2022 is being a convulsive year for investment in cryptocurrencies. In a 2022 that is not being easy for digital assets, Bitcoin and Ethereum have suffered sharp falls again in recent days and the current bear market has seen how 72 of the top 100 cryptocurrencies have fallen more than 90% from their maximum prices. historical. As it is, it looks like it’s time to look beyond the top two digital currencies to see if there are any green shoots in terms of cryptocurrency price.
Especially after the rise by the United States Federal Reserve in interest rates , which will be followed by the United Kingdom and the European Union, there is no breeding ground that indicates that certain cryptocurrencies can hit a pitch, but some show upward trends.
Solarium
Solana has been one of the best performing cryptocurrencies in 2021 and is expected to rise in the coming years. It has the potential to be the fastest blockchain on the market, which is a permanent argument in its favor, regardless of how its token is trading. Solana has the capacity to process more than 50,000 transactions per second (TPS). The developers claim that as the network grows, the speed of transactions could approach 700,000 TPS.
solana cryptocurrency
This “Ethereum Killer” could take advantage of the bad situation and the loss of confidence in Ethereum to carry out a sorpasso . Of course, in recent days it has chained a volatility in the price of SOL with which it is difficult to set trends.
LEO, FLEX and KCS
The best performer is the LEO token, which is only down 38.87%, and which saw “aggressive buying at lower levels” on June 13. LEO is the Ethereum-based utility token for the Bitfinex exchange and trading platforms managed by iFinex and is used to reduce fees for traders.
UNUS THIRST LEO Token
Coinflex exchange’s native FLEX token also appears relatively immune to the state of the market, as amid such a crypto crisis, it is down just 38.6% from its all-time high. FLEX is used to pay for transactions and reduce trading fees on your trading platform. The project touts its token burn mechanism as a reason for its price resistance.
KuCoin, KCS, has seen a 61.43% reduction from its all-time high. KCS is an ERC-20 token used to reduce fees on the exchange and is the native token of KuChain, a blockchain developed by the exchange.
Has the worst already passed?
Cryptocurrencies flipped from negative to positive territory even after US Federal Reserve Chairman Jerome Powell announced a 75 basis point hike in its benchmark interest rate, the largest since 1994. Increased market pressure fiduciary has brought a new wave of trust in the digital asset market. While rate hikes are normally bad for risky assets like cryptocurrencies, the latest news appears to have been welcomed by market participants.
Crypto market situation (June 17)
However, the mini crypto rally has not been enough to offset the losses from the recent market crash. BTC is still down 30.5% on a weekly basis and ETH is down 38.2% over the same time period. In other words, this minor rally could be a bull trap for investors who misread the slight rally as a bottoming signal.
Bitcoin (BTC), the largest cryptocurrency, is down 70.3% from its November 2021 high of over $69,000. In second place is Ether (ETH), which is down 78% from its high of $4,878.