Price Comparison: Solana Drops to 6th Place, Bitcoin Loses $2,000 and EverGrow Coin Launches NFT Lending
by Analytics Insight
April 2, 2022
A breakout to a new Bitcoin all-time high could be likely if prices can hold above $48,000.
If only it was an April Fool’s Day joke: the crypto market lost $100 billion in market capitalization in one day. The last week of March seemed like the “crypto winter” was finally over – but investors will have to hang in there a bit longer for the Bitcoin bulls to beat the bears.
Since April 1, Bitcoin has a value of $45,150. This is a $2,000 price loss from yesterday and indicates a potential rejection of Bitcoin’s key resistance levels. Bitcoin touched its 200-day moving average as prices touched $48,000 for a brief moment on March 28.
According to top Bitcoin analyst Benjamin Cowen of Into the Cryptoverse, breaking above the 200-day moving average would be a clear bullish indicator for Bitcoin. A breakout to a new Bitcoin all-time high could be likely if prices can hold above $48,000. For now, however, investors may want to hold their position a bit longer.
Bitcoin currently has a market capitalization of $850 billion, or 42% of the cryptocurrency market.
Solana jumps to 6th place
All major crypto tokens are in the red today – except for Solana. Solana’s SOL token saw a 22% price increase over the past week as it edged out Cardano and XRP in the crypto rankings by market cap. CoinMarketCap estimates the total value of Solana at $41 billion with a token price of $126.
So how did Solana managed to avoid the overall weakness in the crypto market today? A number of news announcements are driving the price spike, including integration into the OpenSea marketplace for NFTs by April. OpenSea is the largest NFT marketplace by total volume ($23.5 billion) and registered traders (1.4 million).
Solana-based NFTs have enjoyed faster transaction speeds and lower network fees, and the blockchain network is currently available on the Magic Eden marketplace. An integration with OpenSea will make Solana the fourth network on the market, after Polygon, Ethereum and Klatyn.
In other news, digital asset manager CoinShares and third-largest crypto exchange FTX have jointly launched a product offering SOL staking rewards. The product is aimed at institutional investors and is expected to attract significant capital to Solana.
The developers of popular online battle royale game PUBG also announced a partnership with Solana Labs last week. Krafton will develop more blockchain-based games with SOL, bringing more attention to the token and crypto in general.
EverGrow Coin Launches NFT Lending
NFTs were a resounding success last year, with trading volume reaching over $25 billion. While Bored Ape Yacht Club NFTs sell for over $200,000 each (Madonna just bought one for over $500,000), the majority of NFT sales are only hundreds of dollars or less. But soon, NFT owners and collectors will be able to generate passive income with their NFTs through the EverGrow Coin ecosystem.
EverGrow Parts The NFT Marketplace enables the brand new NFT loan functionality. The protocol offers crypto loans against NFTs as collateral, providing access to crypto without actually selling your digital assets. Borrowed money can be invested in one of thousands of Defi projects to earn rewards, pay off interest, and bring home passive income.
EverGrow Coin has announced that the NFT market will drop in the coming weeks and will be based on the BNB chain in the Binance ecosystem. EverGrow Coin itself is a hyper-deflationary think tank token that has paid out over $35 million to investors since September last year. Reflections are funded by a 14% transaction tax.
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