As the month of February drew to a close, the crypto market experienced a downturn, erasing much of the gains seen in the previous month. Investors were worried about inflation and jobs data, and regulatory actions in the US raised concerns about government overreach.
Bitcoin, the largest cryptocurrency by market capitalization, was trading flat from a month ago, while Ether, the second-largest crypto, traded sideways. However, the upcoming Shanghai upgrade for Ethereum boosted interest in liquid staking derivatives, causing Lido’s governance token, LDO, to surge 33% and Rocket Pool’s native RPL token to rise 18%.
Among the biggest winners in February was Bitcoin layer 2 protocol Stacks Network’s native STX token, which soared 216%, benefiting from the growing interest in creating non-fungible tokens (NFTs) on Bitcoin. However, there is still no marketplace or infrastructure for Bitcoin NFTs yet, and people are trading them via over-the-counter using spreadsheets for bids and asks.
On the other hand, gaming- and metaverse-affiliated tokens, which were among January’s biggest winners, saw a downturn in February, with GMT and GALA tokens dropping 33% and 28%, respectively. Aptos’ APT token, which surged in January, dropped nearly 30% in February.
If you’re looking to secure your finances in the coming years, now may be the time to consider investing in these alternative investments, according to the financial expert.
Mitigating the Hazards of Cryptocurrency Investing
Cryptocurrencies have experienced immense growth in recent times, garnering recognition from high-profile investors and crypto whales such as Robert Kiyosaki and Cathie Wood of ARK.
As the popularity of cryptocurrencies continues to surge in the long term, investors must navigate the risks involved in investing in these alternative assets. Financial experts advise investors to carefully consider the unpredictable nature of the market and only invest funds that they can afford to lose.
Due diligence is also crucial when choosing which projects to invest in, including verifying the legitimacy of the project and evaluating the reputation of the team behind it. In evaluating investment opportunities, prioritize projects that offer tangible solutions to current problems, rather than simply riding trends with no real utility and no substantial business plan.
For those seeking high returns, presale investments in cryptocurrencies may be an option, but caution is necessary. Such projects must meet the criteria discussed above. Currently, whales are investing in projects like FGHT, METRO, CCHG, and TARO, indicating their potential for success upon their launches.
Fight Out Transforming Fitness Industry with Advanced Web3 and M2E Innovation
Fight Out is disrupting the traditional fitness sector with its upcoming cutting-edge Web3 and move-to-earn (M2E) technology, addressing a significant challenge in the industry–the high dropout rate of gym members. According to the IHRSA, 50% of new gym members stop within six months, largely due to a lack of motivation, community, and customization.
Fight Out provides a complete solution that features a personal NFT avatar displaying the user’s fitness information, individualized workout plans, and REPS token incentives. Users can earn REPS tokens by working out at home or in a gym and can redeem them for discounts on app subscriptions, memberships, training sessions, and merchandise.