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The "Experts" Are Getting Crypto All Wrong

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Bitcoin peaked about a month ago, on December 17, at a high of nearly $20,000. As I write, the cryptocurrency is under $11,000… a loss of about 45%. That’s more than $150 billion in lost market cap.

Cue much hand-wringing and gnashing of teeth in the crypto-commentariat. It’s neck-and-neck, but I think the “I-told-you-so” crowd has the edge over the “excuse-makers.”

Here’s the thing: Unless you just lost your shirt on bitcoin, this doesn’t matter at all. And chances are, the “experts” you may see in the press aren’t telling you why.

In fact, bitcoin’s crash is wonderful… because it means we can all just stop thinking about cryptocurrencies altogether.

The Death of Bitcoin…

In a year or so, people won’t be talking about bitcoin in the line at the grocery store or on the bus, as they are now. Here’s why.

Bitcoin is the product of justified frustration. Its designer explicitly said the cryptocurrency was a reaction to government abuse of fiat currencies like the dollar or euro. It was supposed to provide an independent, peer-to-peer payment system based on a virtual currency that couldn’t be debased, since there was a finite number of them.

That dream has long since been jettisoned in favor of raw speculation. Ironically, most people care about bitcoin because it seems like an easy way to get more fiat currency! They don’t own it because they want to buy pizzas or gas with it.

Besides being a terrible way to transact electronically – it’s agonizingly slow – bitcoin’s success as a speculative play has made it useless as a currency. Why would anyone spend it if it’s appreciating so fast? Who would accept one when it’s depreciating rapidly?

Bitcoin is also a major source of pollution. It takes 351 kilowatt-hours of electricity just to process one transaction – which also releases 172 kilograms of carbon dioxide into the atmosphere. That’s enough to power one U.S. household for a year. The energy consumed by all bitcoin mining to date could power almost 4 million U.S. households for a year.

Paradoxically, bitcoin’s success as an old-fashioned speculative play – not its envisaged libertarian uses – has attracted government crackdown.

China, South Korea, Germany, Switzerland and France have implemented, or are considering, bans or limitations on bitcoin trading. Several intergovernmental organizations have called for concerted action to rein in the obvious bubble. The U.S. Securities and Exchange Commission, which once seemed likely to approve bitcoin-based financial derivatives, now seems hesitant.

And according to Investing.com: “The European Union is implementing stricter rules to prevent money laundering and terrorism financing on virtual currency platforms. It’s also looking into limits on cryptocurrency trading.”

We may see a functional, widely accepted cryptocurrency someday, but it won’t be bitcoin.

… But a Boost for Crypto Assets

Good. Getting over bitcoin allows us to see where the real value of crypto assets lies. Here’s how.

To use the New York subway system, you need tokens. You can’t use them to buy anything else… although you could sell them to someone who wanted to use the subway more than you.

In fact, if subway tokens were in limited supply, a lively market for them might spring up. They might even trade for a lot more than they originally cost. It all depends on how much people want to use the subway.

That, in a nutshell, is the scenario for the most promising “cryptocurrencies” other than bitcoin. They’re not money, they’re tokens – “crypto-tokens,” if you will. They aren’t used as general currency. They are only good within the platform for which they were designed.

If those platforms deliver valuable services, people will want those crypto-tokens, and that will determine their price. In other words, crypto-tokens will have value to the extent that people value the things you can get for them from their associated platform.

That will make them real assets, with intrinsic value – because they can be used to obtain something that people value. That means you can reliably expect a stream of revenue or services from owning such crypto-tokens. Critically, you can measure that stream of future returns against the price of the crypto-token, just as we do when we calculate the price/earnings ratio (P/E) of a stock.

Bitcoin, by contrast, has no intrinsic value. It only has a price – the price set by supply and demand. It can’t produce future streams of revenue, and you can’t measure anything like a P/E ratio for it.

One day it will be worthless because it doesn’t get you anything real.

Ether and Other Crypto Assets Are the Future

The crypto-token ether sure seems like a currency. It’s traded on cryptocurrency exchanges under the code ETH. Its symbol is the Greek uppercase Xi character. It’s mined in a similar (but less energy-intensive) process to bitcoin.

But ether isn’t a currency. Its designers describe it as “a fuel for operating the distributed application platform Ethereum. It is a form of payment made by the clients of the platform to the machines executing the requested operations.”

