JasmyCoin (JASMY) has seen its price plummet 29% over the past two days, giving back a large portion of the gains from its pump earlier this week.

The reversal has forced JASMY back to the $0.0132 level and wiped over $120 million off its market cap.

However, one project still delivering impressive growth is Bitcoin Minetrix (BTCMTX), which continues to excel in its limited-time presale event.

JasmyCoin Crashes After Parabolic Price Rally This Week

JasmyCoin has been on a parabolic run over the past week, rising from $0.0058 last Saturday to tap $0.0189 yesterday – a 221% pump in just six days.

This took the altcoin’s market cap to $920 million, as hype and speculation drove a powerful FOMO rally.

However, selling pressure took hold soon after, with JASMY now down 26% from yesterday’s peak.

At the time of writing, JASMY is hovering around the $0.0132 level.

This dramatic reversal appears to be driven by profit-taking after such a vertical move, with spot trading volumes plunging 55% in the past 24 hours.

Speculators seem to be capitulating and locking in gains before the token’s price falls lower.

Now, JASMY trades just above its 20-day Simple Moving Average (SMA), leaving traders wondering whether the token has the strength to bounce back or if more downside is coming soon.

Can JASMY Price Recover or Is Further Downside on the Cards?

JASMY, the native token of the Jasmy platform, aims to revolutionize the Internet of Things (IoT) industry with secure data lockers for users.

Its founders hail from Japan and intend for JASMY to power a decentralized data ecosystem where people truly own their personal information.

As an ERC-20 token hosted on Ethereum, JASMY has several use cases within the Jasmy platform, yet has remained under the radar for most of the past year.

However, JASMY’s price recently caught fire due to some significant changes in Japan’s crypto regulation.

Japan recently proposed reforms allowing domestic venture capital (VC) firms to invest directly in crypto projects, which has piqued investor interest in Japan-based cryptocurrencies.

Furthermore, influential traders like Matthew Perry have stated that JASMY “is exploding,” adding to the hype.

But given JASMY’s crash in the past day, can the token recover?

If JASMY were to bounce from the nearby 20-day SMA, a likely target would be a return to yesterday’s high of $0.0189.

Should JASMY break this high, the token could head to the psychologically important $0.025 level – representing an 88% rise from its current price.

Bitcoin Minetrix Still Pumping as Stake-to-Mine Concept Draws Analyst Praise

While JasmyCoin’s future hangs in the balance, one project building sustained growth through its presale is Bitcoin Minetrix.  

This newcomer aims to shake up the crypto mining space by enabling BTCMTX holders to earn passive BTC rewards.

The project’s key innovation is its Stake-to-Mine mechanism, which lets users stake BTCMTX tokens to earn cloud mining credits.

These credits can then be easily redeemed for cloud mining power.

After launching in late 2023, Bitcoin Minetrix’s presale has already raised over $11.3 million in funding.

This shows strong investor interest in Bitcoin Minetrix’s Stake-to-Mine concept.

BTCMTX tokens are currently on offer for just $0.0136, although this price point is scheduled to rise as more funding milestones are met.

Following the presale, Bitcoin Minetrix’s developers plan to list BTCMTX on centralized exchanges (CEXs) – although no specific details have yet been revealed.

However, investors still have a narrow window to buy BTCMTX tokens at a discounted rate before these exchange listings occur.

YouTuber ClayBro recently endorsed BTCMTX on his channel, highlighting the ease with which investors can earn passive income.

Conor Kenny also praised Bitcoin Minetrix’s approach, stating it “mines BTC for you.”

Although there’s no telling whether Bitcoin Minetrix will live up to its hype, it’s clear that many traders believe the platform could emerge as a leader in the growing crypto-mining space.

Visit Bitcoin Minetrix Presale

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