Bitcoin’s price plummeted in recent days as the founder of Coinbase was exposed for betting his company’s future on the volatile crypto asset. His personal wealth has plummeted to over $1bn. In defense of his company’s record, Saylor took to Twitter. The falling price of tech stocks is fueling fears of a wider economic meltdown, making investors less likely to buy assets.
In the midst of a cryptocurrency bear market, the value of NFTs has remained relatively stable. While Bitcoin and Ether are both down roughly half in value since early November, the top 100 NFT collections have suffered smaller losses and in some cases, gained value. In this article, we take a closer look at the recent market movements. The article also discusses a video that went viral and is a critical guide for crypto investors.
Ethereum co-founders stepped down
While the value of NFTs isn’t expected to grow dramatically in 2022, the NFT market has seen some major changes this year. The prices of ethereum, the blockchain used for most of the NFT transactions, have soared more than 180% this year, far outpacing the rise in bitcoin. NFT supporters point out that each token has a unique number, creating a sense of scarcity. That is great news for collectors and artists who want to get their hands on a rare piece. Funko’s CEO also noted the company’s investment in NFTs.
Nonfungible Tokens, or NFTs, are cryptocurrencies. As of March 2017, they had become a phenomenon. At the time of their emergence, a single bitcoin was worth $60,000, an increase of over 500% from the previous six months. These coins are largely owned by the wealthy. Some of them are even used as status symbols by the rich. But the most notable move came in March, when the price of one bitcoin soared to $60,000, a rise of more than 500 percent from just six months earlier.
Ethereum is world’s second-largest cryptocurrency by market value
Ethereum is the second-largest cryptocurrency by market value. It recently reached an all-time high of $1,440, breaking its previous record set three years ago. That’s a significant jump for the second-largest cryptocurrency, which has since dropped back to the lower end of that range. However, it is worth noting that ether’s recent rally has been spurred by a number of other factors.
Memecoins are trading far from their all-time highs
While memecoins have been making headlines, their prices are still far below all-time highs. Some experts believe that this is a sign of low demand and investors are attempting to cash in on the trend by buying cheap memecoins. Memecoins have been able to capitalize on the fear of missing out on a hot commodity. Here’s why.
Ethereum is delisted from Bittrex
As you may have heard, the cryptocurrency exchange Bittrex has delisted 23 tokens due to regulatory and performance concerns. Among these, Bittrex delisted a number of privacy coins like Mysterium and Apex. This move has fueled the cryptocurrency market’s rapid fall. While the reason behind the delisting has yet to be revealed, it is unlikely to be a good sign for Ethereum.