Ether tokens get you access to one of the world’s most sophisticated distributed computational networks. It’s so promising that big companies are falling all over each other to develop practical, real-world uses for it.

Because most people who trade it don’t really understand or care about its true purpose, the price of ether has bubbled and frothed like bitcoin in recent weeks.

But eventually, ether will revert to a stable price based on the demand for the computational services it can “buy” for people. That price will represent real value that can be priced into the future. There’ll be a futures market for it, and exchange-traded funds (ETFs), because everyone will have a way to assess its underlying value over time. Just as we do with stocks.

What will that value be? I have no idea. But I know it will be a lot more than bitcoin.

My advice: Get rid of your bitcoin, and buy ether at the next dip.

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Why Cardano Bull Trend Isn’t Over And 91% Increase Is Imminent, deVere CEO Nigel Green

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Picture of deVere CEO Nigel Green

One look at the charts and any crypto investor will see Cardano is currently suffering. The digital asset is currently down with the rest of the market, which is suffering in the wake of the Evergrande situation in China. The market has been in a downtrend as the situation has evolved. Its biggest ties to the market being the fact that Tether allegedly owns some of the Evergrande bonds.

This has spilled over into the crypto market in a big way. Bitcoin fell to one-month lows with the news and as the altcoins have followed, Cardano has recorded receding prices also. Hitting lows that haven’t been seen since the rally began in August. Current indicators point to the market poised for further decline. But deVere CEO Nigel Green believes that while ADA may be down, it is definitely not out.

Cardano’s Streak Is Not Over Yet

Green explained his reasoning behind Cardano’s hot streak being far from over. The CEO cited the recent technological advancements in the project, namely the recent addition of smart contracts capability to the blockchain. Due to this, Green points out that the digital asset will be setting new all-time highs soon.

Related Reading | Why The Hydra Layer 2 Solution Is Important To The Cardano Network

Talking to Insider, the CEO pointed out that Cardano currently has a reputation of being a “green” cryptocurrency. Along with a broader crypto market rally, Green sees the price of the digital asset hitting $4 by the end of 2021. Given the current price points of the asset, this would be a 91% increase to get to this point.

A major reason behind Green’s bullish stance on Cardano has to do with the applications of the network. The recent addition of smart contracts has now brought the booming decentralized finance (DeFi) market to Cardano. Once again increasing the use cases of the blockchain. The deVere CEO believes that its ability to solve problems is a major driving force.

“Things you should be looking at are the purpose of the cryptocurrency, how long it has been in the market, market capitalization, and its underlying solutions. Cryptocurrencies that solve problems are likely to succeed more than those that do not. The longer a cryptocurrency has been in the market, the more trust it has attained, and cryptocurrencies that are developed on strong networks will stand longer,” Green told Insider.

ADA price falls to $2.11 | Source: ADAUSD on TradingView.com

Just As Bullish On Ethereum

Green’s bullish outlook does not fall solely on Cardano. The CEO also explained that he was just as bullish on Ethereum. Reasons for this were basically identical to the ones given for Cardano. Their vast use cases make both projects important to users and are thus poised to rally higher in the market. Investor interest has also grown in the project, which has made it more valuable than most projects in the market.

Related Reading | Cardano Founder Charles Hoskinson Says The Term Smart Contracts Needs To Be Changed

Ethereum, according to Green, is going to outperform bitcoin. Although the pioneer cryptocurrency will certainly return to its previous all-time high before the year ends, says the CEO. Giving bitcoin a price growth of 50% going further. Not surprisingly, given his stance, Green believes that Ethereum will trade higher than bitcoin in the next five years.

Featured image from Investors King, chart from TradingView.com
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Enzyme (MLN) Price Upsurges 60 Percent in a Day

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Enzyme (MLN) Price Upsurges 60 Percent in a Day
  • The MLN token powers Enzmye.
  • Investors may be attempting to cash in on Enzyme’s recent gains.

Undoubtedly, decentralized finance (DeFi) is one of the most potential real-world blockchain applications, capable of altering global financial markets and revolutionizing everyday financial management.

Enzyme (MLN), a protocol focused on on-chain asset management, has gained traction in the last week as the mainstream world progressively wakes up to the potential of DeFi. Moreover, it allows investors to access various DeFi products in one place. Furthermore, Enzyme’s official token, MLN, enables DeFi transactions.

