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The crypto market has just amassed $50 billion in a lightning-fast recovery after some market watchers feared it could be the start of the next phase of the downside, which will revisit annual lows.
But what is behind this sharp price increase across the crypto complex?
There are a number of factors at play here.
At first, the deleveraging appears to have run its course and there may be no more dominoes to fall. To Terra, Voyager, Celsius and Three arrows capital no more stones have fallen so far.
Top crypto prices have been oversold, whales are piling up
Second, sellers may have exhausted themselves as major coins like bitcoin are in oversold positions.
Web3 website domain name trading volume has overtaken the digital artworks of the famous Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) collections of non-fungible tokens (NFT).
Based on NFT marketplace trading data OpenSea ENS has now become the leading NFT project on Ethereum (ETH) in terms of seven-day trading volume. This means that the domain name service has overtaken even very popular NFT pools such as BAYC, CloneX and Moonbirds.
Trading volume for ENS names reached 3,762 ETH or 6.6 million USD in the last seven days on OpenSea. In comparison, BAYC saw a trading volume of 2,417 ETH ($4.2M), while other popular NFT collections such as Otherdeed for Otherside and CloneX saw a trading volume of 2,920 ETH ($5.1M) and 981 ETH ($1.7M).
Some of the biggest players in the Web3 domain name space include Ethereum Name Service (ENS) and Unstoppable domains.
ENS, for example, allows users to register domains that exist on the Ethereum blockchain. The domains are programmable and can interact with decentralized applications (dApps) on the Ethereum blockchain. ENS domains follow the “name.eth” naming convention, while Unstoppable Domains’ domains can take various forms, including “name.crypto”, “name.nft”, “name.bitcoin” and others.
Ethereum is getting a critical update with “The Merge”. Ethereum enthusiasts celebrate the event, investors hope for massive price jumps. However, a top analyst has now issued a clear warning in this regard. He expects a new crash on ETH – despite The Merge.
Ethereum: Crash by The Merge?
While crypto markets have faintly flashed green over the past 24 hours, Ethereum (ETH) of all people is facing a correction: The leading smart contract platform has lost about 4.2% since yesterday, leading the losses in crypto Top- 20 (data from Coinmarketcap.com). From yesterday’s high of $1,757, the bears pushed the asset as low as $1,683 – a new local low.
Trading volume is only slightly up, about 20% compared to the previous day’s value. Ethereum was able to convert 17.3 billion dollars in the last 24 hours. In comparison, Bitcoin (BTC), the most valuable cryptocurrency by market cap, is valued at $47.36 billion.
Meanwhile, ETH has been able to recover a bit and rise to $1,710, where the coin is currently trading. If a well-known trader and analyst has his way, Ethereum is threatened with further pain in the near term – and not a little.
Although Bitcoin and Ethereum are the undisputed leaders in crypto rankings, both currencies have one thing in common: they are expensive. A bitcoin currently costs around 21,000 euros and an ether is currently 1,600 euros. These are sums that not everyone has lying around at home to invest. It is therefore not surprising that investors are also looking for, shall we say, slightly cheaper crypto alternatives with potential.
Advantages of cheap cryptocurrencies
Is it worth investing in a cheap cryptocurrency that costs less than 1 euro? The answer is: definitely yes. Here’s why: Especially cheap and new cryptocurrencies have the potential for big price jumps. The low price allows you to buy a relatively large number of coins, so even small price increases can take effect. There are some cheap cryptocurrencies that have surged in the past, such as Dogecoin. The DOGE cost $0.00026 when it was introduced. The all-time high was $0.45 in April 2021. If there are price losses, they usually don’t hurt that much with cheap cryptos.
4 best cryptocurrencies under 1 euro
Algorand (ALGO) – the cryptocurrency with the MIT professor
Algorand is a decentralized open source network with its own cryptocurrency, ALGO. It gets interesting when you dig a little deeper and see who is really behind Algorand.
Cardano (ADA) – Blockchain with a scientific approach
Blockchain Cardano with its native token ADA has long been considered the Ethereum killer, which is actually no wonder. Cardano was launched in 2017 and the developer is none other than Charles Hoskinson, one of the co-founders of Ethereum.
Fantom (FTM) – the next Ethereum killer
Blockchain Fantom’s original token FTM was hit almost as hard as Terra/Luna by the crypto crash. The coins differ in one crucial detail.
Tamadoge (TAMA) – the meme coin with its own metaverse
If there are secret stars in the crypto universe, they are dogs. With Tamadoge, there is a new dog coin that has set out to conquer the crypto world.
Gary Gensler, Chairman of the Securities and Exchange Commission (SEC), the regulator is intensifying its work to expand the regulation of the crypto industry. In his latest testimony before the US Senate, the official stated that he had a “flexible” path to registering tokens with the agency, but his previous crypto-skeptic comments suggest that crypto industry players have a different take on the approach the SEC might take .
Gensler told the US Committee on Banking, Housing and Urban Affairs that among the “nearly 10,000 tokens in the crypto market” he believes “the vast majority are securities.”
“As such, I have asked SEC staff to work directly with entrepreneurs to get their tokens registered and, where appropriate, regulated as securities. Given the nature of crypto-investment, I recognize that there may be appropriate flexibility in applying existing information requirements.” to be,” he said.
Gensler also suggested that the SEC could increase its cooperation with established financial players interested in entering the cryptosphere to increase institutional acceptance.
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