It has been a rocky week for the cryptocurrency market, with Bitcoin (BTC) and Solana (SOL) both crashing hard. However, Orbeon Protocol (ORBN) was able to buck the trend and nearly sell out during phase 1 of the presale. What caused this massive volatility in the markets? Let’s take a closer look.
Bitcoin (BTC) is still the king of cryptocurrencies, but it took a big hit this week. After reaching an all-time high of $68,789 in November 2021, Bitcoin is now trading at around $16,000. That’s a massive drop of over 75% in the last year.
While Bitcoin was due for a correction after such a huge run-up in price, the bear market was caused by a number of factors. First, there’s the ongoing debate about whether or not Bitcoin is a true store of value. It was expected to perform well in a high-inflation environment, but so far it hasn’t lived up to that promise.
The most recent drop was caused by FTX, one of the largest cryptocurrency exchanges, collapsing due to $8bn missing from their balance sheet. This paused panic selling and sent Bitcoin tumbling down. However, as more people adopt Bitcoin as both a currency and store of value, it is likely we will see Bitcoin continue to rise in value as time goes on.
Solana (SOL) is one of the hottest new cryptocurrencies on the market. It’s a high-performance blockchain that can process over 50,000 transactions per second. This is why so many DeFi projects, NFT marketplaces, and P2E games are moving to the Solana (SOL) network.
Solana (SOL) achieves this high performance with a Proof of History (PoH) consensus algorithm, which works as a cryptographic clock to timestamp every transaction. Coupled with sub-second block times and grouped nodes, this allows for incredibly fast transactions.
Due to the FTX incident mentioned above, Solana took one of the biggest drops in the whole market. It dropped from $32 to a current price of $14, a decline of over 50%. As FTX was the largest supporter of the Solana (SOL) ecosystem, the bankruptcy triggered a domino effect that led to a 50% drop in TVL (total value locked) on the network. One of the key factors contributing to a drop in value for Solana is the rampant hacks and outages that have plagued the Solana blockchain. As a result, investor trust in the project is low, and many believe that Solana will take months if not years to fully recover.
Orbeon Protocol (ORBN)
The initial investors in a company almost always make the most money on their returns. However, the sad truth is that these opportunities are typically reserved for wealthy, well-connected individuals. Orbeon Protocol (ORBN) seeks to democratize access to early-stage investments by making it easy for anyone to participate.
The Orbeon Protocol (ORBN) team is making this possible with the use of blockchain technology and fractionalized non-fungible tokens (NFTs). By tokenizing investments, Orbeon Protocol (ORBN) makes it possible for anyone to invest in early-stage companies with as little as $1.
For start-ups, this is a game-changing opportunity. They can now reach a much wider pool of potential investors, whilst raising funds more rapidly. As well as this, everyday investors now have access to the previously-gated venture capital market.
Smart contracts are at the heart of the Orbeon (ORBN) platform. For example, they will automatically return funds to pledgers if a start-up fails to meet its milestones.
The Orbeon (ORBN) token powers the Orbeon Protocol ecosystem, and gives holders voting rights and access to exclusive benefits, such as early bird access to investment opportunities and staking rewards.
While other cryptocurrencies are crashing, Orbeon Protocol (ORBN) is quickly selling out of the 177,600,000 ORBN available during this first phase of the presale. With analysts predicting 6000% returns on ORBN by the end of presale, it is clear to see why the project is enjoying such widespread success.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.