The MLN token powers Enzmye. That includes discretionary, robo, ETF, and market-making techniques. It prioritizes safety. Also, every mainnet deployment of the second-generation smart contract-enforced infrastructure is extensively tested.

Upswing Might Reverse

Enzyme catalysts include increased platform total locked value and MLN exchange support. Moreover, Binance has supported MLN token along with Coinbase and Gate.io. Wide exchange support improves crypto liquidity.

Investors may be attempting to cash in on Enzyme’s recent gains. So the upswing may reverse, but many investors will be waiting for the drop. The total quantity of MLN coins is 1.8 million in circulation. However, unlike Bitcoin or Ripple, Enzyme has a managed inflation rate. A year’s supply of MLN tokens is limited to 300,000.

In 2021, crypto increased by 400%. According to CoinMarketCap, MLN Price surged 60% in the last 24 hours. Its price today is $164.82 USD with a 24-hour trading volume of $683,121,457 USD. Enzyme, like DeFi products, has a promising future. DeFi, according to Shark Tank star Kevin O’Leary, would eliminate financial intermediaries in three to four years.

The Enzyme crew is on point. Enzyme has formed key alliances that should support long-term growth. One is its DeFi-focused community collaboration with Yearn Finance. 

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Top TVL Gainers in BSC Ecosystem in Last 7 Days

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Top TVL Gainers in BSC Ecosystem in Last 7 Days
  • Top TVL gainers in the BSC ecosystem are ANN, BABY, JAWS, DOP.
  • CHESS, HUNNY, HELMET, CAKE, CSS, ALPACA

The top 10 TVL gainers in the BSC ecosystem in the last 7 days are Annex Finance (ANN), BabySwap (BABY), AutoShark (JAWS), Dopple Finance (DOP), Tranchess (CHESS), Pancake Hunny (HUNNY), Helmet.insure (HELMET), PancakeSwap (CAKE), CoinSwap Space (CSS), and Alpaca Finance (ALPACA).

1. Annex Finance (ANN)

The first top TVL gainers in the BSC ecosystem is Annex Finance (ANN). It is a lending and borrowing network for cryptocurrencies. The main aim of Annex Finance is to bridge the traditional lending and borrowing platform for Binance Smart Chain (BSC), Ethereum (ETH), and Poly Network. As per CoinMarketCap, ANN’s price is trading at $0.3914 with a 24-hour trading volume of $254,361.

2.BabySwap (BABY)

For newborn projects on Binance Smart Chain (BSC), BABy Swap is the best and topmost AMM with a non-fungible token (NFT) decentralized exchange (DEX). According to CoinMarketCap, BabySwap’s (BABY) price is trading at $0.7179 with a 24-hour trading volume of $36,336,566. In the last 24 hours, BABY has increased 4.87%

3.AutoShark (JAWS)

AutoShark (JAWS)  is a yield optimizer on the Binance Smart Chain (BSC) and Polygon Network (MATIC). Through the use of superior yield strategies, AutoShark facilitates unparalleled access to framing opportunities. At the time of writing, JAWS’s price is trading at $0.3188, with a 24-hour trading volume of $351,279.

4. Dopple Finance (DOP)

The fourth top TVL gainer in the BSC ecosystem is Dopple Finance (DOP). It is an automated market maker (AMM) which is developed for competently trading stablecoins and pegged assets on the Binance Smart Chain (BSC). Accordingly, as per CoinMarketCap DOP, the price is trading at $0.1368 with a 24-hour trading volume of $94,161. In the last 24 hours, the DOP price has surged 21.45 %.

 5. Tranchess (CHESS)

Tranches is a derivatives trading platform. Tranches network’s governance token is CHESS. The project influenced smart contracts that make it transparent and automated across processes. Henceforth, at the time of writing, CHESS’s price is trading at $3.47 with the 24-hour trading volume of $15,371,930 and the price has increased 1.83% within a day.

6. Pancake Hunny (HUNNY)

Pancake Hunny (HUNNY) is a decentralized finance (DeFi) platform but more particularly a yield optimizer. The codes and smart contracts in Pancake Hunny were audited by CertiK, a most popular and famous blockchain audit firm. According to CoinMarketCap, HUNNY is trading at $0.3355 with a 24-hour trading volume of $466,943 at the time of writing.

