Trading lackluster, Bitcoin (BTC) is struggling to hold above the $47,000 resistance level and not lose the $42,000 support as the market-leading cryptocurrency has been posting consecutive days down.
Speculation of a recession, as the 30 and 5-year Treasury yield curves inverted for the first time since 2006, has sent BTC tumbling down more than 8% in less than 3 days.
Source: Stockcharts.com
However, as noted by the analyst Mike Ermolayevhead of PR at ChangeNOW, BTC has broken above the 50-week moving average for the first time and established trades above it.
“That is a sign that underlying momentum may be building. Also, April is a traditionally bull month for stocks and cryptocurrencies. I already noted that the Russo-Ukrainian war brought to light a fascinating aspect of cryptocurrency, which could act as a store of value and medium of exchange that could help reduce the humanitarian costs of war and sanctions,” he said.
According to him, gold was once considered a safe haven in times of war, but now it is clear that cryptocurrencies are becoming a viable alternative to it and fiat money, and there is no doubt that its adoption will continue to grow.
Governments do not want to miss the cryptocurrency train.
Ermolaev highlights that the British government is studying the possibility of incorporating stablecoins into the UK payment system and working with the Royal Mint to create a non-fungible token (NFT), seeking to become a “world center” for cryptocurrencies.
Meanwhile, the analyst also notes that the European Union Committee has backed stricter KYC and AML rules for “non-hosted” private wallets, requiring any transaction worth more than €1,000, or $1,100, to be reported. to the authorities.
To become law, the new rules must be approved by the EU Parliament, the European Council and the European Commission, and if there is no opposition, it will take between nine and 18 months for the cryptocurrency sector to fully comply with them.
“This has provoked a strong reaction in the cryptocurrency sector. Thus, Pascal Gauthier, CEO of Ledger, a digital wallet company, bluntly declared that the “EU Parliament chose fear over freedom”. Coinbase CEO Brian Armstrong compared this absurd regulation proposal to the EU requiring your bank to report you to the authorities for every payment over €1,000 you make,” he said.
All of this, he said, is affecting the value of Bitcoin and, with it, the entire cryptocurrency market, and until a “reasonable balance” is found, this could limit the potential of crypto assets.
5 cryptocurrencies that have risen more than 300%
However, the analyst points out that while Bitcoin and Ethereum are suffering from investor fears, many altcoins have ignored the recent drop and continued to climb posting highs of more than 300%, one of which exceeded 10,000% appreciation. .
“Among all sectors, the decentralized exchanges sector was the best performer, returning 54.15% last month. The DeFi sector came in second, with a return of 44.58%. Another highlight was that of smart contract platforms, which guaranteed a return of 37.17%,” he said.
Given this, the analyst pointed out 5 cryptocurrencies that have risen more than 300% in the last 30 days and that he believes can continue the bullish rally.
Crypterium (CRPT)
Crypterium (CRPT) is one of the native tokens of the Choise.com MetaFi (CeFi/DeFi) ecosystem, built on top of the Crypterium CeFi and Charisma DeFi protocols that reinvent the way protocols work with CeFi.
“Following the listing of CRPT on Coinbase, Huobi, and Crypto.com, the price of the token skyrocketed and trading volumes continued to increase,” it notes.
Source: Messari.io
THOR Chain (RUNE)
ThorChain’s consensus algorithm is proof of stake and built on top of Tendermint (Cosmos), with network validators (nodes) required to bind its native token, RUNE.
The integration of the ThorChain synthetic assets has greatly contributed to the growth of RUNE. THORChain synths are unique in that they are backed by half of the asset and half of RUNE instead of 100% of the asset itself.
“To create synthetic versions of digital assets, users add RUNE or the underlying crypto assets to a THORChain liquidity pool. As network usage increases, the value of RUNE increases. The more liquidity placed in the pools of ThorChain’s liquidity, the higher the value of RUNE will be. Thus, it has surpassed Bitcoin by 100.74%,” he said.
Source: Messari.io
SKALE Network (SKL)
SKALE Network is an open source, decentralized blockchain network designed to scale Web3 applications. A layer above Ethereum, SKALE chains are configurable, application-specific blockchains.
They can run stateful smart contracts, run rollup contracts (a layer 2 scaling solution), support decentralized storage, and run machine learning algorithms using the EVM, making Web3 applications competitive in terms of cost and performance.
There has been a sudden surge of interest in SKL prior to the release of SKALE v2.0 and due to the increased exposure of the project at a recent NFTLA networking event hosted by Blockdaemon.
“SKL has moderate volatility with a low risk/reward reading, meaning there is little price manipulation and the token enjoys moderate price swings. It has outperformed BTC by 92.42% on a monthly basis,” analyze
Source: Messari.io
NOW Token (NOW)
NOW Token is the native digital cryptocurrency of the non-custodial cryptocurrency exchange and processing service ChangeNOW. NOW is issued on the Ethereum and Binance blockchains, allowing users to choose the ERC-20 or BEP-2 token that best suits their needs.
Platform customers can use NOW tokens to pay for services in its ecosystem and receive cashback in NOW tokens for each transaction they make. Users can also stake NOW tokens, earning up to 25% annual returns.
“As the ChangeNOW ecosystem grows, the value of NOW Token is expected to rise as well. It has outperformed Bitcoin by 36.90% per month,” he said.
STEPN (GMT)
The analyst points out that in the last seven days, GMT has risen 182.1% and in the last two weeks, it has gained 575.9% and the token continues to rise, having reached close to 3 dollars on April 1 and although It has fallen back to $2.30 and continues to be listed among the main trends on Coinmarketcap.
STEPN, a project of Find Satoshi Lab, an Australian fintech studio, is the first to bring a move-to-win concept to life. By using web3 technology, STEPN aims to lead millions of users towards a healthier lifestyle.
The STEPN app combines gamification and social elements. Users can earn GST while walking or running outdoors. Tokens can be used to level up and buy new trainers. NFT trainers can be rented or sold in the app’s Marketplace. GST earnings are stored in the app’s wallet, which includes an exchange feature.
“It’s important to note that GMT’s market value is still relatively low compared to other projects, so there may be some additional volatility before things stabilize,” he notes.
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