10 CRYPTOCURRENCIES THAT MIGHT NOT SUSTAIN THE MASSIVE BEAR MARKET
There are few cryptocurrencies that are barely hanging at the edge and might fail to survive in this massive bear market
The crypto market has been facing a bumpy ride of late, as most of the top-notch cryptocurrencies have lost as much as 40 percent of their value in the past couple of weeks. This also includes cryptocurrencies like Bitcoin, Ethereum, Shiba Inu, and more. Fear is the biggest factor that drives a bearish sentiment in the crypto market. As Terra fell, crypto investors panicked and started selling other coins as well, eventually crashing the crypto market. But now, the cryptocurrency market is showing some signs of recovery. Still, there are few cryptocurrencies that are barely hanging at the edge and might fail to survive in this massive bear market.
Here are 10 cryptocurrencies that might not sustain the massive bear market:
The Shiba Inu (SHIB) price has been plummeting for the past few months. The coin will make marginal gains and then dip further in the next bearish market condition. That’s why it has been plummeting for the past 5 months, and crypto experts say that Shiba Inu might drop further. The biggest problem for SHIB right now is the reducing number of transactions, dropping the holder’s account, and dropping the token price. Though Shiba Inu is loved by everyone there are chances that it will fail to survive the bear market.
How can we forget about the famous Terra Luna crash? Terra is one of those cryptocurrencies that are the reason of crypto market turns bearish. Touching its ATH of US$118 in April to going completely zero in May 2022, Terra has seen it all. On 9 May, its value had fallen to 35 cents after a massive sell-off.
Volatility is nothing new in the crypto market, but the collapse of algorithmic stablecoin TerraUSD (UST) sent a shockwave through the entire sector. The price of TerraUSD plummeted far below its targeted US$1 peg. Luna, the Terra blockchain’s native currency, also dropped nearly 97% in the 24 hours to 4:30 pm ET Thursday, May 12.
Zcash was launched by one of the most respected technical teams in the world. Zcash is the ‘https of blockchains,’ protecting your freedom to save and spend as you like. Zcash was the first project to implement zk-SNARKs, a novel form of zero-knowledge cryptography that gives its users the strongest privacy available in any digital currency. Multiple, independent organizations are funded to innovate on Zcash.
Cosmos (ATOM) is a cryptocurrency that powers an ecosystem of blockchains designed to scale and interoperate with each other. The team aims to “create an Internet of Blockchains, a network of blockchains able to communicate with each other in a decentralized way.” Cosmos is a proof-of-stake chain.
ApeCoin is an ERC-20 governance and utility token used within the APE Ecosystem to empower and incentivize a decentralized community building at the forefront of web3.
ApeCoin holders govern themselves via the decentralized governance framework controlling the ApeCoin DAO, and vote on how the ApeCoin DAO Ecosystem Fund should be used. The APE Foundation administers proposals agreed upon by ApeCoin holders.
Elrond is a blockchain protocol that seeks to offer extremely fast transaction speeds by using sharding. The project describes itself as a technology ecosystem for the new internet, which includes fintech, decentralized finance, and the Internet of Things. The blockchain has a native token known as eGold or EGLD, that is used for paying network fees, staking, and rewarding validators.
Avalanche (AVAX), the native token of the smart-contracts platform led by former Cornell professor Emin Gün Sirer, shed nearly 16% of its value in the past 24 hours and is currently trading at US$27.94, according to data from CoinMarketCap. AVAX is the 13th-largest cryptocurrency with a market capitalization of US$7.6 billion. Today’s bearish action now puts the token 80% down from its all-time high of US$146.22 recorded back in November 2021.
A number of factors can explain this price drop and why the Cardano price is not growing. The crashing crypto market is the first reason. Interruptions by the FED over the past few months have crashed the money market, including the crypto market. FED is also the reason why Cardano and the crypto market at large are bearish today. The other big reason why the Cardano price is not growing is the competition. Exciting new projects are offering better returns and are attracting the crypto community.
Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading.
Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading on the blockchain versus that of traditional exchanges.