7.Helmet.insure (HELMET)

Helmet.insure (HELMET) is launched on Binance Smart Chain (BSC). It enables users to develop an insurance policy for any crypto assets in the crypto market for safeguarding DeFi users against the risk of price fluctuations. At press time, HELMET’s price is waving at $0.2354 with a 24-hour trading volume of $560,718.

8.PancakeSwap (CAKE)

Another top TVL gainer is PancakeSwap (CAKE). It is a decentralized finance (DeFi) application that enables users to exchange tokens, providing liquidity through farming and earning fees in return. Furthermore, as per CoinMarketCap, the CAKE price is trading at $19.44 and it increased 0.21% in the last 24 hours. At the time of writing, a 24-hour trading volume of CAKE is $425,992,684.

9.CoinSwap Space (CSS)

A decentralized exchange (DEX) developed for swapping BEP20 tokens on the Binance Smart Chain (BSC) is CoinSwap Space (CSS). The utilized model in CSS is the automated market maker (AMM), where users can trade against a liquidity pool. CSS price is trading at $1.04. According to CoinMarketCap, the 24-hour trading volume is $12,595, at press time.

10. Alpaca Finance (ALPACA)

One of the largest lending platforms is Alpaca Finance. That allows authorized yield farming on Binance Smart Chain (BSC). It will be utilized to earn safe and stable yields. ALPACA can be traded in crypto exchanges such as Binance, Mandala Exchange, ZT, KuCoin, and Hoo. Henceforth, as per CoinMarketCap, ALPACA’s price is trading at $1.05 with a 24-hour trading volume of $39,571,828.

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Binance Australia To Shut Down Crypto Futures Trading Amid Regulatory Concerns

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Picture of binance CEO on a newspaper page

As the crypto industry continues to dominate, financial regulators fear criminals will turn to the industry for their illicit activities. This year 2021, has been hot for the crypto industry in terms of regulation. Many financial watchdogs in the USA and other countries pushed harder to regulate the sector.

Some top exchanges, including Binance, saw a lot of pressure from several bodies, especially on many of their products.

The reason was that many of these exchanges could serve as a means of money laundering given the anonymity of the transactions. As a result, some countries keep limiting the operations of crypto exchanges in their markets.

Related Reading | Bitcoin Holders Take Profits As Price Falls, Indicators Remain Bullish? 

Binance has seen a lot of pressure from regulators all over the world. Some countries and apex financial bodies such as the Dutch Central Bank have accused the exchange of non-compliance with financial laws against terrorism.

Australia Bans Crypto Futures Trading

Amid the pressure on the largest crypto exchange, the Australian government has banned them from offering their crypto futures and options in their market. So now, traders will no longer access such products from Binance.

The government even warned all their citizens and residents who have invested in futures, options & leveraged tokens to close their position within 90 days. Binance announced this instruction on September 20, 2021.

Based on the available information, all Australian users will not invest in these products starting from Friday, September 24. But they can increase their margin balances against liquidation & margin calls. But from December 24, 2021, all manners of transactions on derivatives will close down.

Related Reading | Did Turkey’s President Say “We Are In A War Against Bitcoin”? An Investigation

In response to this restriction, Binance’s representative stated that they aim to ensure compliance and acceptance for all their products.

As such, they usually monitor the regulatory requirements of the localities wherein they operate. But with the recent development, the company will also try to protect the interests of the users.

Restrictions On Binance Keep Growing

Apart from the recent restrictions in Australia, other countries have been limiting the operations of Binance in their markets. In addition, many global regulators have also been issuing warnings to the exchange.

For instance, last month, the exchange stopped offering its derivative trading services in Brazil. Before that, the Hong Kong government also suspended its operations.

Binance also halted its crypto derivatives trading in many other countries, such as Netherlands, Germany, and Italy. According to the exchange, it has decided to stop those services in European countries.

crypto market is recovering from an abrupt decline | Source: Crypto Total Market Cap on TradingView.com
Featured Image From Binance, Chart From Tradingview.com
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Last 2 Bull Runs Saw Sell Offs in July and September

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Last 2 Bull Runs Saw Sell Offs in July and September
  • The two bull rallies saw sell offs in July and September.
  • This is indicated to be the best time to hodl crypto or even buy more coins.

According to Crypto Analyst Lark Davis, the fourth quarter of 2021 will create many millionaires. Notably, panic sets in the crypto market. 

