Yesterday, we witnessed a massive drop in global cryptocurrency prices like Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB), and Polygon. Solana and Cardano, the 5th and 7th largest cryptos by market cap, saw a drop up to 8% drop in prices as Bitcoin continued to sell off as speculators price in a potentially higher interest rate environment. The global crypto market capitalization is $2.04T, dropping by over 8% over the past 24 hours.
Cardano (ADA) was down 8%, while Binance Coin BNB and Polygon prices have declined by 10%. EverGrow, a relatively new crypto, is up over 110% this week and is on the verge of breaking out. The crypto recently beat past the mark of 125K holders in just 13 weeks of launch. What’s unique about EverGrow is that 8% of every transaction is converted to BUSD and distributed among holders, while 2% is used for constant Buyback and burn. EverGrow recently announced $31 million in rewards distribution and launch of their utilities that includes NFT lending ecosystem, Content subscription platform, and Play to Earn Games.
Bitcoin price has declined by 5.67% to $43,148. The reason for the sudden fall in prices of currencies like Cardano, Dogecoin, and Binance coin BNB along with stock markets started after the Federal Reserve meeting in which officials discussed the possibility of earlier and faster interest rate hikes and shrinking the Fed’s $8.3 trillion balance sheet.
2021 was a good year for crypto as currencies especially, Binance Coin, of all the assets, stood out for being the highest inflows for the last week. BNB managed to outperform the top coins by a mile, Bringing in $20.2 million. While last week Solana’s network went down, which happened for the third time in less than six months. Solana is often touted as a possible alternative to Ethereum.
Dogecoin has shed more than 8% percent in the past week and is trading at $0.1594. While the Polygon’s Matic price seems to be in freefall, Polygon (Matic) Might see a surge in prices as, according to the latest WhaleStats data, Polygon (MATIC) ranks among the top tokens purchased by whales.
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