Bitcoin has surged almost 2% in the past 24 hours, along with several other crypto assets like Ethereum, USDT, etc. This comes as a relief for the investors who had to suffer a sudden loss in value of the digital asset since the FTX failure.
Bitcoin, which was sailing as high as $66,000 around the same time a year ago, seems to have lost more than 75% of it as it is currently struggling to cross the $20,000 mark. However, the coin now seems to have recovered a lot from its lowest value of $15,709 (the lowest it has been in 2022 as of now).
The coin now appears to follow an upward trend bringing good news for investors and the crypto market.
Possible Reasons Behind Bitcoin’s Upward Movement
The news of the spike in Bitcoin’s value amid turmoil in the crypto market due to the FTX disaster came as a surprise to investors.
However, to make the right move and not let market sentiments take over one’s decisions, one must know the reason behind such a market trend and how long it will prevail. The same is true for the current situation, and we must unravel the cause of such a spike in Bitcoin’s value.
The price movement of Bitcoin in the past 24 hours could be understood using two events.
Brazil’s Legalization of Bitcoin as a Method of Payment
On Tuesday, the Brazilian government legalized the use of Bitcoin as a medium of exchange among its citizen. This is not just a big deal for investors and users of the cryptocurrency in Brazil but a big news for the whole crypto community.
More than 5% (more than 10 million people) of the Brazilian population has invested in some or the other cryptocurrency. Latin America has particularly responded well to the crypto revolution, and it is no surprise that it has earned the name and reputation of “Decentral America.”
Brazil leads Decentral America as one of the biggest markets for crypto assets owing to its huge population and economic factors. And it is no surprise that the majority of crypto exchanges like Binance, Coinbase, etc., find the nation to have a huge potential.
Bitcoin has seen a surge in its value ever since the news of its legalization by the Brazilian Government. The move bolstered the confidence of investors leading them to invest money in the asset.
Brazil has now become the 2nd Latin American nation after El Salvador to legalize Bitcoin as a mode of payment.
The Last Bear Rally for BTC in 2022
Market researchers attribute the sudden surge of Bitcoin in the past 24 hours to the last bear rally for the coin in 2022. The coin seems to have found a supporting price level at $16,000 as of now, which would remain unchanged unless the FTX disaster stirs the market for further shocks.
The crypto market has been a bearish one since the start of this year. The two biggest coins in the market (Bitcoin and Ethereum) have seen their value decrease by manifolds.
Even with the market not being at its best, it has not been able to curb innovations in the crypto market, which has seen a huge influx of new and interesting projects with great potential.
The projects, most of them, have got the warm reception they needed (but did not expect) to bloom into the next big thing.
“Despite a drop in deal-making and a difficult year for crypto, Web3 and DeFi projects received the most funding for emerging technologies, surpassing fintech and biotech. In the third quarter, investment in the Web3 sector stood at $879 million,” said CoinDCX Research Team.
Alternative Coins that Could be the Next Big Thing
While Bitcoin shows some signs of recovery from the FTX crash, it still runs a high risk of falling down to the $10,000-$12,000 support level. Its value is also highly vulnerable to the change in interest rates (which has been on an upward trend this whole year) by the FOMC.
There, however, are many novel crypto projects in the market that show great potential and have also been able to win the trust of their early investors.
Lucky Block is one such project which has received a great response from its early investors. The Lucky Block Casino and Sportsbook provide users with tons of play-to-earn games. The platform has partnered with various sports club and provide its users with almost 35 sports.
The Lucky Block is sure to disrupt the $53 billion betting industry, which is to triple in size by 2030.
Below are three such coins that have already entered their presales and are doing quite well.
D2T (Dash 2 Trade)
Dash 2 Trade, founded by the founders of Learn 2 Trade, provides investors with useful market insights like socio-economic trends, on-chain analysis, etc., through its comprehensive and easy-to-use dashboard.
D2T is the official currency of Dash 2 Trade and is currently available to investors through presale. The Platform has successfully raised $7.6 million (87%) of its total offering as of now. The four staged presale will enter its final stage with an increased D2T price of 0.053 USDT.
With successful early investments, Dash 2 Trade is now moving to its second stage as per its roadmap, with the launch of its Dashboard beta in the coming days. The beta version will help the company test metrics that they should include in the dashboard and the ones which are less relevant.
Calvaria is a play-to-earn card game being launched on the blockchain. RIA, the official currency of the platform, will enable users to make in-app purchases. Users will be rewarded in the form of RIA for their game achievements.
Calvaria has raised $2.1 million (70% of its target) in stage 5 of its presale, which also happens to be its final stage. The card game will run both on mobile phones as well as computers. The game has two versions- free and play-to-earn. The free version is provided as a way to reach a wider audience.
IMPT could be one of the most integral projects on blockchain owing to its use case. the platform allows organizations and individuals to invest in climate conservation projects being carried out across the world. Hence, it also proposes to help climate conservation projects to get funds.
Individuals can either buy carbon credits from the platform by investing in a climate conservation project, or they could collect carbon credits by simply shopping using the platforms. IMPT has partnered with 10,000 retailers who sell their products with an added margin. Users can exchange the tokens collected from paying for these margins for carbon credits.
The users are provided with well-crafted NFTs on dumping their carbon credit. These NFTs can be sold on the open market and hence provide an incentive to the users to invest in and disposing carbon credits.
The platform is currently in the second stage of its presale. It has raised $13.4 million within a month of its presale.
Bitcoin is now approaching the $17,000 mark after the tragic drop following the FTX controversy. As the coin enters its next bear rally, investors should consider other new projects like Calvaria(RIA), IMPT, Dash2Trade(D2T), Lucky Block (LBLOCK), etc., as they show great potential and offer high returns.
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