Algorand (ALGO), Zcash (ZEC), and other cryptocurrencies that have been around for a while are struggling in today’s market. They came at a time when the world was not confronted with rising inflation, a looming recession, and the aftermath of a pandemic. While these assets continue to experience losses, investors can instead look into Gnox (GNOX)—the new crypto designed with a bear market in mind, says a top DeFi analyst.
What is Gnox (GNOX)?
Gnox is a DeFi earning solution that could benefit both private and institutional investors. The protocol is the first of its kind to offer “yield farming as a service,” making passive income possible for crypto investors. Gnox also implements a 10% buy-and-sell tax where 1% is distributed to token holders. Moreover, the protocol can grow its community and achieve consistent growth despite the bear market. A large team of blockchain developers, marketing specialists, DeFi strategists, and other community members strive to maintain an exceptional platform that is scalable yet simple to use.
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Algorand is a payment-focused blockchain that is trusted by many users. Despite its popularity, however, whales today currently hold less of Algorand’s coin, ALGO, than they did in the middle of June, which signals reduced confidence in this crypto. The price of ALGO was also down 30% in the last week of June. Today, it is trading at $0.3029, which is over 90% below its all-time price of $3.28 back in 2019. As the price of this coin is heavily pegged to the rest of the cryptocurrency market, ALGO would therefore experience more sell pressure if the price of Bitcoin and other major coins continue to drop.
Zcash (ZEC)
Zcash is all about security and anonymity, enabling users to determine the extent of transparency with every transaction. However, customers have been raising complaints about the high inflation and slow transactions on the platform, which have lowered the confidence level among holders of its coin, ZEC. As the bearish sentiment continues, Zcash has been needing more buyers for its coin well. Currently, the price of ZEC is $53.47 but analysts say that it needs to exceed the $100 mark before any bullish push could make any significant impact.
Final takeaway
Investors are letting go of cryptos like ALGO and ZEC, which are not built to withstand a bearish market. Investors need to look into new cryptos like GNOX that can provide yields in the form of passive income and incentives regardless of the state of the general market.
For more about Gnox:
Join Presale: https://presale.gnox.io/register
Website: https://gnox.io
Telegram: https://t.me/gnoxfinancial
Discord: https://discord.com/invite/mnWbweQRJ
Twitter: https://twitter.com/gnox_io
Instagram: https://www.instagram.com/gnox.io/
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