Bitgert Price: Rude Wake-Up Call as DeFi TVL Plunges
Bitgert price has been in a downward spiral in the past few weeks as cryptocurrencies go through a rough patch. Like most other coins and tokens, BRISE price has plunged in the past 30 days as the FTX crisis has interjected with the hawkish Federal Reserve. Bitgert is sitting at the lowest level since November 30 having fallen by over 30% from its highest level this month.
Bitgert TVL crash continues
Bitgert price continued dropping even after the developers published encouraging statistics about the network. In a tweet, the developers said that the network had managed to deliver over 950k transactions in the past few months.
In the same period, the number of Bitgert wallets grew to over 438k while the number of dApp integrations rose to 62.
Bitgert has had other successes as well. For example, the developers recently launched the Bitgert exchange, which is a platform where users can trade cryptocurrencies while paying minimal transaction costs. Still, it is unclear the volume status of the platform as the developers continue adding more tokens to the ecosystem.
Bitgert has also inked several partnership deals in the past few months. Most recently, it partnered with Ime Platform to integrate its messaging smart platform. Other integrations are with companies like DeBank, NowWallet, and ONTO Wallet. Further, Bitgert launched PayBrise, a decentralized payment gateway for the network.
Like other blockchains, Bitgerts DeFi ecosystem is struggling. Data compiled by DeFi Llama shows that the total value locked in the ecosystem has been in a downward trajectory. It has dropped to about $23 million from its all-time high of over $100 million. Other blockchains like Cardano and Ethereum have also seen their TVL plummet.
Another minor risk for Bitgert is that it runs on the BNB Smart Chain. In the past few weeks, there have been concerns about Binance and its ecosystem.
Bitgert price prediction
The 4H chart shows that the BRISE price has been in a sustained bearish trend in the pasy few weeks. In this period, the token has managed to move below all moving averages while the Relative Strength Index (RSI) has been in a steady downward trend.
Bitgert is also at the lower side of the descending channel that is shown in green. Therefore, at this stage, the path of the least resistance for BRISE price is lower, with the next level to watch being at 30.400e-8, which was the lowest level on November 21.
