The crypto market has been rebounding from the crypto winter this year, but it hasn’t been a smooth ride upward for many tokens. Lately, every week of gains seems to be matched by a week of losses.
That’s been especially true this week for major tokens like Ethereum and Litecoin. Ethereum is down 1.5% in the past 24 hours, eliminating the gains from an otherwise bullish week. Meanwhile, Litecoin is down 4.6%.
There doesn’t appear to be breaking news or a significant tweet causing the decline in these market dominating tokens. Instead, the root of the slide appears to be a general bearishness about the crypto market over the past day.
Sideways Price Movement on the Horizon for Crypto Majors
While prices have been hit hard in the past day, the news around crypto majors isn’t all bad. Ethereum is only down 2.50% over the past month and Litecoin is down just 0.3%.
However, the horizontal and slightly downward movement shows that a malaise remains that the crypto market is having trouble shaking.
The industry has been hit hard by rising interest rates, increasing regulatory scrutiny, and continuing fallout from major scandals like the collapse of crypto exchange FTX. Institutional investors remain wary of the crypto market and many firms appear to be sitting on the sidelines, waiting to see what happens next.
The sideways price trend could remain in place for a while to come. Both Ethereum and Litecoin are sitting in between support and resistance levels, so there isn’t a consolidation happening before a potential breakout.
As the past month shows, prices are likely to keep oscillating in the absence of a major news event.
Bitcoin BSC Bucks Market Trend with $3.6 Million Raised, 92% Sold Out of Presale Soft Cap
Although crypto majors are struggling, some emerging crypto tokens are faring better. Bitcoin BSC has raised more than $3.6 million through its ongoing crypto presale and is now 92% sold out of its soft cap.
The project’s success is thanks in large part to the advantages it delivers over the original Bitcoin. Unlike BTC, which runs on the Bitcoin blockchain, Bitcoin BSC is built on Binance’s BNB Smart Chain.
The BNB Smart Chain is hundreds of times faster than the Bitcoin blockchain at processing transactions, making it more suitable for DeFi, trading, and more. It’s also far cheaper, enabling investors in Bitcoin BSC to send tokens without paying exorbitant blockchain fees.
The difference in price could allow Bitcoin BSC to be widely used for everyday peer-to-peer payments—something that Bitcoin has long promised, but never fully achieved.
Another major benefit to Bitcoin BSC is that investors can stake the $BTCBSC token. This not only helps validate transactions on the network, but also offers stakers a chance to earn additional $BTCBSC.
The token is designed so that staking rewards are paid out every 10 minutes, on the same schedule as Bitcoin block mining rewards. Nearly 70% of the total token supply is locked for staking rewards, so Bitcoin BSC will pay out rewards until around 2140.
The amount of $BTCBSC stakers earn is directly proportional to their fraction of tokens in the staking pool. So, early investors can earn huge rewards when the circulating supply of $BTCBSC is still very small.
Bitcoin BSC is priced at only $0.99 during the presale, a price Bitcoin last touched in 2011. So, this is a chance to turn back the clock and invest early in a potentially huge cryptocurrency before its price skyrockets.
Investors have to hurry, though—once Bitcoin BSC reaches its soft cap, the presale could close at any time.