With the recent price movements of Ethereum (ETH) and Shiba Inu (SHIB), more whales are moving to Bitcoin Spark (BTCS) as rumors intense surrounding its bonus event.
Ethereum (ETH) currently finds itself in a precarious position as its price hovers below the critical support levels of $2,050 and $2,020. The rejection near the $2,090 zone pushed the cryptocurrency’s price into a short-term bearish trajectory, with a notable breach below a significant contracting triangle support on the hourly ETH/USD chart. Despite this, bulls have managed to mount a defense near the $1,935 support zone. According to analysts, ETH is likely forming a double-bottom pattern, with the first major resistance near $2,020 or the 100-hourly Simple Moving Average. Failure to breach this level could initiate a fresh decline, with initial downside support expected at $1,950 and a more substantial level at $1,935.
The Shiba Inu (SHIB) price experienced an 18% surge as bulls seized control of the market. The increase in receiving addresses surpassing sending addresses further confirms the prevailing bullish momentum. This price upswing has positioned approximately 60% of SHIB holders in a profitable state, as per analysts’ assessments.
Bitcoin Spark: The Biggest launch in November?
Bitcoin Spark has captured the attention of crypto enthusiasts and investors since its Initial Coin Offering (ICO) started in August. This Satoshi-inspired project seeks to preserve Bitcoin’s tokenomics while introducing future-oriented technologies that spark a new generation of crypto transactions. The Bitcoin Spark blockchain is designed to facilitate fast and cost-effective transaction processing, with features like a short block time, high individual block transaction capacity, and massive nodes.
Bitcoin Spark’s blockchain also has multiple, seamlessly integrated layers that ensure enhanced scalability. Among the layers will be a dedicated smart contract layer with separate execution systems that reach singular finality on the main network. This will offer developers an opportunity to use different programming languages for application building, including Solidity, Vyper, and Rust.
Additionally, the Bitcoin Spark network pioneers the Proof-of-Process (PoP), a consensus mechanism that will reward users for confirming transactions and contributing their processing power. The PoP will exponentially reduce the rewards per additional power contributed, which, combined with the massive nodes, will allow for low-powered devices to run the network. To facilitate this, the Bitcoin Spark team will provide the network’s repository for developers to create applications. However, the team has created a user-friendly, lightweight, and secure native application compatible with Windows, iOS, Android, Linux, and macOS.
Interestingly, the Bitcoin Spark network will offer remote computing services, harnessing the power contributed by the validators/miners. Payments for this service will be made in BTCS, and network participants will receive 97% of the generated revenue plus minted BTCS and transaction fees from confirmed blocks. The Bitcoin Spark network will also have supplementary revenue-generating services, with the most notable being advertising spaces, which will be community-policed, on its application and blockchain explorer.
Notably, Bitcoin Spark is in the last phase of its ICO, with BTCS selling at $3.75. BTCS is set to launch on November 30th, indicating a 277% increase for investors who also benefit from a 4% bonus. The Bitcoin Spark team has offered investors chances to gain additional BTCS tokens throughout the ICO period, such as with massive bonus events. Taking that into consideration, there has been increasing speculation that another bonus event might occur before the awaited launch, and experts foresee more whales joining in during this period.
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