The price of Bitcoin (BTC) has yet to show signs of a full recovery. However, the weekly timeframes for the crypto king demonstrate a possibly weakening bearish sentiment. A few known cryptos like Cronos (CRO) and Chainlink (LINK) are also gaining momentum, including a newcomer that shows promise of price gains and long-term asset appreciation.
Uniglo is a new social currency project and a decentralized autonomous organization (DAO) protocol designed to empower its community. Its tokenization involves an ultra-deflationary model with two parts–a standard burning model and an Ultra-Burn Mechanism.
The Uniglo protocol has a digital asset vault that will contain digital currencies, NFTs, digitized gold, and real-world collectibles. As such, it is attracting prospective investors who want their portfolio to consist of tokens and assets that help counter volatility and can hold their position in a bear market
The first presale period of Uniglo runs from the 15th of July until the 15th of August.
As the most ubiquitous crypto in the world, Bitcoin has been severely affected by the general economy and external environmental factors. It has struggled for many weeks, with its price falling below $20,000.
During the previous week, however, the price of BTC went over $21,000, which could be a sign that the bearish momentum is waning. While the price could still fall further in the coming weeks, CoinShares Chief Strategy Officer Meltem Demirors says BTC could reach new all-time highs within the next two years.
Developed by Crypto.com, Cronos (CRO) is an Ethermint-based blockchain that supports smart contracts and decentralized applications. The price of its utility token, CRO, entered an all-time low in June, which equated to a drop of 89% from an all-time high price.
However, Cronos offers a lot to the market. Staking, crypto buying and selling, and financial trading tools are just some of its applications. As such, it has a growing community that will support the growth of its token.
Chainlink is an oracle network that powers hybrid smart contracts. It notably supports the transfer of tamper-proof data from outside sources. Similar to Bitcoin and Cronos, the price of Chainlink’s token, LINK, is also struggling in the bearish market. During the past weeks, its token price decreased by 84% from its November all-time high. The network’s total value secured (TVL) also dropped from $60 billion to $14.3 billion.
But because of its market position as a Web3 oracle services provider, Chainlink’s user count continues to grow and shows promise of recovery.
The prices of major coins and tokens continue to suffer as the general economy faces a possible recession. Though there is hope that the bearish momentum is slowing down, investors should look to new crypto gems that could bring more gains in the coming months than established cryptos.
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Join Presale: https://presale.uniglo.io/register
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
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