This week, the crypto markets have been alive with activity. Bitcoin (BTC) has been leading the charge, breaking through a key resistance level and pushing its dominance to new highs. Meanwhile, Collateral Network (COLT) is pumping 40% yet again and Solana (SOL) is gearing up to push past a critical resistance level.
Collateral Network (COLT)
Collateral Network (COLT) is building a web3 peer-to-peer lending platform that enables users to use physical items — like watches, pieces of art, or gemstones — as collateral for loans. But the real differentiator here is that Collateral Network (COLT) tokenizes all assets into NFTs and brings them to the blockchain so individuals can borrow crypto against these.
Collateral Network’s method of tokenizing physical assets in NFTs allows it to be fractionalised into multiple smaller pieces, thus allowing more than one lender to fund each loan. This reduces the minimum loan amounts for lenders and provides global liquidity for borrowers.
Smart contracts are used to automate all of the lending and borrowing processes, which minimizes the friction associated with traditional loan agreements. Plus, each NFT has metadata that displays a transparent record of associated loan agreements.
Collateral Network’s game-changing approach to the billion-dollar lending industry has impressed investors. In fact, COLT has pumped by 40% as people begin to take advantage of the offers available during its presale of discounted COLT tokens.
Solana (SOL) is a high-performance blockchain platform that enables developers to build decentralized applications quickly and at scale. Solana (SOL) is powered by a unique consensus algorithm called Proof of History (PoH), which is the secret behind Solana’s (SOL) 50,000+ TPS capability.
Solana (SOL) has had its fair share of challenges, including several security-related incidents that have impacted its projects. On top of that, Solana (SOL) was entangled in the FTX debacle, which led to a dramatic decline in its value, plummeting from $39 to just $12 within a short time.
Solana (SOL), at the time of writing, is trading for $21, which is a staggering 92% drop from its peak price of $260.
The good news is that Solana (SOL) is attempting to break through the key $25 resistance level and reclaim its former glory. A breach of this level will likely see Solana (SOL) quickly jump to $80.
The crypto markets are bearish this week, but that hasn’t stopped Bitcoin (BTC) from outperforming altcoins. While other cryptocurrencies are down by over 15%, Bitcoin (BTC) is only down 8% and its dominance is rising.
Bitcoin (BTC) dominance is now at its highest level since June 2022, which is a sign that Bitcoin (BTC) is in the driver’s seat and investors are rotating out of altcoins. With ongoing bank runs, the USD losing ground as the world’s reserve currency, and fears of inflation around the world, Bitcoin (BTC) appears to be a safe haven for investors.
At the time of writing, Bitcoin (BTC) is trading at $27,469, which represents a 76% surge from its 2022 low of $15,600. Bitcoin (BTC) analysts disagree on whether it will rise above $31,000 or fall back down to its 2022 low. Either way, Bitcoin’s (BTC) dominance is likely to remain elevated while the crypto markets remain volatile.
Find out more about the Collateral Network presale here:
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