On-chain data indicates that Bitcoin Spark (BTCS), the Bitcoin fork anticipated to increase in value by 100x, is luring more investors as Avalanche (AVAX) and Optimism (OP) appear to be struggling.
Avalanche (AVAX), which recently encountered a severe rejection at the $16 level, has recently found itself in a difficult situation. The price of AVAX has fallen noticeably, breaking through the crucial $10 support level. Additionally, Avalanche has seen a startling 66.2% reduction in its daily active addresses and a 60.2% decline in its daily transaction volume over the last 90 days.
The price of Optimism (OP) just dropped by 10% as a result of news of an upcoming token unlock. On September 30, Optimism will release 24.16 million OP tokens, or about 3% of the total supply, according to the tokenomics tracking platform TokenUnlocks. While token unlocks are a typical practise in the cryptocurrency sector, they are sometimes viewed as negative signs because they can cause values to drop suddenly due to the rush of new tokens that become available for purchase.
Why Bitcoin Spark might increase by 100 times?
The idea that Bitcoin Spark might be 100x is being supported by a number of factors. Starting with its short block time, significant individual block transaction capacity, and wide network of nodes, Bitcoin Spark’s blockchain is designed for speed and affordability. Because of this combination, BTCS is a desirable option for routine cryptocurrency transactions because it guarantees a smooth user experience.
Additionally, Bitcoin Spark markets itself as a strong platform that supports a variety of decentralised apps (DApps) and smart contracts. Scalability is guaranteed by the multi-layered architecture of the system, which includes a smart contract layer with several execution systems converging on the core network. It also supports a variety of high-level and low-level programming languages. With more users and developers joining the Bitcoin Spark ecosystem as a result of this flexibility, demand for BTCS will rise, pushing up the price.
Bitcoin Spark stands out thanks to its innovative Proof-of-Process (PoP) consensus method. Users who confirm blocks and contribute processing power to the network are rewarded by the PoP. This technique includes an algorithm that gradually lowers payments for each extra power, ensuring a more equitable reward structure.
Through Bitcoin Spark, the processing power obtained from validators will be rented out as distant computer power for BTCS payments. In addition to giving Bitcoin Spark a special real-world application, this ground-breaking method of network validation enables users to monetize otherwise unused processing power.
Additionally, Bitcoin Spark plans to use unobtrusive adverts to commercialise its application and website, with payments also accepted in BTCS. In order to ensure security and decentralisation, the advertising will be community-policed. Participants in the network will receive 50% of the cash earned as well as additional rewards for policing the ads.
The variety of incentive structures produced by the reward systems increases the appeal of joining the network and promotes adoption.
The restricted supply of 21 million BTCS tokens that Bitcoin Spark has, in addition to its technological innovations, raises the possibility of long-term price growth similar to that of its forerunner, Bitcoin. Additionally, Bitcoin Spark has a little market capitalization, which enables its price to rise to previously unheard-of heights. The date of its launch from its Initial Coin Offering (ICO), which coincides with the beginning of the following crypto bull run, further supports this.
The ICO for Bitcoin Spark is presently in Phase 6, with BTCS valued at $2.75 and investors receiving, among other advantages, an 8% bonus.