Snowfall Protocol (SNW) rose by 31% yesterday, even as the crypto world battled bearish trends. Some of the more promising cryptocurrencies lost over 10% of their value in a single day.
It’s no secret that the crypto markets have been navigating a highly volatile environment since the FTX crypto exchange crash. So, routine drops and rises don’t mean much. However, a clear trend is emerging in the case of three cryptocurrencies, and that’s the subject of this report.
While the FTX crash immediately sent the prices of GMX (GMX) tumbling down, the token quickly recovered its value and is making giant strides to the top. Indeed, GMX (GMX) currently valued higher than it was a month ago. Nevertheless, these short-term price changes do not reflect GMX’s (GMX) inherent value or popularity. As a decentralized exchange, GMX (GMX) has carved itself a small place for itself in the crypto markets. GMX’s (GMX) users enjoy a variety of benefits, including market making, low swap fees, leverage futures trading (up to 30x), asset rebalancing, and more.
Despite the great features, GMX (GMX) has failed to attract widespread attention. In fact, crypto users have always been bearish on GMX (GMX). Perhaps, that’s why it has not managed to impress its token holders with sharp price rises. However, the token does not lose its value easily either and yesterday was an exception to this phenomenon, because it lost over 6% in a single day.
Chainlink (LINK) is a decentralized oracle network that leverages an open-source community network to feed real-world data into the crypto world for supporting smart contracts. Oracles like Chainlink (LINK) are essential for the functioning of smart contracts, so Chainlink’s utility is quite high. This sentiment is bolstered by the fact that the platform managed to bring Eric Schmidt of Google fame onboard as a technical advisor. Today, Chainlink (LINK) is a major cryptocurrency with nearly $3 billion in market capitalization.
Since Chainlink (LINK) is a deflationary currency, holding it is a relatively safe way to earn a profit in the long term. However, the question of Chainlink’s sustainability and its speed of growth need to be answered, and they are anybody’s guess at this point, especially because there are other oracles in business. Chainlink (LINK) does not offer anything unique that others cannot.
Snowfall Protocol is the bridge between different blockchains. Snowfall Protocol (SNW) seeks to allow crypt users to move their funds and NFTs between any blockchains of their choice. Currently, the siloed nature of blockchains makes it difficult for users to move their assets between them. With Snowfall Protocol (SNW), it can be done in a matter of seconds. Once Snowfall Protocol (SNW) is fully ready, the entire world of crypto will be an interconnected multiverse, not a collection of tiny universes.
Snowfall Protocol (SNW) has had an impressive presale, and it’s leaping towards 1,000x growth within the next 6 months. So, yesterday’s leap in Snowfall Protocol (SNW) token value is perfectly in line with this trend.
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