Investing.com – The, the and the all record heavy losses this Thursday, January 6, 2022. BTC / USD loses -7.82%, Ether loses -11.02%, while SOL / USD falls by -12.10%.
Bitcoin: The minutes of the US central bank meeting confirmed that plans to reduce the balance sheet would inevitably be implemented. Added to this was the indication that an interest rate hike could take place as early as March.
The days of cheap money thus seem to be definitely over and investors suspect that there should be less capital in digital currencies for the time being.
Compared to other cryptocurrencies, BTC registers the lowest loss, as it is considered to be less risky than its competitors.
Ethereum: For ETH, the fact that JPMorgan (NYSE 🙂 challenges the precursor of smart contracts to ensure that it maintains its pole position is an aggravating factor.
The bank pointed out that the network is already ceding significant market share to its emerging competitors in the DeFi sector, as Bloomberg reports:
“Ethereum is currently in a fierce competition for dominance in the applications industry. The outcome of this race is, in our view, anything but certain.”
The main problem with the Ethereum blockchain is its lack of scalability, which results in long transaction times and high fees, as Nikolaos Panigirtzoglou explained:
“The optimistic attitude regarding Ethereum’s dominance is at stake … The scaling needed for the Ethereum network to maintain its dominance may come too late.”
Solana : SOL could not escape the general downward pressure in the market. The technical conditions of the network, however, are an optimal basis for profiting from the Metaverse boom in the future.
A few ingenious developers have already figured this out and have started implementing their versions of Metaverse on Solana. One of the biggest projects is Star Atlas, which already has a market capitalization of $ 230 million.
Another interesting concept is behind Afflarium. This Real-World Metaverse promises to combine VR, cryptocurrency, NFT, digital apps, the real economy, and gaming.
Other Solana-based competitors are Good Games Guild, Synergy Land, and Solice that also take a playful approach to the metaverse.
By Marco Oehrl
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy / sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.