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A particularly bad period for cryptocurrencies was the first half of 2022. Major currencies like Bitcoin and Ethereum have had a 40% to 50% decline since the beginning of 2022. Overall, this year’s cryptocurrency markets have plummeted by more than 50%.
Financial assets often experience a bear market when their value drops by more than 20% from previous all-time highs. Many individuals are making predictions on when the bear market will end and whether the top coins will be able to surpass their prior highs.
With a 60% price gain following the conclusion of its first presale round, Gnox, a groundbreaking platform created to automate and simplify DeFi investing, has alerted the crypto market to a potentially enormous value increase.
Gnox announced a huge token burn event after the initial presale round was finished, during which more than 2.5 billion tokens were burned.
The token’s price has increased by more than 60%. When supply is limited and demand is stable, as it was in the case of GNOX, prices rise.
Cryptocurrency experts attributed this price increase to the coin’s strong development and exceptional presale success.
Beginning of a bullish trend in Ethereum (ETH) and Bitcoin (BTC)
Crypto markets have recovered a bit following last week’s brutal crash that shaved off more than 30% of the value of leading coins Bitcoin and Ethereum, which dropped to levels not seen since 2020.
The markets appear to have rebounded as the top two cryptos have gained significant bullish momentum.
Both Bitcoin and Ethereum remained stagnant over the weekend, but a few indicators suggest that volatility is about to resume.
BTC is stuck in a tight price range between $21,500 and $21,000 while ETH continues to trade between $1,250 and $1,190. Both cryptocurrencies have seen their prices squeezed in the last few days as the market sentiment remains tethered to “extreme fear.”
Interestingly, a particular technical indicator hints at the probability of a downswing.
Learn more about Gnox:
- Join Presale: https://presale.gnox.io/register
- Website: https://gnox.io
- Telegram: https://t.me/gnoxfinancial
- Discord: https://discord.com/invite/mnWbweQRJB
- Twitter: https://twitter.com/gnox_io
- Instagram: https://www.instagram.com/gnox.io
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