The “crypto winter” appears to be in full effect, with the majority of coins in the cryptocurrency top 100 being down 80% or from their all-time highs.As the market struggles with uncertainty, let’s take a look at 3 crypto assets that will be worth following in the coming days.
3.FTX Token (FTT)
FTX Token is a token issued by [FTX](/exchange/ftx/) , a leading cryptocurrency exchange.The token is issued on the Ethereum , Solana and Binance Smart Chain blockchain, and trades under the ticker FTT.Holders of FTT enjoy discounted trading fees on FTX, and are also eligible for weekly airdrops of SRM tokens.
By staking FTT, users can access better airdrop rewards or avoid withdrawal fees for ETH or tokens on the Ethereum blockchain.FTX periodically purchases FTT tokens on the market and burns them on a weekly basis, reducing the FTT supply over time.
Why FTX Token? FTT held up relatively well during the crypto market crash
While FTX token certainly saw losses during the recent cryptocurrency market crash, it performed better than the vast majority of other crypto assets.
The price of FTT dropped from around $28 to approximately $22, but then saw a relatively quick recovery.
The FTX exchange also continues to maintain a very strong position in the cryptocurrency market, as it’s the second-largest exchange for both spot and derivatives trading.The exchange has also been navigating the “crypto winter” quite well.
While exchanges such as [Coinbase](/exchange/coinbase-pro/) , [Gemini](/exchange/gemini/) and [Crypto.com](/exchange/crypto.com/) have recently announced [layoffs](/article/15644/coinbase-cryptocom-and-blockfi-announce-layoffs-as-crypto-bear-market-persists/) in order to cut down on expenses, FTX has stayed relatively small with only about 300 employees according to CEO Sam Bankman-Fried.He explained that this has allowed FTX to grow its workforce at a sustainable pace.
2.
Helium (HNT)
Helium is a project that’s creating decentralized wireless infrastructure.The Helium blockchain provides incentives in the form of HNT coins for users to set up wireless hotspots and provide coverage.
Users who want to access Helium-based wireless networks pay for access with Data Credits, which can be minted by burning the HNT cryptocurrency.There’s currently more than 860,000 Helium hotspots worldwide, with 48,400 joining the network in the last 30 days alone.
The Helium project began with a focus on providing a wireless network for Internet of Things (IoT) devices such as sensors.The second network launched by Helium is Helium 5G, which is meant to provide 5G coverage for mobile phones and other supported devices.
Why Helium? The project is entering a new chapter with new tokens for each network supported by Helium
Nova Labs (previously known as Helium Inc.) recently announced a new token called MOBILE that will incentivize users to provide coverage for the Helium 5G network.In addition, a new IOT token will be launched as a rewards token for users operating nodes in Helium’s network for IoT devices.
The two tokens will be exchangeable for HNT, which will serve as an underlying currency for the Helium ecosystem.
The MOBILE and IOT tokens will also be used to facilitate governance of their respective protocols.
The move to the new model was decided by a HNT token holder vote, who approved HIP (Helium Improvement Proposal) 51.According to the HIP51 proposal, a sub-DAO (decentralized autonomous organization) governed by token holders should be established for each network under the Helium umbrella.This new phase of the Helium project is referred to as Chapter 2 .
HNT weathered the recent cryptocurrency crash better than most other crypto assets.At the time of writing, HNT is posting a 6.5% drop in the last 7 days, while Bitcoin is down almost 30% in the same time period.
1.
Bitcoin (BTC)
Bitcoin was the first cryptocurrency ever invented, and remains the most valuable crypto asset on the market to this day.Bitcoin has a fixed supply limit of 21 million coins, and new coins enter circulation in a predictable manner – for this reason, some investors regard Bitcoin as a digital alternative to gold.The Bitcoin network is maintained by “miners” that deploy their computer hardware to solve computationally-intensive mathematical problems and compete with each other to add the next block to the Bitcoin blockchain.
Bitcoin pioneered blockchain technology and provides a censorship-resistant and highly secure network that allows users to send value to each other worldwide on a 24/7 basis.The network has been operating successfully since its launch in early 2009.
Why Bitcoin? BTC drops under 200-week SMA as major crypto firms struggle
The cryptocurrency market is in a precarious position, to put it mildly.
As it turns out, the collapse of Terra and the UST stablecoin was only a prelude for further problems.
Major cryptocurrency lending firm Celsius [halted cryptocurrency withdrawals](/article/15612/crypto-lender-celsius-pauses-withdrawals-cites-extreme-market-conditions/) , with evidence pointing towards the company being insolvent.Three Arrows Capital, a trading firm and venture investor in a large number of cryptocurrency projects, has reportedly failed to meet margin calls from several lenders, including BlockFi.
This has led to fears of contagion in the cryptocurrency markets, as the (potential) collapse of Celsius and Three Arrows Capital could lead to further damage in the cryptocurrency market and force more companies to sell their crypto assets to pay off their debt.
During the heavy sell-off, Bitcoin [dropped below](/article/15679/bitcoin-price-drops-under-200-week-sma-a-key-historical-support-level-but-its-not-the-first-time-this-has-happened/) its 200-week Simple Moving Average (SMA), which has historically provided very strong support for the BTC price.For example, this level indicated the bottom of the 2018 Bitcoin bear market.
$20,000, which was the peak of Bitcoin’s rally in 2017, is likely to become a contentious price level.Since Bitcoin’s price movements will likely have a massive impact on the rest of the cryptocurrency market, it’s certainly worth keeping an eye on Bitcoin this week..