Why Altcoins Like Cardano Were Recovering on Saturday

What happened

Will the Great Cryptocurrency Winter End? That is a big question in the minds of many crypto investors on Saturday afternoons and evenings, as many altcoins begin to divide their losses into what appears to be – mind-boggling – open stages of recovery. Back after a terrible week.

An important example of this is Canano (Crypto: No)That fell just 3% in slow trading. Cardano was down 16% in the previous 24 hours that day. Two friends, Ghost (Crypto: FTM) And Binance Coins (Crypto: BNB) Followed by a similar pattern, with a percentage decrease of 12% and almost 22% for Fantom and 6% and almost 13% for Binance Coin.

Smiling people sit at desks using computers and tablets at the same time.

Image source: Getty Images

So what

Expanding on Cryptoverse more broadly, it seems that tokens with more utilities and / or more potential in their blockchains are declaring narrower losses and faster recovery.

Cardano, Fantom, and Binance Coin are all on some of the most successful (and high) blockchain projects in the industry. In the case of both Cardano and Fantom, they are seen by many as front-runners to beat Ethereum Close its perch as a leader in smart contract functions.

Meanwhile, Binance Coin is the original symbol of Binance, which happens to be the largest cryptocurrency exchange on the planet. Originally used primarily as a trading platform, Binance Chain’s ecosystem has expanded to integrate other basic trading and investment forms that can be purchased directly with Binance Coin.

Now what

Of course, this real recovery could be the product of buying opportunities from investors who believe the wider cryptocurrency market has hit or is nearing the bottom.

So we should be careful here. However, in my opinion, the main factors driving the recent process are still in place: the measures to curb inflation planned by the monetary authorities, including a likely rate hike. Depending on the steepness and suddenness, they can still withdraw a lot of investor capital from additional speculative instruments such as currency.

This article or section needs sources or references that appear in credible, third-party publications. We are crazy! Asking even one of our investment thesis helps us all think critically about investing and make decisions that help us become smarter, happier and richer.


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