This is a summary of the market update after FTX destroys the market with a significant drop in Solana. FTX is who? Well, a lot of people went to a really large cryptocurrency exchange to purchase and sell cryptocurrency, and since it was such a large exchange, many of them believed their money was secure there. They support Major League Baseball and ran an advertisement during the Super Bowl.
And so, OMG! Everything is fine. No, really. All of the collateral listed on this major player's balance sheet, including their own tokens FTTS and Solana, crashed overnight, shocking the whole cryptocurrency market. They were taking out loans using their own prank money as collateral.
Solana decreased all the way to 16. The internet's future was forgotten, but what truly happened was that our confidence and the foundation of cryptocurrency were undermined, raising the question of whether we will be able to bounce back. Can crypto recover, yes? perhaps later. We are all currently contemplating it in that manner. The inflation statistics, meantime, were fantastic. Everyone would have said, "Oh my God, the Fed's done tightening, the dollar fell lower, and you would have thought it would be ideal for cryptocurrency," in a normal world. It was far from that, though, owing to SPF, and we'll see if cryptocurrency recovers.
Five Altcoin GEMS at a Significant Discount:
In reality, bear markets exist to increase your wealth. Bull markets only serve to highlight the 90 percent declines in some of the top crypto projects. There is no doubt that the bear market is really terrible, but it also presents a tremendous opportunity.
What cryptos are still around today?
Which individuals, in other words, will make it through this atrocity and recover in the ensuing bull run? In the wake of this FTX collapse, we have identified five outstanding cryptocurrencies that we are purchasing at a 90% discount after conducting a comprehensive research. Men, pay attention. We're listing our top five favorite projects, which we are accumulating in the current bear market. I sincerely wish you the best of success if you decide to invest, but keep in mind that this is not intended to be professional financial or investment advice. Today, jump right into the list.
1. Arweave AR
The first item on our list is all about decentralized file storage, and just like polygon, we've got some pretty exciting news with meta: Instagram's integrations will include both polygon and our weave, both of which should see increased adoption as a result of this significant partnership. The polygon nfts that are part of the new Instagram partnership will use our weave for storage. Learn more information at Arweave AR
The price of our weave is currently $9.44 cents, which is down 94 from the bear market low and roughly 90 from the weave's all-time high. However, the bear market low for our weave was 7.98, and the current price is that. If it returns to those levels, which again, it's a quality project, and we fully anticipate it will, that would be an 8X, demonstrating just how huge these discounts are at the moment.
2. KAVA
Our personal favorite is the next item on the list and comes in at number two, despite the fact that we haven't actually discussed it in a while. It is Kava, and they are assisting in the integration of Cosmos with the EVM, or Ethereum virtual machine.
And here's something fresh and intriguing from them: Cava's three pool on the curve of die USDC and USDT currently pays a respectable 14.2 apy for holding three stablecoins, and Cava Rise is developing into a fantastic developer incentive strategy to attract additional apps to the community. We are almost 90% below the all-time high set last year at the bear market trough and current price, which is around $1.03 per share. We like Cava for a variety of reasons, and if it just returns to its prior all-time high, we think this would be a fantastic long-term buying opportunity. We're talking about a 9X, which we believe is completely achievable. If you haven't already, read this explanatory post. In two minutes, all right coin, we will explain Kava and what it is all about.
3. LUKSO LYXE
Another treasure on our list is number three, which is one of our personal favorites. If you missed the most recent update we made on Luxo, which was featured in our 50x portfolio model, you should watch it now. We've been reporting on them recently. I'll see to it that a card appears shortly with one extremely cool feature.
Among other things, Luxo is working on universal profiles to make web 3 more user-friendly overall. You can see from the data that Luxo's all-time high price was 41.18 at the beginning of November 2021, which was nearly a year ago. The bear market low occurred in June of this year, therefore the current price of 5.88 is higher than the bear market low of 3.37, which happened in June of this year.
4. Solana SOL
This is going to be a rather awful graphic, with Solana ticker Saul SO coming in at number four on our list. The reality is that it might grow worse. Look here, there's a big warning for you.
We're looking at the past year, or the previous 12 months, of price action, so you should be aware that it may yet decline more. If this is the case, you might want to wait to buy it; if not, you should do so knowing that it will probably decline before it rises. It will shortly rise again, but the enterprise still faces some rough waters. Why do we think there will likely be another decline soon? We want to remember two specific instances, though. First of all, regarding the FTX Binance situation: since Alameda Research was an early investor, they will be a major seller of Saul if the deal fails or if it becomes necessary for Alameda Research to assist FTX, which is its sister company, to be bailed out.
It's also one of Sam Bachman Freed's favorite projects at SBF, but he has other things on his mind right now, and there's currently a very good chance they'll be sold in the near future. The epic with 18.2 million shares is now accessible to retake, either to take back or to sell and whenever you have this kind of situation, there is a tremendous staking unlock going right now, as I'm filming here. Its current price is 13 and about 90 cents, which is down 95 from its all-time high, but once again, if you're buying now if you believe in this project long term, it's because you have a long time. Saul's all-time high was 259.96, which was approximately a year ago, in November of 2021, the bear market low.
Horizon, if not, you might need to wait for this entire FTX controversies situation to blow over before considering purchasing any. I'm interested in hearing your opinions on whether you think Saul will be affected by all of this FTX Alameda stuff, whether you care, and whether you think this is a good purchasing opportunity since you're long-term invested in Solana anyhow.
5. Polygon Matic
Last but not least, we have Polygon, whose ticker is Matic m-a-t-i-c. Once again, our theme for today is bear market gems and coins, which have lost roughly 90%, give or take, of their value from the bull market highs. Surprisingly, or perhaps not so surprising, we had a lot of projects to choose from, which is a negative in that there are a lot of projects.
Matic is our top choice on this list because are now down, which is favorable in terms of potential. The bear market bottom was 34.6 cents in June or the summer of this year, and it is now higher than that price, sitting at just over 90 cents, or down 88 percent, from the all-time high of 2.92 little under a year ago in December 2021.
From its 292-point peak, it has since dropped by 60 points. You probably don't need me to reiterate all of the benefits and explanations for why we adore Polygon; of course, we've covered it extensively on this channel, but it's important to note a few significant developments in recent weeks: In addition to partnering with none other than Instagram to introduce NFT's non-fungible tokens to that platform's 1.5 billion users, Polygon has completed the first D5 transaction with major bank JP Morgan.
All things considered, they have also onboarded Franklin, the first-ever cash- and crypto-based payroll platform that complies with US law. As a result, they are quickly emerging as one of the blockchains that web 2 and legacy companies turn to in order to find their first partner and get started with cryptocurrency.
We are exceeding expectations
Tell me which items on this list you liked. Tell me what's lacking, please. You might have a favorite that wasn't mentioned. Never follow financial advice, but if you do decide to invest, good luck. Be careful out there.
