The crypto-verse witnessed yet another market crash on Thursday, which has wiped out approximately $20 billion in market cap in the last 24 hours. The crash has pulled down the majority of blue-chip projects which were hovering near their ATH. Polygon, Harmony, and Fantom tokens lost 10.19%, 14.56%, and 11.21% in their valuation.
Veterans across the crypto-verse appeared to be hesitant to plot any plan of action as tapering of interest rate hikes has been prevailing. In the interim, amidst all the negative sentiments over the past couple of months, few altcoins were really profitable. Even they perhaps remained invulnerable to January 5th market crash. The community is now pondering over questions of what actually went wrong amidst agile fundamentals and wide acceptance.
Crypto adoption was at its peak in 2021 and reached 300 million by December. Currently, the adoption rate is at 3.3%, if the similar growth continues this year too we may reach the one billion mark this year. However, cryptocurrency mass adoption is soaring. And once Fed pops the stock market, there is a high chance of big capital inflow towards crypto.
Polygon really had good growth over the past 6-months. It was all set to surpass $3 with its recent launch of EIP-1559 on its mainnet. This time it has fallen into FUDs over US Feds interest rate hikes.
Harmony was legging up to new ATH with its plans of expansion in DAO, Web3, and NFT space, but volatility didn’t allow its price to remain at a high price range. Fantom was not the exception, despite its agile fundamentals and record-break TVL growth in 2022, negative crowd sentiments pulled down the price to its local lows.
Collectively, the dips appear to be transient, and veterans across the space proclaim that investing in crypto now is front running the vast majority of the smart money institutional players. Although traders are panic selling owing to the FUDs, these types of market conditions just create an opportunity.
Like we have seen how the Chinese blanket ban impacted crypto, and how cryptos bounced back at a brisk rate. The current scenario looks similar, and once things settle down, including Bitcoin, the growth of blue-chip cryptos will be inevitable.
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