5 cryptos to track in the current bearish crypto market

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Highlights

  • Bitcoin had dropped from US$57,000 to US$42,874 on Saturday.
  • Ethereum too had dropped below US$4,000 and had reached US$3,525.49 at one point of time.
  • Not just Bitcoin or Ethereum, the whole crypto market witnessed bearish trends.

The first weekend of December witnessed a flash crash, with the leading cryptocurrency Bitcoin dropping by 17% on Saturday. Bitcoin, which was trading at US $57,000 on Friday, dropped massively amid wild speculation sending the market into frenzy. Bitcoin had plunged to as low as US$42,874.62, before closing at US$49,200.70 on 4 December as per CoinMarketCap.

Ethereum suffered significant losses on Saturday too and dropped to US$3,525.49, before closing at US $4,119.59 as per CoinMarketCap.  Although both Bitcoin and Ethereum managed to pull back partially, but the overall market showed bearish trends.

Not just Bitcoin or Ethereum, the whole crypto market witnessed bearish trends. But amid all this, a few cryptos performed better than others and would be looking to consolidate its position in the last three weeks of the year. So, let’s look at 5 cryptos that the investors can keep a tab on.

Also read: Binance staging a comeback in UK markets

  1. The Sandbox

With the rise of metaverse, cryptos such as The Sandbox have gained prominence. The Sandbox is a blockchain-based virtual world, which enables the users to build, create, buy & sell digital assets during the game. With the power of DAO and NFTs, the Sandbox creates a decentralised platform for the gaming community.

The Sandbox is one of the critical cryptos to keep a tab on for in 2022 as the world of metaverse moves ahead and the market expands. It is bullish on its new SandboxAlpha, which would give the gamers a unique experience of creating their own unique avatars for the game.

At the time of writing this report, SAND is down by 13%, with it trading at US$ 4.91 with a 24-hour trading volume of US$2,03,29,85,724.

  1. Polygon (MATIC)

Ethereum-powered blockchain Polygon (MATIC) is one of the cryptos which has been witnessing a rally of late. MATIC aims to target issues related to speed and cost and complexities of transactions on blockchain networks. It has been one of the consistent cryptos, which has maintained its run throughout the year. MATIC, which on 1 January was priced at US$0.017, rallied to its all-time high of US$2.68 on 18 May.

Decentalised exchange IDEX, on 30 November announced its launch of V3 on Polygon network. It is expected to be world's first hybrid liquidity DEX on Polygon network. Polygon, in fact, is one of the cryptos which has been performing consistently over the past week registering gains of 5.61%.

At the time of drafting, it was trading at US$1.78 with a 24-hour trading volume of US$3,12,57,28.

Also read: GSX crypto: Why is it grabbing attention?

  1. Terra (Luna)  

The stablecoins has been one of the consistent performers in the crypto market this year. And Terra is one of the coins, which has performed well despite a bearish outlook from the market. Luna uses fiat-pegged stablecoins to ensure price stability in global payment systems.  With price stability feature and fiat currencies adoption with the censorship-resistance of Bitcoin, it offers fast and affordable solutions to its users.

Over the past one week, it has been seen a rally of 25.16% and at the time of drafting it was trading at US$60.49% with a 24-hour market cap of US$4,16,19,01,338.

  1. UNUS SED LEO (LEO)

Little-known UNUS SED LEO crypto is perhaps the only one crypto in the top 50, which is in green in the last 24-hour period. LEO is the native currency which is used across iFinex ecosystem. The crypto provides the Bitfinix users the option to save on the trading fees. The percentage of discount may wary on which trading pair will it be used for.

At the time of writing, UNUS SED LEO was trading at US$3.61 with a 24-hour trading volume of US$33,94,096 and was up by 4.15% in the last 24-hour period and 1.46% over a week’s period.

  1. Binance Coin (BNB)

Binance Coin is another crypto that the investors can keep an eye on during this bearish phase. The market experts are bullish on the BNB token which happens to be the native currency of Binance. The third-ranked crypto has been one of the better performers of late as compared to the leading cryptos, which are failing to make their mark.

BNB, which at one point had touched US$200 in May, pulled itself back and now is trending at US $550.42 with a 24-hour trading volume of US$3,07,90,79,783.


 

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