The crypto market has had a hard time in recent days. Major crypto stars such as Bitcoin and Ethereum experienced significant declines and the optimism seems to be slowly disappearing from the market. Many investors are now wondering what caused these declines, and whether there are alternative cryptos that are profitable in this difficult period for the crypto market.
There are several reasons for the recent declines in the crypto market. In this article we describe the 3 main reasons. In addition, we will also describe three good alternatives of cryptos that have remained successful despite the difficulties in the crypto market.
Continued Increase in Inflation
Part of the appeal of cryptocurrencies is the fact that it is supposed to protect people from inflation. While the value of the dollar is declining in an economy where inflation is rising, cryptocurrencies were expected to hold their value. As a result, cryptos were seen as an alternative investment that was not affected by inflation. Another example of this is gold. However, major cryptos such as Bitcoin and Ethereum have been unable to live up to this in recent months. Inflation kept increasing and the cryptos were unable to keep their value stable.
An important reason for this is the degree of inflation that has taken place in recent months. Staggering inflation rates of over 15% were no exception and the price of everything from fuel to groceries rose sharply. As a result, many people chose to get their money from non-essential investments, something that cryptocurrencies fall under for many people.
Not a Successful Alternative to Equity Market
Cryptos such as Bitcoin and Ethereum have often been seen as an alternative to the traditional crypto market. This means that the crypto market is separate from the crypto market and should therefore not be affected by a poorly performing stock market. In practice, however, this is not the case. The markets do correlate and when the traditional stock market experiences a significant decline, the crypto market often also experiences a decline.
In addition, more and more people see cryptocurrencies as an investment that can yield high rewards, but also comes with high risks. And in a period of instability, many investors choose to avoid high risk. Investors’ risk appetite is declining and the crypto market continues to struggle.
End of Covid-19
The period from 2020 to 2021 was a successful year for the crypto market. This is partly due to the pandemic where people were unable to spend their money on everyday activities. They could not travel or eat out and this left more money for investments in the stock market or other alternative financial markets such as cryptocurrencies. This led to a significant rally in the crypto market that peaked in the fall of 2021.
Around that time, life returned to normal for most people and they started spending the money on the activities they hadn’t been able to do for the past few years. As a result, there was suddenly less money left for cryptocurrencies and this was clearly noticeable in the crypto market that has since entered a crypto winter.
Despite these reasons, not all cryptos are suffering from the current difficult market conditions. Multiple presale tokens have been able to be successful due to the hype and popularity of the project. Three of the best performing presales today are those of Wall Street Memes, BTC20 and Evil Pepe Coin.
Wall Street Memes ($WSM)
Wall Street Memes is working on one of the best presales of 2023. Its native $WSM token was already able to raise more than $17 million in investments, a clear confirmation that investors believe in the potential of this project. Wall Street Memes is a community of private investors that grew out of the equity craze surrounding GameStop and AMC in 2021. These private investors took on the big financial institutional investors together. They did this by buying up shares of companies that were struggling and had a significant impact on traditional finance as a result.
In addition to having a large community, Wall Street Memes can also count on an experienced team that has already been successful in the crypto market. The team behind $WSM was previously responsible for the successful Wall Street Bulls NFT collection that sold out on the Ethereum blockchain in less than 32 minutes for an amount of $2.5 million. In addition, the team also recently launched the Wall Street Ordinals collection on the Bitcoin blockchain.
One of the reasons the presale is so successful is the number of community members on the platform. Across its various social media channels, Wall Street Meme has more than 1 million followers. This is one reason why analysts think the token can quickly unlock a tier-1 exchange listing. If this is the case, the price can rise sharply.
$WSM tokens are currently for sale in the presale phase at a price of $0.0322. However, this price will rise to $0.0337 towards the listing, so investors will have to be quick because the presale is coming to an end. $WSM tokens are easy to purchase from the official Wall Street Memes website via Ethereum, USDT or credit card.
BTC20 (BTC20)
BTC20 is the latest alternative to Bitcoin. The token is built on the Ethereum blockchain and is therefore a lot more economical and eco-friendly than the original Bitcoin. Bitcoin is known for its not so economical energy consumption and the platform has a much greater impact on the climate than the Ethereum blockchain. BTC20 aims to give people a chance to get back into Bitcoin when the coin was just $1 in 2011. Since then, Bitcoin has risen by over x29,000.
BTC20 simulates Bitcoin from 2011 and is therefore on sale for $1 during the presale. In addition, a maximum of 6.05 million tokens will initially be offered, the same amount as Bitcoin was available in 2011. The biggest difference between Bitcoin and BTC20, besides the blockchain they are built on, is that users can receive tokens by staking, rather than mining. This enables users to develop a passive income
So BTC20 is on sale for $1 in a presale that has already managed to raise over $1.7 million in just over a week. A clear confirmation that investors do indeed see this as the alternative to Bitcoin. BTC20 tokens are available for purchase via ETH or USDT through the platform’s official website. You can easily complete the purchase by connecting your wallet.
Evil Pepe Coin (EVILPEPE)
Evil Pepe Coin is a new one emerging crypto which is inspired by the great meme coin Pepe Coin. Pepe Coin is one of the biggest meme coins of the moment. However, this token has recently experienced significant declines that have led more and more investors to look for good alternatives. One of the best alternatives at the moment is that of EVILPEPE.
Evil Pepe Coin, like Pepe Coin, is based on the ‘Pepe the Frog’ meme. The difference with Evil Pepe is that Pepe wears a dark hat here. Evil Pepe Coin positions itself as the evil cousin of PEPE and the platform encourages people to listen to their evil thoughts as this is the only way to make ends meet in the crypto market.
The platform puts the community first and the team behind this project has previously been responsible for successful crypto projects such as the Thug Life Token (THUG) and SpongeBob (SPONGE). So the team clearly knows what it takes to become successful in the crypto market. It wants to achieve this by increasing brand awareness through marketing campaigns. The coin has already been described on news outlets such as Business 2 Community, Cointelegraph, Techopedia, etc.
Youtubers such as Crypto Boy (20,000 subscribers) and Crypto Pulse (32,000 subscribers) have also discussed the coins. It is therefore not surprising that the presale of the token is selling out very quickly. More than $870,000 has already been raised, despite the token only being online for a few days. Interested investors will therefore have to be quick to take advantage of the current discounts. Buying EVILPEPE tokens is easy via the official website of Evil Pepe Coin. Here you can connect your wallet and easily buy EVILPEPE tokens through ETH and USDT.