The bearish pressure across all cryptocurrency markets shows no sign of relenting just yet. Several currencies have hit a fresh all-time low, either in USDT or BTC value. These developments will continue to cull altcoins as bitcoin struggles hard to remain above $20,000.
Synthetix Network (Binance: SNX/USDT)
There is still much potential where Synthetix Network is concerned. Its technology enables users to tokenize and digitize assets as synthetic assets, creating deeper liquidity for decentralized finance. Moreover, there is a growing interest in buying synthetic assets, even if the SNX price goes in the opposite direction. A fresh all-time low for SNX/USDT on Binance has pushed the price to below $1.686. It is not impossible to see SNX go close to or even below $1 if this bearish pressure remains.
Bitcoin Cash (Binance: BCH/USDT)
Many people openly wonder why Bitcoin Cash is still a thing. The viability of forking bitcoin and claiming to do things “differently and better” is far less prevalent than developers and enthusiasts expect. Even so, Bitcoin Cash is still around today, even if it is of little importance in the bigger picture. As of today, BCH hit a fresh all-time low on Binance in the BCH/USDT pair, dipping below $117.7. Going in the double-digit range isn’t entirely out of the question either.
KeeperDAO (Binance: ROOK/USD)
It has been very quiet regarding KeeperDAO in recent months. Initial excitement surrounded this project, but people lost interest once all crypto markets stopped being bullish. Since then, the value of $ROOK has drifted lower and lower, culminating in a fresh all-time low in the ROOK/USD pair on Binance. Although a price near $21.55 is still fine, it is likely a dip below $20 will materialize soon.
Compound (Binance: COMP/USDT)
Overall interest in DeFi has waned for a while now, and investors continue to pull out funds wherever they can. Protocol-native tokens are the first to go when price momentum sours, and Compound has been subject to a tremendous price drop in the past few months. Today, the all-time low of $32.4 was broken in the COMP/USDT pair on Binance, and the knife is still falling further. Things look very bleak for this protocol’s native asset, although all markets struggle significantly.
Smooth Love Potion (Binance: SLP/USDT)
The year 2022 has been very rough for the Axie Infinity game and its in-game assets, both AXS and SLP. The latter is an in-game reward players earn to level and breed in-game creatures, although it is also the first asset they will sell to make money. Although it appears as if Smooth Love Potion would make a price comeback, it has now recorded a fresh all-time low below $0.00342. A market recovery remaisn possible, but this asset has been pounded hard even when there was little or no bearish pressure on bitcoin.
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