Yesterday we saw a massive drop in global cryptocurrency prices like Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB) and Polygon. Solana and Cardano, the fifth and seventh largest cryptocurrencies by market capitalization, saw prices drop as much as 8% as Bitcoin continued to be sold at the speculator price in a potentially higher interest rate environment. The global crypto market cap is 2.04 tons and has fallen over 8% in the last 24 hours.
Cardano (ADA) is down 8%, while Binance Coin BNB and Polygon prices are down 10%. EverGrow, a relatively new crypto, is up over 110% this week and is about to break out. The crypto recently passed the 125,000 holder mark in just 13 weeks of being launched. What is unique about EverGrow is that 8% of every transaction is converted into BUSD and distributed to the owners, while 2% is used for constant buyback and burning. EverGrow recently announced the distribution of $ 31 million in rewards and the launch of its utilities, which include the NFT credit ecosystem, content subscription platform, and play-to-earn games.
Bitcoin price is down 5.67% to $ 43,148. The reason for the sudden drop in the price of currencies like Cardano, Dogecoin and Binance Coin BNB along with the stock markets began after the Federal Reserve meeting where officials discussed the possibility of earlier and faster rate hikes and the shrinking of the Fed’s $ 8.3 trillion balance sheet.
2021 was a good year for cryptocurrencies, especially as currencies, Binance Coin stood out of all assets with the highest inflows in the last week. BNB managed to beat the top coins by a mile, bringing in $ 20.2 million. While Solana’s network went down last week, it did so for the third time in less than six months. Solana is often touted as a possible alternative to Ethereum.
Dogecoin has lost more than 8% in the past week and is trading at $ 0.1594. While Polygon’s Matic price appears to be in free fall, Polygon (Matic) could see a price spike as Polygon (MATIC) is among the top tokens whales are buying according to the latest WhaleStats data.
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