The crypto town has been tormenting the blistering heat of the deserted market trends. Meanwhile, Crypto assets seem to have refuted the 4-year market cycle theory amidst the lengthening cycle. The hope for the bulls to barge-in by the end of the year, now appears to be a mirage of sorts. The market cap of the coin industry is currently hovering at about $2.27 Trillion, which is down by about 2.7%.
Whilst the volume of trades for 24-hours are at $102,868,606,562. The dominance of Bitcoin is presently at 38.5%, whilst that of Ethereum stands at 20.0%. The space has been fearing another round of crash as wall street analysts foresee red painted charts. Meanwhile, crypto traders have been keen on utility chains like Ethereum, Solana, and Polygon.
Will Crypto Town Bulls Wrestle Against Wall Street Bears?
The folks from exchange markets are anticipating the U.S stock market to exhibit red painted charts with the start of the week. The repercussions of Wall Street having a bad day does hamper other markets. The fear of another crash prevailing from the stock market has left merchants jittery. As it could end the remaining weeks with negative gains.
However, certain sections have been taking the market cycle sportingly, with their bags ready for dips. Netizens are also pondering over the possibility of stock buyers trading their holdings for cryptos in view of a negative impact. However, the implications can be expected to be short-lived.
On the other hand, analyst cites that the crypto market is starting to behave like tech stocks. Further citing the early volatility, then a rally northwards with the turbulence mid way. The industry might witness the end of the 4-year cycle theory in the midst of the market wide lengthening cycle.
The Growing Dominance Of Utility Chains?
Ethereum (ETH)
The second largest cryptocurrency and the star utility chain is never off-radar. Ethereum has been holding its dominance firmly at 20% against that of the market leader’s dominance, which has been ebbing lately. The presence of Ethereum across industry genre’s has always been its USP.
The growing stout dominance of Ethereum has been instilling faith in altcoiners of an incoming alt season. With the ETH 2.0 upgrade, emerging sectors like metaverse, and NFTs in picture, we can expect ETH claiming higher cliffs in 2022.
Solana (SOL)
The Ethereum killer has been making its presence felt amongst tech savvies of the crypto industry. The increasing number of integrations, adoptions, and collaborations has assisted the protocol’s bullish move in the recent past.
Solana has been flourishing in the booming world of NFTs. With renowned personalities and celebrities launching their NFTs and NFT platforms built on Solana. The platform could resume its bullish move with the commencement of alt season.
Polygon (MATIC)
The growth metrics of Polygon has been putting bigger protocols in the shade. The protocol has been flourishing with an increasing number of adoptions, integrations. Polygon has been catering to multiple projects, with the perks the platform has to offer over the utility kingpin. The network’s foray into the gaming sector and metaverse projects could take it leaps and bounds ahead of today’s time.
Collectively, the implications of the wall street’s price action could have little implications on the crypto market, which should be short-lived. On the contrary, The aforementioned alt coins have been the talk of the crypto town. The communities of the respective assets has been raging ahead of other contenders, which is imperative for any crypto. With the growing utility we can expect Ethereum, Solana, and Polygon to be potential flag bearers of the alt season.
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