Decentralized Finance (DeFi) tokens were among the cryptocurrencies that have plummeted after the big market correction that took place the previous day. DeFi is a thriving industry offering traditional financial services like lending and borrowing, but without a centralized asset like an exchange or broker.
According to SafeTrading, projects like Aave, Uniswap, Chainlink, and Terra saw an average decline of 20% in a short period. Leading cryptocurrencies Bitcoin and Ethereum plummeted in minutes. About 48 hours ago, there was a significant upward sequence in the cryptocurrency market. While Bitcoin climbed to $ 52,700, Ethereum was trading at the $ 4,000 border.
As a result of yesterday’s development, El Salvador became the first country to accept Bitcoin as a legal currency. After new binance signals, BTC accelerated, but, as expected, the fall was inevitable. While BTC fell to $ 43,000, the total value of the cryptocurrency market fell 13%. Within a few hours, Bitcoin lost 11%, while Ethereum lost up to 15%.
Losses Reach Double Digits
Chainlink, an Ethereum-based oracle that provides on-chain data for smart contracts, is trading at $ 27 at the time of this writing, which means a 16.4% pullback in the last 24 hours. Additionally, Uniswap has lost 14% in the last 24 hours and is trading at $ 22.
The Aave Decentralized Lending Protocol fell 12% and continues at $ 315. PancakeSwap recorded a 17% retracement, while Terra recorded an 8% retracement. On the other hand, while the value of the global cryptocurrency market has dropped by about 10% by binance signals, the double-digit losses seen in DeFi tokens show how badly this sector has been hit by the current correction.
These Altcoins are a Great Opportunity as the Market Drops!
- The Cryptocurrency market is undergoing a major correction. In a losing market, Bitcoin trades at $ 45,400 and Ethereum at $ 3,300.
- Altcoins have been hit by the fall. Depreciation is expressed in double digits. Are these levels a buying opportunity? A well-known analyst from SafeTrading analyzed two altcoins.
The analyst informs his followers that he has seen a decentralized network of oracles vastly outperform Bitcoin in the coming weeks. He claims the LINK price could also rise in the next 4-6 weeks.
- “I think people are fixated on LINK. Huge events are taking place in front of people, and I would not be surprised if the price becomes much higher in the next 4-6 weeks. “
According to the SafeTrading analyst’s chart, the LINK / BTC pair appears poised to face significant resistance en route to the 0.0011 BTC target, which is worth $ 57.82 at the time of writing. This represents over 100% of LINK’s current $ 26 value.
The crypto trader also noted that he is following the Polygon Level 2 Scaling Solution (MATIC), which he said has accepted resistance at $ 1.62 and is poised to break the all-time high of $ 2.70. MATIC is currently trading at $ 1.24.
- “Probably, the flags will be raised and dispersed shortly. I really like this chart and it has FA (fundamental analysis). “
Algorand (ALGO), a cryptocurrency for payments and blockchain for decentralized financial applications, is poised to overcome its long-term cross-resistance to start a new upward trend. The fall in the market did not affect ALGO. At the time of writing, it is trading at $ 1.53.
Ethereum (ETH) Price Prediction from Banking Giants
Analysts at Standard Chartered are forecasting a bullish trend in the leading altcoin, as well as sharing important data on Ethereum (ETH). Vitalik Buterin proposed a solution to the problem of high gas charges in the Ethereum network, proposing to completely transfer NFT to level 2. However, the volume of transactions at level 2 of Ethereum exceeded the indicators of bitcoins.
Banking Giants Forecast.
The adoption of Layer 2 scaling protocols has followed the rise in Ethereum gas prices. ETH Layer 2 protocols process over 250,000 transactions per day. Standard Chartered, a leading global bank, has priced Ethereum between $ 26,000 and $ 35,000.
Standard Chartered, a multinational British banking giant based in London, has released a report on Bitcoin (BTC) and Ethereum (ETH). The report includes statements about structural situations and the economic use case for Ethereum. Standard Chartered analysts noted:
Structurally, we value Ethereum between $ 26,000 and $ 35,000.
While Ethereum (ETH), the second most popular cryptocurrency, is consolidating, dropping nearly 20% in the last 24 hours, proponents of traditional finance are predicting a bullish trend for ETH. Alameda Research CEO Sam Trabucco shared his thoughts on the Ethereum price pullback. Futures contracts are trading at a high premium, indicating aggressive buying. In this case, a sharp price correction ensues, which offers investors the opportunity to buy from below.
Another factor that likely triggered the decline is the sharp increase in transaction fees on the Ethereum network. Co-founder Vitalik Buterin explained this by increasing the NFT in the Ethereum blockchain. Buterin proposed to completely transfer NFT to second-tier solutions to avoid high gas charges.
Vitalik Buterin shared his thoughts on the Ethereum Research blog, where he proposes to transfer NFT to full-scale solutions. Buterin notes that existing EVM-enabled aggregation platforms are centralized. Despite the Ethereum price correction, the development of the Ethereum ecosystem confirms the upward trend in the price of altcoins.
A Cryptocurrency That Wins Even in a Crisis!
New and powerful projects can be profitable even in times of crisis. Bringing new breath to the cryptocurrency markets, Near Protocol delighted its investors, despite the crisis in the cryptocurrency markets, and became the most profitable cryptocurrency money of the day.
On September 7, many cryptocurrencies, especially bitcoin, lost 15% or more in value. Overall, the cryptocurrency market has hit over $ 250 billion. Despite this, NEAR continues to delight its investors. NEAR is the most profitable cryptocurrency of the day with a premium gain of 25% or more. At the time of writing, NEAR is trading at $ 8. With a market cap of $ 3.6 billion, it is ranked 39th on CoinMarketCap.