As we have seen in 2022, the unprecedented bullish market momentum of 2021 was eclipsed by many negative patterns. Due to rising inflation, Russia’s invasion of Ukraine, and other macroeconomic issues, the stock market declined. Cryptocurrencies followed suit, declining far more rapidly than the S&P 500 throughout this time, and scandals like the downfall of Terra LUNA and FTX generated widespread confusion and fear among investors.
In this gloomy context, many people have recently asked the question: “Is crypto dead?”. In short, of course not! Now, let’s explore the reasons why this isn’t the case.
FTX’s Fall Instills Fear among Crypto Investors
The fall of FTX, already one of the most dramatic financial catastrophes in history, was exacerbated when hundreds of millions of dollars were hacked from the cryptocurrency exchange hours after its bankruptcy filing. More than $600 million was stolen from the crypto wallets of FTX. Immediately afterward, FTX announced on its official Telegram channel that it had been hacked, telling users not to install further updates and to remove any FTX applications.
Without a doubt, this occurrence deterred some investors from engaging with the crypto realm. But those who can see through the short term and understand the undeniable value that cryptocurrencies provide will realize that this is just another stop on the crypto journey, which will continue for a long, long time.
No, Crypto is NOT Dead. So, What Crypto Should You Buy? Or Consider.
Notwithstanding the hurdles we uncovered this year, 2023 might determine the long-term destiny of cryptocurrencies and their investors. In these downward spirals, savvy investors fight for the right opportunities to buy solid projects at a lower price, with the confidence that they will increase in the future. Here are some of the most reliable projects to consider if you want to invest in cryptocurrencies:
Because of its present prominence in terms of market value and appeal, Bitcoin is unlikely to disappear soon. This is the first thought that comes to most people’s minds when they hear the phrase “cryptocurrency,” and it continues to rule the headlines. Bitcoin has fallen and rebounded multiple times in the past. In May 2016, the cost of purchasing one Bitcoin was around $500. According to 99Bitcoins, a website that tallies the total recorded Bitcoin obituaries, Bitcoin has been pronounced dead 466 times or more. As of the 15th of November in 2022, the price of a single Bitcoin was around $16,623. That amounts to a rise of approximately 3,300%. In perspective, Bitcoin’s price volatility presents an opportunity for those who are patient. Since no more Bitcoins will be generated once the first 21 million have been mined, holding it for long periods increases the likelihood that supply and demand will work in the investor’s favor.
Ethereum was the first blockchain to have smart contracts, which developers may utilize to create decentralized applications (dApps). Ethereum’s first-mover advantage has given it a substantial edge over comparable rivals. In September 2022, Ethereum successfully completed its long-awaited merge to a proof-of-stake system, dramatically enhancing its energy efficiency. The improvement might be a significant element in increasing the value of Ethereum and attracting additional investors. Hence, ETH should remain on your radar.
Arising as one of the most tokens to invest in, Binance is the most popular cryptocurrency exchange and BNB is the native token of its thriving ecosystem. Currently, Binance Coin is the third biggest cryptocurrency by market value and is worth roughly $57 billion, excluding stable coins, the most popular of which follows the U.S. dollar.
BNB, in contrast to many other popular cryptocurrencies, maintains a hard limit on supply and seeks to lower supply over time by “burning” a percentage of its transaction fees over time, therefore decreasing supply and increasing scarcity. BNB’s price gained 16.5% in October, but at about $356, it still trades closer to its 52-week low of $184.54 than its $669.35 high point.
A key leader in the blockchain arena, the Singaporean company Crypto.com runs a cryptocurrency exchange, a payment solution, and an application network built on blockchain technology. At its center is the Cyrpto.com coin (CRO), the native token on both of Crypto.com’s blockchains, the Crypto.com chain and the Cronos chain, which is compatible with the Ethereum Virtual Machine (EVM). CRO’s on-chain functionality supports staking economies on the Cronos and Crypto.com chains. Owing to its widespread use cases and functionalities, CRO is one of the most promising utility tokens on the cryptocurrency exchange market because of Crypto.com’s rising wealth and the wide variety of services it offers its consumers.
Bolix Token is the first part of a revolutionary ecosystem that integrates Web2 into Web3. Launched on October 17, 2022, the core values BOLIX stands for are Business – Opportunity – Logistics – Innovation – eXecution.
Bolix Token is centered around an established business that has been in operation since 2018. To create a healthy, stable chart where Bolix Token price may increase organically over time, a portion will be donated back into Bolix Token through Buybacks and Burns.