Lark Davis’ tweet suggests that September is a good time to buy the dip. In detail, the Bitcoin Monthly Returns chart he shared on his tweet indicates a graphical representation of the market flow from 2013 to 2021. 

Last 2 Bull Runs Saw Sell Offs in July and
Bitcoin’s Monthly Returns From 2013 to 2021

Moreover, for crypto holders, traders and investors, this is indicated to be the best time to hodl crypto or even buy more coins for the bullish period. In contrast, the newbies and a few oldies may beg to differ in thought. 

Q4 usually looks to be more bullish for BTC.  Lark Davis states ‘We are about halfway through the #bitcoin and thus the crypto market cycle, and chances are we could even pump longer and harder due to the fundamentals. So much opportunity in this market still.’

According to the Analyst, the last two bull rallies saw sell-offs in July proceeded with massive runs. In addition, both also saw sell-offs in September. This is exactly as we look in 2021. In both previous runs, Bitcoin represents the parabolic yearly end. He also states that history will not repeat by it surely does rhyme.

Bitcoin price has risen considerably in a short span of time. Hence, making the BTC/USD pair much popular among investors and traders. According to CoinMarketCap, the BTC price is trading at $42,235.53 with a 24-hour trading volume of $43,327,095,993, at the press time. 

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Will Fear And Greed Keep Bitcoin Buyers From The Halloween Effect?

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Bitcoin Fear

Data shows the Bitcoin fear and greed index has been pointing towards fear lately, something that might keep buyers from the Halloween Effect.

The Bitcoin Fear And Greed Index Points At Fear

The BTC fear and greed index is an indicator that measures the sentiment and emotions of the market based on various sources, and displays them on a numeric meter.

The metric uses a system with 0-100 as values, where low values indicate fear in the market, and higher ones show greed.

Extreme fear and greed occur when the indicator shows very low or very high values, respectively. Periods of fear usually happen when Bitcoin goes in the red, while those of greed are seen during big moves up.

Here is how the fear and greed index has looked like recently, as per the latest Arcane Research report:

The Bitcoin market continues to show fear | Source: Arcane Research

Last week the indicator slowly started shifting towards greed as the market recovered from the crash of 7 September. However, before the greed level could be hit, sentiment quickly turned into fear as BTC had yet another crash.

Related Reading | Despite Dips, Bitcoin Exchange Reserves Reach Lowest Values Since 2018

Bitcoin Fear And Greed

The fear and greed needle points at fear currently | Source: Arcane Research

The below chart shows the trend in Bitcoin’s price over the last month, highlighting the crashes that lead to this state of fear.

Bitcoin Price Chart

BTC's price continues to fall down | Source: BTCUSD on TradingView

Over the last few days, Bitcoin has had two big dips where the price went down to $40.5k in the first one, but all the way down to $39.6k in the second one. These have only fed into the fear sentiment.

Will These Fear Levels Hold Buyers Back From The Halloween Effect?

The Halloween Strategy is a trading method that’s based on the idea that stocks, Bitcoin and other assets perform the best between 31 October and 1 May.

Traders using the strategy generally recommend “to sell in May and go away,” until the next Halloween comes around.

Because of this idea, buyers usually see this time of the year as an optimal entry point into the market. This is sometimes dubbed as the “Halloween Effect.”

The effect is a weird statistical anomaly as data over a period of a few years suggests the trading strategy does seem to produce better results.

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Next month is the Halloween month, but will the effect attract buyers to Bitcoin this time? As the fear and greed index shows fear among traders currently, investors might be hesitant to enter the market right now.

If the market continues to show fear through the next month, then perhaps the Halloween Effect won’t benefit BTC this year.

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Polygon (MATIC) Launches $2 Million Bounty Program On Immunefi

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Polygon (MATIC) Launches $2 Million Bounty Program On Immunefi
  • MATIC’s price has undergone a massive downtrend.
  • Polygon has launched a $2 million bounty program on Immunefi.
  • The Payouts directly handled by the Polygon (MATIC) team.

Polygon, which also known as Matic Network, aims to facilitate various tools to increase the speed and lower the cost and complexities of the transaction on blockchain networks. In the past four days, MATIC’s price has undergone a massive downtrend. And it had found the solution for temporary relief.

Accordingly, if the traders step into the new program then MATIC may experience a minor rally, or else if failing to do so MATIC price might fall very low.

