Bitcoin Struggling to Stay Above $20,000; Uncertain Future for the Highest-Ranked Crypto

The past week has been one of the most volatile weeks in crypto markets this year. Bitcoin and Ethereum have plummeted to the lowest levels in two months but are making a comeback in the past few days. Polkadot also reported a 9% drop in the first week of September, followed by countless other cryptos on the markets.

September is traditionally the worst month for crypto markets, but things are even worse this year due to the energy crisis, supply chain issues, and other worldwide problems. As a result, investors are looking for new crypto projects with high growth potential as they move away from Bitcoin and Ethereum, and Tamadoge is their favorite choice. 

Uncertain Future for The World’s Leading Cryptocurrencies

All altcoins on the markets are entering a new era of uncertainty. Except for a few US-dollar-backed cryptos, all others experienced severe price dips in the first week of September. The so-called “September Effect” is in full swing and only adds another layer of problems to the existing mess.

The global crypto markets entered the month below the $1 trillion market cap, signaling an even more uncertain future for thousands of established cryptocurrencies. Blockchain projects that want to survive in the new climate must reinvent their smart contracts, update features, and do whatever they can to ensure future growth. That’s why Ethereum is about to merge and move from the proof-of-work to the proof-of-stake mechanism. The news about the merge has already pushed ETH prices higher, and if it’s successful, it could help the platform recover. ETH holders will get the new ETHPoW tokens for free, leading to a significant price rally. 

On the other hand, Bitcoin is facing many issues, mostly revolving around its massive energy consumption. Every BTC transaction uses 707 kWh of electricity, which could lead to huge problems as the energy crisis goes into high gear. The crypto recovered to the $22.000 level in the past three days, but it could fall below the $20.000 mark in the next few days. The growing uncertainty in the world’s leading cryptocurrencies is pushing investors to new blockchain projects designed according to the best industry practices. A few upcoming platforms could lead to high gains, but Tamadoge is by far the most popular choice.

This news is republished from another source. You can check the original article here.

Be the first to comment

Leave a Reply

Your email address will not be published.


*