Gnox (Gnox) 52% price rally as Bitcoin (BTC) and Ethereum (ETH) still battle bear market
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- Jun 06 2022, 14:31 is
- updated: 6/6/2022 2:31 p.m
June 4: The bear market – an idea scaring investors everywhere. Markets are not all that different from the seasons as both are cyclical – the same patterns repeat. The key difference is that the seasons have a fixed time of approximately three months. Market cycles are influenced by a number of factors and therefore have no actual set length. But broadly follow a pattern: accumulation phase, uptrend phase, distribution phase, and discount phase. Current global market conditions point to an ongoing bear market and the start of a protracted recession.
Bitcoin (BTC)
Bitcoin is currently trading at $29,000 and the majority of experts predict that Bitcoin will see sideways movement in the coming months, trading in the high 20s and low 30s. Bitcoin has experienced tremendous growth as an asset. In recent years, it has been recognized as a real asset by institutional investors, leading to its coupling with traditional markets. Pay attention to the direction of NASDAQ, and Bitcoin is likely to follow. Given the current market conditions – rising inflation, global uncertainty and rising interest rates – Bitcoin will continue to struggle to appreciate in value. Basically, people are scared and when people are scared they sell their riskier assets and Bitcoin is classified as a high risk asset. Higher selling pressure leads to price erosion.
Ethereum (ETH)
Ethereum is the second largest cryptocurrency by market cap. It is currently trading just under $2000, down more than 60% from its all-time high (ATH) in November 2021 where it was trading close to $5000. Ethereum struggles with the same issues as Bitcoin, which is viewed as a high-risk asset, and is dumped quickly during times of market uncertainty. Ethereum will continue to make lower lows until a major capitulation eventually occurs. It is reaching a price that investors see as a bargain and buying pressure will slowly reverse its downtrend. A catalytic event could well be the release of Ethereum 2.0 or “Serenity”, which will see the Ethereum blockchain undergo a major overhaul by implementing Proof of Stake (PoS) instead of the current Proof of Work (PoW) consensus mechanism. But this upgrade has already been delayed several times.
Gnox (GNOX)
Gnox is a brand new type of reflection token that aims to make yield farming accessible to both regular and institutional investors. It is the first protocol to offer yield farming as a service. Gnox has actually seen a 52% price increase despite the prevailing market conditions, and many investors are wondering why. During times of market uncertainty, investors buy stablecoins, they provide a periodic store of value, and when the investor decides the timing is right, they can buy other assets. It prevents capital losses due to market volatility. Gnox is a protocol that mirrors stablecoins to its token holders through its purpose-built treasury funded by buying and selling taxes. A major driver of this token’s price increase is that it is designed to provide its token holders with passive income, which will theoretically increase over time as the treasury keeps growing. Investors are banking on this token’s ability to offer stable coins in the current financial climate.
Learn more here:
Join the presale: https://presale.gnox.io/register
Website: https://gnox.io
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