The crypto market started plunging yesterday, and by Monday morning, the global marketcap was down by 4%. Polkadot (DOT) and Binance Coin (BNB) are among the coins that posted a decline this morning to start the week on a low. This is at a time when their tough competitors, Bitgert (BRISE) and Centcex (CENX) were stable.
Polkadot was down 6% in the past 24 hours as of writing, while Binance was down 4.3% during the same period. On the other hand, Bitgert and Centcex had posted a very small decline, compared to these coins, and might recover it in the next few hours.
There are a number of factors causing the $BNB and $DOT to dump today and the plummeting market was just one of the reasons. The market has been plunging this morning and the impact has been spreading across the market.
However, there are other factors causing these coins to dump, with the impact of the raised interest rates being one of the triggers. The rising rates have been causing the stock market to plummet due to the massive withdrawals and the crypto market has been among the effect.
The growing competition in the crypto market is another reason Polkadot and Binance have been hitting lower lows. There are many upcoming promising coins that have been doing well in the market. Most of the big players, like Polkadot and Binance, are experiencing massive selling pressure as their investors sell to buy these new coins.
The adoption of the Bitgert and Centcex projects has been growing bigger, which is evident from the fast growth of the holders' count. These cryptocurrencies are attracting a lot of crypto enthusiasts, including big players' investors. This includes Binance and Polkadot holders.
Bitgert and Centcex have been some of the most competitive coins this year. This can be seen from the charts, where these cryptocurrencies have done better than all the big boys in the market. In fact, the massive developments that Bitgert and Centcex are about to drop are expected to make them even tougher competitors before the end of this year.
In conclusion, Polkadot and Binance bulls might make a comeback this week and recover from the current decline. However, Bitgert and Centcex shall remain stable even with bears running the market and might go bullish in the next few days. That's why more crypto investors are buying BRISE and CENX today.
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