Cryptocurrencies fell further this week as the FTX saga continued to unravel, afflicting the crypto market and exacerbating the crypto winter. Investors continue to wonder how deeply FTX had rooted its rot into the industry's corners, leading to a loss of faith.
This week, previous giants Ethereum (ETH) and Avalanche (AVAX) top the charts with poor performance, while Snowfall Protocol (SNW) emerges as investors' savior.
Last week, FTX's drama continued when a malicious attacker drained over $477 million in cryptocurrency from the exchange. The attacker then swapped 25% of the stolen ETH for renBTC and later for BTC. Ether (ETH) reacted to the price pressure by falling 7% in a single day. The token broke through the $1200 price barrier, reaching a new weekly low of $1118.64 at one point. At the time of writing, ETH was trading around $1199.
The recent event, combined with Ethereum's (ETH) consistently awful year, has resulted in low investor confidence among ETH maxis. Since 2022 started, ETH has shed nearly 75% of its value. The market is still very bearish, and another downturn could easily push ETH below $1,000.
Avalanche network (AVAX) claims to provide faster transaction execution at a low cost. When the network's token, AVAX, first hit the market, it appeared to be a promising investment, rising to a high of $146 in November 2021. However, AVAX, like most crypto projects with a lack of long-term viability, was quickly dumped when early investors left.
The free fall did not end there; Avalanche (AVAX) has continued to go down and is now trading at just $12.75. What's more, the token continues to threaten a key support level of $11, suggesting that the downward movement may not yet be exhausted. If AVAX falls below this level, it could be trading at $4.20 in no time.
There are a lot of "dead bodies" in the cryptoverse, thanks to the bears. Projects that were already standing on shaky ground were the first to fall, but now even titans like Ethereum and Bitcoin have been forced to their knees. However, with an impressive price performance, one project has defeated and amazed the bears and competition.
Snowfall protocol (SNW) has been on a constant upward trajectory for quite a while now. The project, which is currently in the presales stage, saw a 500% uptick when it opened its second round of presales. Yes, the first round was such a hit new investors couldn't wait to participate in the second round! The second round is also almost sold out at $0.045.
In its field, snowfall protocol is a pioneer. It's the first cross-chain transfer ecosystem for both fungible and non-fungible tokens. Their dApp facilitates easy asset swapping between EVM and non-EVM compatible chains. Snowfall protocol is constructing the highways needed by millions of people to communicate to every blockchain, and they invite you to join the Snow Army. Previous giants Ethereum (ETH) and Avalanche (AVAX) top the charts with poor performance but Snowfall protocol AKA Snow Army.
How to join, you ask? Just register for the presale today at: https://presale.snowfallprotocol.io
to set yourself up for up to 1000% returns when Snowfall gets officially launched.
Website: https://snowfallprotocol.io
Telegram: https://t.me/snowfallcoin
Presale: https://presale.snowfallprotocol.io
Twitter: https://twitter.com/snowfallcoin
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