The value of investments in Cryptocurrency is plunging, with the sector suffering a broad-based sell-off which has been Bitcoin to drop below $30,000. The total market cap of the crypto sector is now less than half what it was at its peak back in November, dropping from around 3 trillion dollars to around 1.21 trillion.
Cryptocurrencies have been under pressure since the start of the year as inflation has sparked torque and then action on higher interest rates. Crypto was believed to be a hedge against conventional markets, but it hasn’t been behaving that way.
Crypto Market Takes a Dive
Values were already falling; last week, Bitcoin was around $40,000, well down from its November high of $67,000. But then, something big happened this week. A stable coin collapsed, and it sparked a chain reaction that caused a big sell-off in the Crypto sector.
Analysts are saying that crypto will recover soon as it is here to stay. That is comforting on a macro level, but what if you have put all of your life savings into Crypto? Well, it would be a fool to predict what will happen to prices at the moment.
With this major sell-off going on in the market, most of the top leading coins in the market are down. If we all take a look at some of the charts within the market, well, everything is red; there is no green in sight. We are seeing red all across the board.
There is just no easy way to put this; the market is in a massive massacre right now. We are seeing blood all over the table. Bitcoin’s price dropped down around 40% in this period. Eth crashed down to 33%, and along with them, many other Altcoins dropped to 70 – 80 percent.
Despite this bloodbath in the crypto market, only one coin, “BFIC,” was able to maintain its position and got affected by the market by only 20 – 25 percent. Now let’s take a look. How was this coin able to avoid the biggest crash market has ever witnessed?
It’s a decentralized coin based on very new 3rd generation blockchain technology. Now the special factor about this coin that makes it different from all of the coins out there is that BFICoin is not only a trading coin like the others. It has its own utilities supported by a very strong Bfic Ecosystem.
In the Crypto world, the environment formed around a currency has a direct impact on the coin’s value. This atmosphere is mostly made up of projects that are being created and launched in order to strengthen the currency. The more substantial and diverse the projects are, the higher the Cryptocoin’s price will rise.
Real Purpose Utility-Based Projects
The ecosystem of BFICoin is comprised of more than 20 mega projects. Some of them are live and successfully running, and others are just around the corner, ready to launch. All of its projects are serving as its utility. Because of its vast utilities, BFIC gets the least effect from this huge crash in the market.
This coin is not only for the purpose of trading, but it is also serving payment gateways through its project “Crypto Cash” into its own only crypto commerce store, “BFIC Store”. One of the major utilities from the ecosystem of BFICoin is “BFIC Network”.
This platform holds the key reason behind the stability of BFICoin’s price value even in such times. It is also a utility-based project, and it greatly increases the value and usability of BFIC, making it a desirable currency. It is the fastest and most profitable mobile mining network in the world. It allows for real-time Crypto mining via staking. The network is a mechanism in which a large number of people collaborate to earn real Cryptocurrency in a mutually advantageous way.
With the launch of each project, the community of BFIC is also increasing, and this community is not here only for the purpose of trading and short-term investments. The community of BFIC is rather loyal to the cause of the company. They enjoy the real-purpose utility projects from the ecosystem of the coin, and that is the reason that it keeps on increasing.