by Analytics Insight
January 11, 2022
Bitcoin dropped below $40,000 this week to its lowest level since September, whilst the world’s second largest crypto, Ethereum, also fell 6%. Although Crypto was often touted as a hedge to traditional investing, many believe the sell-off of Bitcoin and Ethereum is related to wider macroeconomic conditions.
We saw an increase in the US 10 Year Treasury yield as we entered 2022, and this took its toll on equity markets, in particular ‘riskier’ momentum stocks. With Bitcoin and Ethereum saw as a hedge to cash, seeing the 10 Year Treasury touch 1.8% will certainly have spooked the crypto markets.
It is inevitable that when Bitcoin and Ethereum fall, they will bring smaller, newer projects down with them. Shiba Inu, arguably the success story of 2021, has been tumbling since Christmas Day. Perhaps the hefty $15 billion market cap is finally getting hard to swallow for Shiba Inu, that was started as a tribute to Elon Musk’s favorite Crypto, Dogecoin.
Back on December 14th, Dogecoin spiked to $0.2135 but has fallen rapidly since, now sitting at $0.1431 – meaning Dogecoin has fallen 33%. Much like Shiba Inu, Dogecoin has a hefty market cap to justify, currently over $19 billion, and simply being Elon Musk’s favorite may not be enough for investors in 2022.
Ever Grow(EGC) a project many analysts have identified as the breakout crypto of 2022, has also not been immune to the market pull-back, but remains the only project on the list with positive 2022 returns, starting the year at $0.00000076, and currently sat at $0.00000105, a 38% increase over the last 10 days. However, EGC went as high as $0.0000017 just 5 days ago, so has seen a significant pull-back. Evergrow recently passed $32 million BUSD in rewards to its 127K holders in just 14 weeks of launch.
With a relatively tiny market, 38 times smaller than Doge, and a project that could make a serious dent on the crypto world over the coming months, this could be the last opportunity to invest in EverGrow at such a low price.
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