According to the data, Bitcoin, which recovered for a short time to about $ 40,000, fell below $ 36,000 in the evening. Meanwhile, various metaverse and meme coin projects were on the rise. Here are the details…
The market is down: Here’s what happened
While Bitcoin is trying to stay above $36,000 at the time of writing, Ethereum, the second largest cryptocurrency by market cap, is not in a better situation. ETH also gained 6 percent within hours. The overall market capitalization for all crypto assets fell nearly 7 percent from $1.89 trillion to $1.77 trillion. There are projects such as ApeCoin and STEPN. As we have also reported as Kriptokoin.com, market volatility comes in the middle of the US Federal Reserve’s (FED) hawk action.
Yesterday, Fed Chairman Jerome Powell raised interest rates by half a point, making it the largest rate hike since 2000. When the Fed raises rates, it increases the cost of borrowing money for institutions and individuals. It also has a knock-on effect in encouraging people to save their money. Taken together, this rate increase is intended to curb rising inflation in the economy – a figure rising steadily amid supply constraints and the ongoing conflict in Ukraine.
Some meme and metaverse coin projects are up
Currently, while there doesn’t seem to be much hope in the current market, the data indicates that some cryptocurrencies are on the rise. First of all, if we look at the metaverse coin projects, Ariva (ARV) is up 15.2 percent and StarSharks SEA (SEA) is up 5 percent. Among the metaverse coins, only 2 coins are traded on the green board.
As can be seen above, when looking at meme coins, more green color is observed. The most rising cryptocurrency among meme coins was HODL (HODL) with 8.2 percent. Then, Meme Inu (MEME) and Kitty Solana Coin (KITTY) came in with 7.7 percent each. Most recently, CumRocket (CUMMIES) gained 5 percent, while an altcoin called ShibaPup (SHIBAPUP) rose 4.4 percent.
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