcoming release, equivalent to around $103.8 million, is expected to exert notable selling pressure on the cryptocurrency. As a result, traders and investors are increasingly taking speculative positions.
APT price prediction
The APT price experienced a notable decline following its peak in January, with the downward trend finding a temporary halt around $5.40 on June 10th. During this period, the price managed to regain the $5.80 support level. However, APT witnessed a further breakdown in September, with the price failing to maintain the support area. Additionally, the daily RSI indicator shows no signs of an imminent reversal for APT. Analysts suggest if the current descent persists, Aptos (APT) may see a further decline of about 35%, potentially reaching its annual low at $3.30. Conversely, should a bullish reversal materialize, there is a chance of APT surging by 20% and validating the $5.80 level, which has transformed into a significant resistance point.
Bitcoin Spark
Bitcoin Spark has gained the attention of the crypto community due to its unique features. The new crypto has a limited supply of 21 million BTCS coins, comparing favorably with the most valuable cryptocurrency by market cap, Bitcoin (BTC).
The Bitcoin Spark network offers fast transactions and low costs owing to its short block time, enhanced individual block transaction capacity, and vast number of nodes. The network also offers a more scalable platform for creating diverse smart contracts and decentralized applications (Dapps) through its multi-layered architecture, which allows for both high-level and low-level programming languages.
Bitcoin Spark displays strong tokenomics, with the majority of the token supply being allocated to mining. The network uses a proprietary consensus mechanism known as the Proof-of-Process (PoP), which non-linearly rewards miners for confirming blocks and contributing their processing power. The nonlinear rewards functionality, coupled with the network’s massive nodes, enables even those with low-powered devices to mine BTCS.
The Bitcoin Spark network will have a native application that will serve as a wallet and mining software. Users will be able to mine BTCS by simply installing the application and permitting access to the device’s processing unit. The app will be compatible with Windows, Mac OS, Linux, iOS, and Android. It will ensure safety by creating a separate virtual processing environment and will regularly adjust the processing power used to account for overheating, battery life, and concurrent device usage needs.
The miners’ contributed power will be rented out to organizations or individuals needing substantial remote computing resources. The network’s clients will pay for the service using BTCS, which will be channeled to the mining pool, where it supplements the BTCS minting rewards.
The Bitcoin Spark team seeks to distribute 19.05% of the total BTCS supply to early believers through an Initial Coin Offering (ICO). The team has conducted KYC audits, among other notable measures, to ensure the security of investors’ assets. The ICO is currently in Phase 5, selling BTCS at $2.50 and offering a 9% bonus.
For more information on Bitcoin Spark:
Website: https://bitcoinspark.org/
