Yesterday, we witnessed a huge drop in the prices of global cryptocurrencies such as Dogecoin (DOGE), Cardano (ADA), Binance Coin (BNB), and Polygon. Solana and Cardano, the fifth and seventh largest cryptocurrency by market capitalization, both saw a price drop of up to 8% as Bitcoin continued to sell at speculators in a potentially interest rate environment. The global cryptocurrency market capitalization is $2.04 trillion and has fallen by more than 8% in the past 24 hours.
Cardano (ADA) price is down 8%, while Binance Coin BNB and Polygon are down 10%. evergrow, a relatively new cryptocurrency, is up more than 110% this week and is on the verge of collapse. The cryptocurrency recently crossed the mark of 125 thousand owners in just 13 weeks of its launch. What sets EverGrow apart is that 8% of each transaction is converted to BUSD and distributed among its holders, while 2% is used for continuous buyback and burning. EverGrow recently announced a $31 million prize award and the launch of its utilities which include the NFT Lending System, Content Subscription platform, and Play to Earn Games.
Bitcoin price fell 5.67% to $43,148. The reason for the sudden drop in the prices of currencies such as Cardano, Dogecoin and Binance BNB Along with the stock markets that kicked off after the Federal Reserve meeting in which officials discussed the possibility of raising interest rates earlier and faster and shrinking the Fed’s $8.3 trillion balance sheet.
2021 was a good year for cryptocurrencies, with coins in particular, Binance coin, standing out, among all the assets, for having the highest inflows for the past week. BNB managed to outpace the best coins by a mile, bringing in $20.2 million. While Solana’s network was disrupted last week, which happened for the third time in less than six months. Solana is often touted as a potential alternative to Ethereum.
Dogecoin is down more than 8% in the past week and is trading at $0.1594. While Polygon’s Matic price appears to be in a free fall, Polygon (Matic) may see price rise, according to WhaleStats’ latest data, Polygon (MATIC) ranks among the top tokens bought by whales.
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