- The global crypto market cap stood at US$914.18 billion with a volume of 66.38% at 12:32 PM.
- Polygon, Uniswap, and Cosmos were some of the altcoins which were witnessing a healthy rally as opposed to Bitcoin, Ethereum, and Cardano.
The overall crypto market has been witnessing a bearish run in the last one month or so. The global crypto market cap stood at US$914.18 billion with a volume of 66.38% at 12:32 PM (GMT+1), according to CoinMarketCap. Though the global market cap has surged by 1.58% in the last 24 hours. In fact, it has fallen by over 25% in the last one month or so, according to CoinGecko.
With the crypto market struggling to shrug off its bearish sentiments, Bitcoin is currently managing to hold on to the US$20,000 mark for almost a week now. The leading crypto, which plunged to a low of US$17,708.62 on 18 June, had several investors fretting, despite the marginal 1.27% gain on 23 June. It has now 70% of its value since its all-time high mark of US$69,000 in November 2021.
Amid the market vulnerability, let’s look at possible alternatives, which the investors can consider amid the bearish market sentiment.
This is one of the cryptos that many market experts believe benefitted from the Terra (LUNA) collapse. In fact, post the fiasco, Terra' was forced to migrate to other networks, such as Polygon (MATIC). The move was beneficial for both the participants. Polygon CEO Ryan Wyatt and founder Sandeep Nailwal revealed that they are working with the Terra officials for a seamless Polygon transition.
This seamless platform focuses on Ethereum scaling and infrastructure development. At its core, Polygon SDK is a modular and flexible framework that supports building multiple applications.
In the last one week, the Polygon crypto has been up by 16% as opposed to Bitcoin, which was down by 8.8%. On 23 June, Polygon saw good traction on its platform as it was up by 25.90% around 12:32 PM (GMT +1) and was trading at US$0.509672 with a trading volume of US$93,86,97,136.
Uniswap is primarily a DEX platform that is known for facilitating the automated trading of DeFi tokens. Launched in 2018, the UNI token gained significant importance following the DeFi surge, which happened in 2021.
Focusing on the efficiency of DEX trading versus traditional exchanges, Uniswap keeps the token for those who hold UNI tokens. Besides, it offers better liquidity to DEX with automated solutions.
Users who contribute to the liquidity pools stand to earn rewards, along with peer-to-peer trading. This also gives them the advantage of supplying tokens to liquidity pools, trading tokens or even creating their own tokens.
In the last one week, the UNI crypto has been up by 25% as opposed to the second-most popular crypto Ethereum, which was down by 9.1%. On 23 June, UNI crypto was rallying at an impressive 8.20% and was trading at US$5.51 and a trading volume of US$27,07,61,655 over a day.
The 28-ranked Cosmos is throwing some heavy punches against another popular crypto Cardano. It registered gains of 4% over the past week in comparison to the ADA token, which was down over 11% in the same period.
Considered one of the unique projects, which can solve some of the toughest issues in the blockchain industry, the ATOM protocol offers a scalable infrastructure that allows various blockchain networks to communicate with each other.
On 23 June, the ATOM crypto was trading at US$7.61 with a trading volume of US$46,56,43,980 over a day and was witnessing a gain of over 10%. On the other hand, Cardano was in red and was down by 0.47%. It was trading at US$0.467005 with a trading volume of US$74,77,49,132.
While the overall sentiments of the crypto market may time to recover, altcoins are often considered a good option to expand one’s portfolio. Whether they will manage to continue the momentum or not remains to be seen, but for now, they have managed to steer clear of the leading tokens.
But under any circumstances and claims, one should note that crypto markets are highly volatile, and tokens’ prices can change at any given moment. Therefore, one must be careful while entering the market and make sure that he or she knows the nuances of the crypto market before making any investment decisions.
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