experienced a significant downturn, plummeting from its ATH (All-Time High) of $15 to just $3 per to
experienced a significant downturn, plummeting from its ATH (All-Time High) of $15 to just $3 per token. Despite a momentary surge of several thousand percent in SAVM's market capitalization to approximately $90 million, according to DEXTools data, the token's price is currently showing signs of recovery.
4-hour SAVM/USDT Chart on TradingView at 4:27 AM on January 26, 2024
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Flipside highlighted Polygon's strong start, noting, "Polygon kicked off the year with an impressive 2.8MM acquired users in January — accounting for over 40% of the network’s total acquired users in 2023." Despite a consistent decline in monthly user acquisition, Polygon still outperformed many other networks. In comparison, Bitcoin secured the third position with 10.65 million acquired users, while Solana and Arbitrum rounded out the top five.
The combined acquired user count from the tracked blockchains, including Optimism, Avalanche, and Base, reached a substantial 62 million. Flipside observed that user acquisition reached its zenith in May, gradually tapering off thereafter. The surge in acquired users commenced in March, coinciding with the collapse of Silicon Valley Bank. This event potentially eroded confidence in centralized entities, prompting a shift towards decentralized custody alternatives, as noted by the firm.
Base, launched in August 2023, displayed a robust start but experienced a decline in user volume in the closing months of the year. Flipside attributed this tapering off to a resurgence of interest in more established chains towards the year-end. These networks offered more robust and diverse app ecosystems, potentially diverting attention from Base.
Related: Polygon [MATIC] Witnesses Surge in Developer Numbers
Flipside suggested that the next bullish market phase might favor Base's user growth, especially considering Coinbase's efforts to position itself as a crypto gateway for new users.
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Related: AltLayer (ALT) Initiates Airdrop Claim and Achieves Binance Listing
Pyth Chart
The 4-hour chart for PYTH on TradingView at 2:30 AM on January 26, 2024.
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Beyond the technical aspects, proponents of Ethereum point to the decreasing issuance rate. Ultrasound Money data reveals that the network has been actively burning thousands of ETH, effectively reducing the overall supply. Furthermore, Larry Fink, the CEO of BlackRock, lends support to Ethereum's potential by asserting that it will emerge as the preferred network for tokenizing real-world assets (RWAs) in the years to come.
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China's crackdown on the property sector and a struggling stock market have diminished confidence in traditional investments. Plummeting home prices and the CSI 300 Index's 50% decline since early 2021 have prompted investors to turn towards alternative assets. The report notably emphasizes Bitcoin's recent 50% surge since mid-October, attracting investors seeking opportunities amidst the country's economic transition.
Related: Hong Kong Proposes to Issue an Operating License for Stablecoins
In summary, Chinese investors, driven by the economic downturn and seeking refuge from traditional investments, are employing creative methods to participate in the digital asset market. Despite regulatory restrictions, the allure of cryptocurrencies persists, with financial institutions also exploring crypto-related businesses.
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a
4-hour SAVM/USDT Chart on TradingView at 4:27 AM on January 26, 2024
Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision
