The cryptocurrency market has been volatile in March 2022. The aftermath of President Biden's executive order on cryptocurrencies saw the market gain $120 billion overnight. But as of March 10 the market has fallen back down to around $1.75 billion market cap.
All top 20 crypto tokens are down in price over the last 24 hours. However, with $1.7 trillion proving to be a key resistance level this year, now could be the perfect time to increase positions. Especially since the US' new executive order on crypto recognised the need to support innovation in the industry.
CEO and co-founder of Circle – Jeremy Allaire – said the EO was a 'watershed moment' for crypto and digital similar to the Internet in 1996/1997. While the Russia-Ukraine crisis, record-high inflation and effects of the COVID pandemic can still challenge the crypto market there's every chance of a rebound.
In this article we'll look at Bitcoin, EverGrow Coin, Polkadot, Solana and Terra LUNA.
Current price: $40,400
Current market cap: $749 billion
Bitcoin surged on Wednesday, March 9, following President Biden's executive order. BTC reached a price of $24,000 yesterday but is now back under $40k once more. Bitcoin remains the largest and most influential cryptocurrency on the market, and it's dominance is unlikely to change anytime soon. Bitcoin's market cap is still at least $400 billion above the competition.
Current price: $0.0000004453
Current market cap: $240 million
EverGrow Coin is the smallest crypto in this last by market cap, but it's also the youngest. EverGrow Coin is about to release the first of a suite of game-changing apps – it's a content subscription platform called Crator that accepts crypto payments. Crator will charge just 5% commission on payments for different subscription tiers and livestream videos, compared to OnlyFans' 20% commission and long waiting period for withdrawals. EverGrow Coin is also a rewards token that will see BUSD reflections for investors directly from the profits of applications like Crator and even before utilities lauch evergrow has already distributed more than $35,000,000 BUSD in rewards.
Current price (DOT): $17.05
Current market cap: $17 billion
President Biden's executive order underlined the need to prevent climate risks in crypto. Bitcoin is well known as a power-hungry protocol, due to its consensus mechanism called proof of work (PoW). The main rival to PoW is a mechanism called proof of stake (PoS), and a recent study from the Crypto Carbon Ratings Institute found Polkadot had the lowest total electricity consumption and total carbon emissions per year (out of six of the biggest PoS projects) in the crypto space.
Current price (SOL): $83.07
Current market cap: $27 billion
Solana is the 9th biggest cryptocurrency by market cap, and challenges Bitcoin on another front: transactions per second (TPS). Bitcoin can process around 10 transactions per second. This is far slower than Solana, found to have a TPS of 50,000 according to a recent Zycrypto report. Solana's speed could prove in its favour should cryptocurrencies enjoy wider appeal in 2022.
Current price: $97.2
Current market cap: $35 billion
LUNA is the native token of the Terra blockchain ecosystem. LUNA is down in the last 24 hours but showing the least losses of major crypto – 0.06%. LUNA's price has been rocketing up this year and at the beginning of March was showing over 80% price increase in the previous seven days.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.