The cryptocurrency market is under the influence of strong headwinds. Some altcoin projects had to throw in the towel during this period. Some of them turned out to be scam products. However, some see the bear market as an opportunity to develop and renew themselves. Meanwhile, crypto prices are heavily discounted from their peaks. Crypto expert Godfrey Benjamin has identified 3 altcoins that provide entry opportunities during this period. We have prepared the expert’s choices for you with his own narration.
The crypto market is experiencing a massive valuation drop
cryptocoin.com As you follow, after the United States Bureau of Labor Statistics (BLS) released inflation data in September, the cryptocurrency industry is still trying to find a balance. Therefore, the digital currency ecosystem is currently experiencing a huge valuation drop.
The Consumer Price Index (CPI) came in at 8.2% last month, showing that continued rate hikes, the latest 75 basis points, are not bearing fruit well at the moment. The resulting backlash plunged the traditional market into chaos. In addition, the resulting ripple effect is reflected in the broader digital currency ecosystem. The combined crypto market cap stands at $932 billion at the time of writing. Let’s take a look at altcoins entering the new week with impressive weekly performance.
The first altcoin project Quant (QNT)
Quant rose 22.46% on a weekly basis to $192.68, according to data from CoinMarketCap. Thus, it is trending for the second time in a row as one of the top performers in the ecosystem. The coin entered a major uptrend during the better part of this month. Therefore, investors need to monitor the progress before purchasing this token. This is because a slight correction is possible in the short term.
In second place is Huobi Token (HT)
Huobi Token is the native cryptocurrency of the Huobi Global exchange. The altcoin climbed up to $7.07, up 72.16% on a weekly basis. The Huobi token has been on a massive uptrend with news of the stock market being acquired by About Capital Management, along with reports of affiliation with Tron founder Justin Sun. With the change in ownership, investors believe the exchange may be well-capitalized. They also feel that it will be better positioned to finance its current global growth.
Latest altcoin project Arweave (AR)
Arweave is a decentralized storage network that aims to provide a platform for unlimited data storage. Since its inception, the adoption of the protocol has increased significantly. So far, this adoption has also been reflected in the token price increase. Cryptocurrency is changing hands at $10.06, an increase of 13.50% compared to last week.
