The crypto market has been stuck in a rut. As the much-talked-about supercycle escorts the digital assets to yet another series of corrections. The coin market has shed market capitalization by about 5.1%, which is now at $2.25 trillion. The fear and greed index of the crypto industry is currently at extreme fear at a degree of 21.
Which is up since the previous day’s rating of fear. Meanwhile, FUD has been creeping in the space, as digital assets in the directories continue to signal “RED”. The shift in the market cycle has been concerning not one but many in the industry. In the interim, a crypto advocate sheds light on the plan of action for utility projects like Solana, Cardano, and Polkadot.
Are Utility Projects Now In Jeopardy?
The crypto advocate enlightens that the market has pumped to uber levels every time it has gone to extreme fear levels. He is bullish on the industry in the long term, despite the short-term being the other way round. The plot of the fear and greed index rhymes with that of the star cryptos. Where the digital asset has seen bullish moves following corrections in September.
Utility projects like Solana, Polkadot, And Cardano have had miserable price projections on the charts. While Solana and Polkadot have sketched greener numbers prior to the corrections. Cardano has been range-bound despite the ecosystem excelling at utility fronts.
The Ethereum killer has seen a decrease in price off-late. The reason for this is expected to be the relatively slow blockchain production for the past week. The drop in network speed, with the TPS falling. And the recent DDOS attack. Which collectively have supplemented the corrections in the market.
The network analytics has been hampered by concerns revolving around capital outflows from the altcoin network. The investments the protocol has received in view of the para-chain auctions are now moving towards profit-yielding assets. Wherefore, the protocol is witnessing an increase in the outflow of capital.
The fall of the statistics with Cardano has been the concerns about the network’s ability to roll out new updates at a quick and efficient pace. Which has been tormenting the growth of the network. Despite the blockchain receiving impetus in the form of DEXes, dApps, amongst others. However, big money investors continue to HODL the digital asset, for its fundamentally flourishing traits.
Collectively, while Polkadot and Solana still hold positions to get in. The statistics with Cardano could seem bleak until a major update rolls out. However, the projects built on the Cardano network might seem apt in the short term. Hopefully, the switch in the market cycle makes way to the alt season, which could help digital assets rebound from current blues.