Bear markets are nothing new. Nobody likes them, but they happen frequently enough that the established leaders know how to deal with them. The cryptocurrency market is still in its infancy. There are dangers and shaky technologies, and many of them are failing spectacularly recently.
Bitcoin and other cryptocurrency assets are notoriously volatile, frequently experiencing 50% or greater drops. This does not appear to bother crypto's ardent supporters, who have grown accustomed to such drops. They simply use the decreases to purchase more. Even so, many people in the space recall "crypto winter," the period between early 2018 and mid-2020 when prices fell and stayed down, and much of the crypto innovation came to a halt.
Most smart people agree that the blockchain technology that underpins cryptocurrencies has enormous potential, though we don't know what it will look like in ten years. Venture capitalists believe it, and they've made numerous Web3 (decentralized internet) investments in exchange for tokens. Non-fungible tokens, or NFTs, have made huge fortunes. However, the value of all of these assets has plummeted in recent months.
If you own a crypto basket today, as I do, it will most likely be worth much more in the future. Nobody knows how much more there is and when it will end. Crypto will experience another winter, but from that neglect will emerge a new bull market, led by a handful of cryptocurrencies that will grow far beyond what exists today.
Confidence fades from time to time, but it always returns. Perhaps, instead of Web3 and NFTs, different technology will capture the imagination. It is worth noting, however, that many dot-com survivors, including Amazon, Facebook, and Google — and even eBay — went on to be spectacular winners. The capital markets function as a giant sorting machine, weeding out bad ideas and rewarding good ones.
3 Unexpected Altcoins I'm Optimistic About
Altcoins, which are cryptos other than Bitcoin, has also plummeted. Crypto markets have largely tracked the stock market, which has been in the red due to high inflation and global economic uncertainty. Despite market volatility, here are three altcoins I'm keeping an eye on.
1. STEPN $GMT
STEPN (GMT) was founded less than a year ago and has quickly grown to become one of the most popular. In one significant way, STEPN differs from other cryptocurrencies. Users can obtain this cryptocurrency by exercising. One of STEPN's objectives is to promote a healthy lifestyle by utilizing a new concept known as "move-to-earn." Move-to-earn apps enable users to generate passive income by simply exercising.
The creators of STEPN describe it as a "Web 3 lifestyle app with social-fi and game-fi elements.STEPN encourages its users to socialize with one another while living a healthier lifestyle. Users can earn rewards for walking, jogging, or running outside and monetize their daily exercise.
2. Trader Joe $JOE
The JOE token is the native token of Trader Joe, a decentralized exchange (DEX) that runs on the Avalanche (AVAX) blockchain. JOE's creators hope to provide everyone with a one-stop shop for decentralized finance (DeFi). Decentralized exchanges enable investors to trade anonymously and without the use of a third-party intermediary, resulting in non-custodial transactions.
Users can "Trade, Stake, Farm, Pool, and Lend" on this trading platform. By yield farming, investors can earn rewards with their JOE tokens on the platform. They can lend, borrow, or stake coins to earn interest and speculate on price fluctuations.
Investors can also contribute liquidity in order to earn reward tokens. Staking is a common practice in cryptocurrency that involves locking up your tokens to help support the blockchain network and confirm transactions. Because rewards compound indefinitely, the longer you stake your tokens, the more you can earn.
3. Lido $LDO
Lido is an Etherum staking solution in liquid form (ETH). Lido allows its users to stake tokens from various networks. Investors can earn tokens by staking their ETH without locking up their assets or having to maintain infrastructure. On top of the staking rewards, investors receive a token called stETH. stETH balances can be used to earn yields and lending rewards just like regular ETH. Staking rewards can be received in real-time by investors.
stETH is pegged to their initial ETH stake and can compound indefinitely across the DeFi platform. According to Lido's website, the platform's total staking assets exceed $9 billion, with more than $400 million in total rewards paid out. With thousands of cryptocurrencies on the market, finding hidden gems can take time. Investors may benefit from these three cryptocurrencies. However, as with all cryptocurrencies, you should exercise caution and only invest funds that you are willing to lose.
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