With the fall of Terra (LUNA), a lot of FUD and negative speculation spread through the cryptocurrency community, with many believing there could be another. crypto meltdown on the horizon.
Over the past week, the market has fallen further, with top tokens hitting lows not seen since late 2020 resulting from recent market activity such as the suspension of withdrawals and transfers on the main blockchain and cryptocurrency Celsius Network (CEL).
The cryptocurrency market has seen turbulent times in the past, and the most established tokens with the strongest fundamentals and community support are always emerging. We take a look at three long-term investment cryptocurrencies to weather the potential crypto meltdown with Bitcoin (BTC), Solana (SOL)and CashFi (CFI).
Why Bitcoin (BTC) is always bouncing
Launched in 2009, Bitcoin (BTC) is the first cryptocurrency with blockchain technology and it has the largest market cap of any cryptocurrency. Crypto is a rapidly changing industry with market trends changing all the time, as well as market demands, and despite all of this, Bitcoin has always remained the number one cryptocurrency.
The supply of Bitcoin (BTC) is limited and there will never be an exclusive loan again which, combined with its mass appeal and widespread adoption, means that the demand for Bitcoin will always exceed its supply. Bitcoin (BTC) is a store of value used primarily for financial exchanges and send/receive transactions.
Bitcoin (BTC) is the most popular cryptocurrency in terms of adoption and is accepted by major retailers around the world, including Microsoft, Starbucks, Wholefoods, and through payment company Paypal. El Salvador and the Central African Republic are the first two countries in the world to adopt Bitcoin (BTC) as legal tender.
Solana (SOL) will endure through NFTs and DeFi adoption
Solana (SOL) is the native cryptocurrency of the Solana open-source smart contract platform and blockchain, a fast and inexpensive alternative to blockchains such as Ethereum (ETH). It was launched fairly recently in March 2020 and has since become the ninth largest cryptocurrency ranked by market capitalization.
Due to its high performance, interoperability and low cost, Solana (SOL) has become a popular platform for NFTs and DeFi applications with the fifth highest total value of funds locked (TVL) in DeFi across all blockchains. Solana NFTs are supported on major NFT marketplaces like SolSea and, since April 2022, OpenSea.
In May 2022, Meta announced that support for Solana NFTs would be added to social media networks Facebook and Instagram.
Newcomer CashFi (CFI) offers huge potential during market recovery
CashFi (CFI) is the ERC20 token used for utility on the next-generation CashFi DeFi protocol, based on Ethereum, which gives users access to a huge amount of asset classes, including NFTs, synthetic assets and Liquid Staking.
CashFi (CFI) introduces Liquid Staking via CFI Staking, which reduces the illiquidity of staked products and allows users to exchange their crypto assets for staking tokens in the DeFi sector.
CashFi (CFI) will also implement multi-chain support in the future and this will be seen in the CashFi framework for building NFT marketplaces with cross-chain interoperability. Users will also be able to mint CFI NFTs on the CashFi blockchain as well as buy, sell and trade them on the CashFi interoperable NFT marketplace.
Adoption, use and strong foundations
The current bear market presents an excellent opportunity to invest in the right tokens at bargain prices, ahead of the inevitable market rally.
Tokens with strong fundamentals, community support, and use cases such as CashFi (CFI), Bitcoin (BTC), and Solana (SOL) appear to have the best chance of weathering the coming crypto storm.
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