The cryptocurrency market has seen so much volatility in 2022, which could leave a permanent mark. Current market conditions are negatively affecting the world's most popular crypto–Bitcoin (BTC) is dead according to analysts. Stock market experts add that, for investors searching for a lifeline, it could be time to consider other cryptos.
Bitcoin is the most well-known coin in the world. However, the economic turmoil affecting most industries caused its price to drop by 55% in 2022. While its all-time high went over $68,000, BTC fell below $18,000 in recent months. As of this writing, the price of BTC is $20,093. But the worst may not be over for Bitcoin, as major governments seek to regulate it. The clamor for regulation comes on top of attempts to control inflation, which could affect the valuation of BTC. Investor sentiment could become unfavorable, creating limitations on the price of BTC.
One coin worth considering is GNOX, which is the token of the Gnox protocol. Gnox aims to establish a new standard in tokenomics where its price does not depend on BTC. The platform maintains a treasury for investing in DeFi yield earning protocols. The gains from this treasury go back to token holders, providing them with passive income. Gnox is, therefore, ideal not only for private but also institutional investors who are seeking to protect their portfolios as BTC faces a downturn.
Ethereum has always been in second place next to Bitcoin. Unlike GNOX, the price of Ethereum's coin, ETH, is affected by BTC. While that is the case, however, the ETH/BTC pairing has typically been focused on the future valuation of ETH rather than keeping investments in BTC. Moreover, ETH outperforms BTC in various ways, as a growing number of developers launch peer-to-peer exchanges, lending platforms, and other DeFi projects on Ethereum. These projects are boosting Ethereum's total value locked (TVL), which currently stands at $46.57 billion according to Defi Llama.
The biggest crypto in the world may be ending its reign, but that does not mean death for all other cryptos. On the contrary, Bitcoin's failure to maintain its stature could be making way for a new crypto king.
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