It's been a volatile week for the digital cryptocurrency. Cryptocurrency prices sunk today with Bitcoin trading below $43,000. The world's largest and most popular cryptocurrency was down nearly 5% at $42,497, and YTD (year to date) is down 6% in 2022 so far.
Compared with its all-time high of nearly $69,000 in November last year, Bitcoin is down about 35%. This was partly caused by growing risk aversion within the US Federal Reserve and other global central banks, which tightened financial conditions and removed pandemic-era liquidity from the system.
Meanwhile, Ether, the crypto coin linked to the Ethereum blockchain also declined over 5% to fall to $2,990. Ether is the second-largest cryptocurrency in terms of market capitalization, followed by stablecoin USDT and then Binance Coin. This 4th-largest cryptocurrency dipped about 4% today to $408.
Dogecoin (DOGE) price was seeing prices 4% lower at $0.14 today, whereas Shiba Inu tanked over 6% to $0.000030. The performance of other altcoins was mixed as Stellar, Avalanche, Cardano, Polygon, XRP, Polkadot, Solana, and Terra prices were trading with cuts over the last 24 hours.
The global cryptocurrency market capitalisation today is still below the $2 trillion threshold it surpassed on February 7, according to CoinMarketCap. In the last 24 hours, the crypto industry has lost $40 billion. Nevertheless, the crypto market also marked the third week of inflows totaling $133 million last week, according to a report from digital asset manager CoinShares.
The cryptocurrency industry moves fast, and analysts are predicting that many new crypto coins could break into the top 20 this coming year. These are coins that integrate new developments with P2E (pay to earn) gaming, NFTs, and innovative ways to make passive income off crypto investments.
One crypto analyst are looking at is EverGrow(EGC). Despite being down 8% in the last 24 hours and with a modest market cap of $300 million, EverGrow coinholders are still making money on their crypto investments. This is because EverGrow pays 8% of all trading volume to coinholders in Binance pegged USD. Further volume go towards buying back and burning EGC coins, to drive up scarcity and price. This allows EverGrow holders to continue seeing returns despite a bearish market.
EverGrow is also developing new utilities like a crypto-integrated social media and content creation platform, Crator, as well as P2E games, an NFT marketplace, and NFT lending. Analysts say these new trends which add utility and strong fundamentals could mark a turning point in the crypto industry, making it more accessible to the mainstream. Cryptos like EGC could therefore have the potential to achieve significant returns for those getting in early.
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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.