Furthermore, Polygon has launched a $2 million bounty program on Immunefi. It provides smart contract security through bug bounties. Immunefi found to be the world’s best and premier bug bounty platform.

This launch from Polygon comes as millions of dollars are being lost to accomplishment due to buggy smart contracts and unaudited codes in the Decentralized finance (DeFi) ecosystem. Henceforth, the Polygon team wants to make sure it does not undergo these troubles and problems and is aggressively offering around $2 million in rewards.

More so, the main focus of the bug bounty program is on smart contract bugs. The Payouts are directly maintained by the Polygon (MATIC) team and are denominated in U.S. Dollar (USD). Eventually, payouts made in Ethereum (ETH) and Polygon (MATIC) or a stablecoin, at the choice of the Polygon team.

Current Market Staus

According to CoinMarketCap, MATIC’s price is trading at $1.14 with a 24-hour trading volume of $1,249,813,067. In the last 24 hours, MATIC dropped 2.56% and in the last 3 days, MATIC decreased roughly 30%. On a note, the current support level provides a stable platform for the traders or buyers to come back.

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Polygon Will Seek To Strengthen DeFi With $2 Million Bounty

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Polygon MATIC MATICUSDT

In the face of an increase in the number of attacks on DeFi platforms, Polygon has decided to take new measures. The Ethereum scaling platform recently announced a $2 million bug bounty.

In that way, Polygon expects to “root out and eliminate potential security flaws”, according to a press release. Only a few months ago, the DeFi ecosystem experienced one of its biggest hacks when it lost over $600 million on different platforms.

Polygon recorded an $85 million loss at the time. While Ethereum and Binance Smart Chain (BSC) recorded a combined estimate of $500 million in losses.

Related Reading | Q&A With Poly Hacker, Hero Or Villain Behind Biggest DeFi In History?

The exploit used by the Poly Network hacker focused on a blockchain agnostic trading pool called O3 Swap. Ironically, the attacker that perpetrated this hack asked the projects for more security measures and transparency.

The Polygon network bounty program is live since September 20, 2021, on the bug bounty platform Immunefi. Focused on DeFi and smart contract security, the platform will host the program as an “open invitation to security researchers”.

In that way, the project expects to find and fixed potential security vulnerabilities in the smart contracts and dApps ecosystem power by Polygon. Thus, the platform seeks to offer its users more security and protection for their funds.

The bug bounty program will reward white hackers in relation to their findings and the severity of the potential security vulnerability discovered. The rewards will range from the $1,000 for “low-level threats”, the release clarifies”, and $2,000,000 for critical threats.

Related Reading | Polygon Links With Filecoin, How Users Will Benefit From Free Storage

On the other hand, if a white hacker finds a vulnerability on a dApp, they could receive a reward ranging from $2,500 to $15,000. Payments will be made in the following cryptocurrencies: Polygon (MATIC), Ethereum (ETH), or a stablecoin.

How Polygon Will Operate Its Bounty Program

Polygon will leverage Immunefi Vulnerability Classification System. This mechanism will allow the team to have a threat classification system according to the potential vulnerability of the network.

In order to be eligible for a reward, white hackers must submit a report that needs to include certain details about their findings. For example, reports must have a step-by-step guide so the Polygon team can reproduce the potential threat and other evidence such as screenshots and logs.

Related Reading | Ethereum Is Ready For Inevitable Climb Over $10,000, Says Crypto Analyst

Data from research firm Messari claims that over $284 million have been lost to DeFi hacks since 2019. Thus, why an improvement in this sector’s security has become a “matter of utmost importance”.

Source: Messari via Twitter

Sandeep Nailwal, Co-Founder of Polygon said the following on their new bounty program:

User security is at the forefront of Polygon’s ethos. This substantial bounty offering aims to solidify what we know to be an extremely secure network.

On the other hand, founder and CEO of Immunefi Mitchell Amador said:

Bug bounty programs continue to be an essential part of the security stack for protecting crypto protocols and user funds locked in their contracts. We’re proud Polygon chose us among other platforms to ensure the safety of its protocol, and look forward to our collaboration.

At the time of writing, MATIC trades at $1,21 with a 9.5% profit in the daily chart.

Polygon MATIC MATICUSDT
MATIC trends to the upside in the daily chart. Source: MATICUSDT Tradingview

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Top Crypto BTC, ETH, ADA Price Drops — Will it Regain Again?

