Bitcoin falls below $38,000 as EverGrow set to break new crypto records

Bitcoin's price has fallen to below $38,000 for the second time in 2022. Cryptocurrency's largest token has struggled since starting the year at $47,000 and despite a rally in early February Bitcoin price is back where it was a month ago. A combination of factors means that investors are increasingly avoiding risk, and in the current climate risk means Bitcoin.

The trouble is that a bearish cycle for Bitcoin usually means a downward cycle across the crypto market. Despite starting the year with an industry market cap of $2 trillion, this has fallen to $1.79 as of late February 2022. But as crypto's major coins are nearly all showing losses over the past week, a few projects have made announcements that could bring confidence back to the crypto market. EverGrow for example is looking to make 'crypto history' with a project focused on fundamentals that can generate its own volume – regardless of market ups and downs.

In this article we'll look at why Bitcoin falling and how new crypto gainers like EverGrow are hoping to change that.

Bitcoin (BTC)

The US Federal Reserve is partly to blame for falling Bitcoin prices. Chair Jerome Powell declared late last year that the Federal Open Market Committee (FOMC) would double the rate at which it reduces asset purchases. Among other to control inflation, these have dented Bitcoin's all-time highs seen last November and as crypto in general has been seen as a risky asset. Coupled with the highest inflation in 40 years, according to Forbes many investors have lost their appetite for risk. The potential of war in the Ukraine has also affected cryptocurrencies in favour of traditionally risk-friendly assets like gold, up to an eight-month high.

According to Ric Redelman, founder of the Digital Assets Council of Finance Professionals, this is the 'fifth time' that Bitcoin's price has fallen by 50% or more since inception in 2009. On November 10th last year BTC's price hit a record $68,000 – though the high hasn't lasted for long.

BTC is currently trading at $37,500 after recovering from $33,000 in late January. BTC has seen a 6% loss over the past week.

EverGrow (EGC)

While most top cryptos are down on weekly and monthly averages, EverGrow has been talking about new 'changes' in the crypto market. Since launching in September last year the EverGrow team has tried to make cryptocurrencies more accessible to new investors, by creating a token that functions more as a stock than a currency. In theory, this should see EGC producing its own volume and growth regardless of bearish market cycles.

For example, through an innovative tax on EverGrow transactions an 8% amount is redistributed to the 135,000+ token holders – to date, some $34 million in Binance pegged USD. This passive income generation has see EverGrow shoot up to become one of crypto's top rewards tokens, and the #1 paying out BUSD reflections. But more developments are in the pipeline, such as the world's first crypto and fiat integrated social media and content creation platform Crator, as well as an NFT marketplace and NFT lending capability. This latter development will allow investors to borrow against their NFTs as capital, and turn these also into passive income generators.

According to EverGrow official Twitter, 'within a month' EverGrow will begin generating its own volume. In a face-to-face video EverGrow chairman Sam Kelly said that holding EGC was like holding a 'share' in an ecosystem of applications. The projects are designed to self-generate rewards for coinholders, and trading volume for $EGC itself, something not seen before in crypto.

EverGrow token's price is currently at $0.0000004822 though things could change dramatically in 2022 with the rollout of these cutting edge utilities.