With the fall of Terra (LUNA), a lot of FUD and negative speculation has spread throughout the cryptocurrency community with many believing that there could be another crypto collapse on the horizon.
In the past week, the market has dropped even further with top tokens hitting lows that haven’t been seen since late 2020 resulting from recent market activities such as the suspension of withdrawals and transfers on the major blockchain and cryptocurrency Celsius Network (CEL).
The cryptocurrency market has seen turbulent times in the past, and the most established tokens with the strongest fundamentals and community support always emerge prevalent. We take a look at three long-term investment cryptocurrencies for weathering the potential crypto collapse featuring Bitcoin (BTC), Solana (SOL), and CashFi (CFI).
Why Bitcoin (BTC) Always Bounces Back
Launched in 2009, Bitcoin (BTC) is the first cryptocurrency with blockchain technology and it has the largest market capitalization out of all cryptocurrencies. Crypto is a fast-moving sector with market trends changing all the time, along with market demands, and despite all of this Bitcoin has consistently remained the top cryptocurrency.
The supply of Bitcoin (BTC) is finite and no more will ever be minted lending to exclusivity which, combined with its mass appeal and mainstream adoption, means the demand for Bitcoin will always outpace its supply. Bitcoin (BTC) is a store of value used primarily for financial exchanges and sending/receiving transactions.
Bitcoin (BTC) is the most widespread cryptocurrency in terms of adoption and is accepted by major retailers worldwide including Microsoft, Starbucks, Wholefoods, and via payments company Paypal. El Salvador and the Central African Republic are the first two countries in the world to have adopted Bitcoin (BTC) as legal tender.
Solana (SOL) Will Endure Due to NFTs and DeFi Adoption
Solana (SOL) is the native cryptocurrency of the open-source Solana smart contract platform and blockchain, a high-speed and low-fee alternative to blockchains such as Ethereum (ETH). It launched fairly recently in March 2020 and has since become the ninth-largest cryptocurrency ranked by market capitalization.
Due to its high performance, interoperability, and low fees, Solana (SOL) has become a popular platform for NFTs and DeFi applications with the fifth-greatest total value of locked funds (TVL) in DeFi out of all blockchains. Solana NFTs are supported on leading NFT marketplaces like SolSea and, as of April 2022, OpenSea.
In May 2022, Meta announced that support for Solana NFTs would be added to the Facebook and Instagram social media networks.
Newcomer CashFi (CFI) Offers Huge Potential Upon Market Recovery
CashFi (CFI) is the ERC20 token used for utility on the next generation CashFi DeFi protocol, built on Ethereum, that gives users access to a huge amount of asset classes including NFTs, Synthetic Assets, and Liquid Staking.
CashFi (CFI) introduces Liquid Staking through CFI Staking, which reduces illiquidity for staked commodities and allows users to swap their crypto assets for tokens that can be staked in the DeFi sector.
CashFi (CFI) will also be implementing multi-chain support in the future and this will be seen in the CashFi framework for creating NFT marketplaces with cross-chain interoperability. Users will also be able to mint CFI NFTs on the CashFi blockchain as well as buy, sell and trade them on the CashFi interoperable NFT marketplace.
Adoption, Utilization, and Strong Fundamentals
The current bear market presents a great opportunity for investment in the right tokens at bargain prices, before the inevitable market recovery.
Tokens with strong fundamentals, community support, and use cases such as CashFi (CFI), Bitcoin (BTC), and Solana (SOL) look to have the best chances of weathering the crypto storm ahead.
Disclaimer: This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of Bitcoinist. Bitcoinist does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
Credit: Source link