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Top Crypto BTC, ETH, ADA Price Drops — Will it Regain Again?
  • Top cryptocurrencies such as Bitcoin, Ethereum, and Cardano price drops.
  • The rival crypto Ethereum was trading at $2,901.56, down 5.23%.
  • Cardano was trading at $2.10, down 3.16%.

Top cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) price drops to 12%, 15%, and 12% respectively in a week.

Currently, Bitcoin was trading at $41,942.12 dropping 3.48% in the past 24-hours. Moreover, the total market capitalization of BTC is at $789.89 billion, as per CoinMarketCap data. Added to this, Bitcoin slid, riding on the back of fears originating from the Evergrande crisis which is weighing on all the markets across the world.

More so, the falling trajectory is not something that is exclusive to Bitcoin,  other digital assets such as Ethereum, Cardano, etc. have slided on the same path. The rival crypto Ethereum was trading at $2,901.56, down 5.23% and its total market cap was at $342 billion. 

Aside from this, the Cardano was trading at $2.10, down 3.16%. In addition, Cardano dropped 3.25% over the last week. Similarly, the Binance coin was down 3.85% at $358, however, the currency shed 15.4% over the last week.

Likewise, the price of Ripple also dropped 3% in a day. Furthermore, the global crypto market is moving in the red. Notably, the primary reason for this was the Evergrande crisis which is dubbed as China’s Lehman Brothers crisis. 

Adde to this, the stock markets around the globe had an impact because of the uncertainty emanating from Evengrande’s crisis. In fact, the crisis sends a shock wave not only to the equity markets across the globe but also to the cryptocurrency market.

The crypto price drop is not permanent. When the demand to buy crypto increases, the price of the crypto will also increase. Specifically, currently, there are more sellers than buyers in the crypto space. Price reversal can happen anytime from now. 

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As Ethereum Price Suffers, JPMorgan Strategist Hits The Asset With A 55% Lower Valuation

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picture of an Ethereum coin with a candlestick chart going through it

The past two days following the weekend close have not been the best for Ethereum. Along with the broader crypto market, the digital asset has suffered numerous dips that saw it break below $3,000 for the first time in a month. Although recovered back above $3,000, Ethereum continues to have a hard time maintain its position above this resistance point.

Although hopes are up in the community for recovery, a JPMorgan strategist has warned that the market is likely to see more dips that will drive the price of the digital asset further down. The strategist’s forecast essentially puts Ethereum in a bear market. Placing the bottom of the downtrend at less than half the current value of the digital asset.

Related Reading | Mid-Cap Altcoins Hold Onto Highs Better Than Bitcoin And Ethereum

Ethereum Is Overvalued

JPMorgan global market strategist Nikolaos Panigirtzoglou said that ETH’s fair value is actually much lower than its current trading range. The strategist put the asset’s fair value at $1,500, less than half of its current price. Unlike the rest of the market, Panigirtzoglou does not believe that the Ethereal network is the most attractive for investors, even though the price might suggest otherwise.

ETH price struggles at $2,900 | Source: ETHUSD on TradingView.com

The growth of ETH recently has been attributed to the growth of market applications like decentralized finance. Currently, Ethereum is the leading smart contracts platform, which has seen the highest development of decentralized finance protocols. But even this does not convince the strategist of ETH’s current valuation.

According to Panigirtzoglou, the actual valuation of the digital asset should be 55% less than it currently is. Panigirtzoglou points out that with growing competition from other blockchains like Solana and Cardano, Ethereum’s offering is no longer unique and “can easily be replicated by other networks.”

The Rise Of The “ETH Killers”

Panigirtzoglou elaborated on the growing competition for Ethereum, highlighting that there are just going to be more blockchains popping up to compete with the network in the future. The strategist brought up Cardano’s latest upgrade, which added it to the growing list of competitors for Ethereum. “You’re already seeing competition from Binance, competition from Solana,” Panigirtzoglou said. “And there are going to be more in the future,” he added.

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The rise of the so-called “ETH Killers” has certainly been an interesting turning point for the crypto industry. Although Ethereum still hosts the majority of smart contract-related activities in the market, blockchains like Solana have started creeping up to take more share from the leading blockchain. Giving credence to Panigirtzoglou’s belief that these blockchains will make ETH less valuable in the long run.

Featured image from Libertex, chart from TradingView.com
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