by Analytics Insight
February 27, 2022
Bitcoin price suddenly fell from nearly $39,000 to $34,529 in 24 hours.
Bitcoin fell to its lowest price for a month after Russian forces began invading Ukraine. The world’s largest cryptocurrency fell 8% in one day to a price of $34,324 as rivals Ethereum, Solana and Shiba Inu all fell 10%. The impact of the war in Eastern Europe saw $160 billion disappear from the crypto industry in just 24 hours.
Cryptocurrencies aren’t the only investments losing value this week. Europe’s Stoxx 600 index fell 2.6% after its open on Thursday (February 24th), while analysts expect the S&P 500 to fall 7%.
The start of 2022 saw claims that Bitcoin was “digital gold,” signifying a powerful investment hedge during current times of high inflation. However, the Russian-Ukrainian crisis proved that this was not the case. Cryptocurrencies fell in step with macroeconomic conditions.
But will the cryptocurrency industry always be like this? In this article, we’ll look at what analysts are predicting for Bitcoin over the coming year, and from the EverGrow Coin camp on how cryptos can generate their own trading volume to avoid bear markets.
Bitcoin – a risky asset?
Bitcoins The symbolic price suddenly fell from nearly $39,000 to $34,529 in 24 hours as Russia began attacking Ukraine by land and sea. Of course, Bitcoin was not the only economic victim of the outbreak of war in Europe. Global stocks and US bond yields also fell. And yet, despite claims that Bitcoin was the new “digital gold,” the top crypto tumbled as oil prices, the dollar, and real gold soared.
According to Joseph Edwards, head of financial strategy at Solrise Group, this trend was understandable. “We’ve seen what we expected so far – BTC and crypto markets follow stocks,” he said. “All things tend to be correlated in crises, and we expect the same here, so the worst is likely to be in store in the days to come.”
Vijay Ayyar, vice president of business development at crypto exchange Luno, suggested that Bitcoin will fall to a low of at least $30,000 over the next few weeks. The real test will be whether BTC falls to prices of $28,000 and $29,000 seen last July. If Bitcoin even falls below that, Ayyar predicted lows of $20,000 for Bitcoin in the coming year.
According to Chris Dick, a trader at crypto market maker B2C2, the correlation between the crypto market and stocks has been high following inflation-related macro news and the Russia-Ukraine crisis.
“This correlation shows that Bitcoin is firmly behaving like a risk asset right now – not the safe haven it was supposed to be a few years ago.”
EverGrow Coin – the crypto box for self-generated volume
While most cryptocurrencies have suffered through bear cycles this year, a newcomer to crypto has been pushing the #cryptopositive hashtag. This newcomer is EverGrow Part, launched in September last year. After quickly becoming the top rewards token paying rewards in BUSD (over $34 million to date), the crypto has now set its sights on a higher ideal – beating the bear market.
The problem identified by the EverGrow team is how to maintain trading volume during high-risk periods. Instead of creating another crypto token designed to be used as currency, EverGrow has integrated public services into its ecosystem while developing new projects to generate revenue and revenue for coin holders, regardless of the actual price of the coins. coins from EverGrow Coin. EverGrow distributes 8% of all purchases, sales, and transfers to BUSD coin holders’ wallets. An additional 2% tax is used to buy EGC from the market and send it to a burning wallet, driving up the price of EGC and creating more BUSD rewards.
The EverGrow team has announced the imminent rollout of the world’s first crypto-integrated social media platform, Crator. The platform pays content creators in EverGrow Coin, other cryptos or fiat currencies in tips and subscriptions. Along with advertising revenue, all proceeds will be used to redeem EGC, which will increase prices and generate more rewards for coin holders.
According to EverGrow Coin president and investment expert Sam Kelly calls it a way for crypto to generate its own “utility trading volume to separate it from bear market cycles.”
The move is exciting for cryptocurrency traders in 2022, and many analysts are pitting EverGrow Coin for jumping into the top 20 top cryptos this year. The current coin price is $0.0000004767 while EverGrow sits at a market cap of $300 million.
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