The positive sentiment has finally come back to the crypto market, with multiple coins showing positive gains over the past few weeks. While no one can be sure whether there will be a bull run or another collapse next, it is much more likely that the recent crash experience has taught the crypto newbies how to weather the market storm and hold on to their investments. After a disastrous June, cryptocurrency prices are on the rise, but we’re not out of the woods yet.
July Was 2022’s Best Month For Bitcoin (BTC)
Bitcoin (BTC) saw its largest monthly percentage price increase of the year in July. Despite the Federal Reserve’s move to increase interest rates by 75 points and concerns that the economy may be entering a recession, Bitcoin’s price increase managed to improve the market sentiment.
Following a dreadful June, the value of Bitcoin increased by 18% in July, the largest percentage rise since the beginning of the year. Gaining 18% the month following a 38% loss is considerably better when compared to continuing losses.
Bitcoin still has to increase by 65% to be worth what it was at the end of January 2022. The leading cryptocurrency is failing to hit $25,000 and is only worth a quarter of its all-time high. Many experts are still wary about August, which has traditionally been a terrible month for cryptocurrency prices.
Will Solana (SOL) Survive Among The Leading Altcoins?
Solana (SOL) is a cryptocurrency that was created to be comparable to and better than Ethereum. Solana is a rapidly expanding blockchain that has a remarkable resemblance to Ethereum and is frequently referred to as an “Ethereum killer.” The SOL token, like Ethereum, can be acquired on the majority of major exchanges. The true value of the token is in completing transactions on the Solana network, which offers distinct features.
Solana promises significantly quicker transaction speeds than its nearest competitors, Ethereum and Cardano, at lower cost, by employing a unique combination of proof-of-history and delegated proof-of-stake protocols.
However, Solana has now been featured in the news for several negative issues related to its blockchain. In the latest headlines, the Solana ecosystem was hacked on August 2. According to blockchain experts and crypto investors, a private key compromise allowed hackers to steal SOL tokens from Slope, Phantom, and TrustWallet.
Despite this, Solana has risen, dismissing concerns raised by contentious research issued last weekend, which claimed that much of the DeFi (Decentralised Finance) growth experienced in the Solana ecosystem over the past year was false. Instead, investors appear to be focusing on the upside with Solana today, including bullish remarks from a Solana Labs co-founder on the future of the non-fungible token (NFT) market and where Solana falls into this future.
What Will Persystic (PSYS) Bring To The Crypto World?
The Persystic Token (PSYS) is a new crypto project that will create a decentralised social media network. This will be the first social network of its kind, designed to address the issues that conventional rivals face while also providing the benefits of content monetisation, privacy, and ownership.
Persystic was developed to first serve the community with the aim of solving common challenges that existing social networks face. Security problems, censorship, fraudulent material, privacy, and unfair revenue policies are among these difficulties.
To address this, the Persystic social media network will leverage advanced security mechanisms, technologies, and rules, as well as blockchain technology to keep user identities secret. Persystic Token (PSYS) also has a “right to be forgotten” option that no other platform presently provides. This implies that users may choose whether or not to have their material saved on Persystic.
Learn more about Persystic by following the links below.
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