Arweave, Solana, Fantom, Other Altcoins Price Analysis (30% dropped) | TechHarry

Altcoins price analysis today after a big 30% dump

We always see fluctuations and manipulations in the crypto market. But after the news came directly from Russia about the proposal for the ban of cryptocurrencies in Russia, the crypto market is still in vain. But what's the new update on Russia's crypto bill? Russia's Finance Minister confirmed that they called for crypto regulations, not for the ban; opposing the central bank's proposal last week.

The key facts about the new Crypto Regulations in Russia are:

1. Ivan Chebeskov (the director of the finance ministry's financial policy department) told Russian outlet RBC that there would be a massive against country's growth in the industry if they ban on crypto transactions and mining.

2. The Bank of Russia issued a report last week in which cryptocurrency is called a pyramid scheme and recommended a comprehensive ban on crypto and related activities.

3. Russia accounted for 11% of the global Bitcoin hash rate, behind the U.S. & Kazakhastan with the respective hash rates of 35% and 18%. As proposed by the Cambridge University index & a ban on mining in the country could have a drastic impact on the global hash rate.

4. Russian President Vladimir Putin requested the central bank and the finance ministry for some kind of united opinion between the two parties in a video conference with government ministers on Wednesday.

5. In 2020, Russia had already banned cryptocurrencies for payments.

A Harsh Price-Drop in High-Value Cryptocurrencies (up to almost -30%)

After the Central Bank of Russia's proposal on banning cryptocurrency transactions & mining, we can definitely see a drastic drop in some great cryptocurrencies. Here, in this TechHarry article, we'll analyze some of the most fundamentally great altcoins along with Bitcoin.

Bitcoin Price Analysis

Bitcoin a.k.a. BTC is the king of cryptocurrencies and the cryptocurrency market. Whenever BTC falls down, altcoins have to support BTC by falling their price down. After the bad news came from Russia, BTC is around 13% fallen down. It hit the price of around $33,000 USD 5-6 days ago. As you know, Bitcoin hit its all-time high of $66,900 in November 2021. But after then, it is showing a downfall what investors don't like. But we know that it happens every season to liquidate beginners so that real investors could book their profits in the meantime. And if you are thinking that the bear-run has started, you are definitely wrong. If you see Bitcoin's price below $28000 it means the bear-run has officially started. You can still think it's just a correction in the bull-run to touch the all-time high again.

Ethereum Price Analysis

Ethereum is the next most influential cryptocurrency after Bitcoin. It has a dominance level of 17.6% in the cryptocurrency market. Walking in Bitcoin's shoes, Ethereum's price has also been affected. It is around 23% down from its weekly price. As we know, everybody is waiting for Ethereum 2.0, which may reduce the gas fee and fasten the transaction speed. But is it really worth it? How much can we expect with Ethereum's price after the launch of ETH 2.0? I don't think it would be quite different from now. That's why, for trading purposes, Ethereum's price is as good as Bitcoin. But for technology purposes, there are many other crypto projects like Solana or fantom that are quite more impressive than Ethereum.

Solana Price Analysis

Solana is one of the most favorite cryptos of the crypto whales. It has been manipulated many times. We can see many fluctuations in the Solana price. This week, Solana is dropped down by a massive 35%. If we talk about its price, Solana has been dropped by 66% from its all-time high of $260.06 USD. With the growth of Solana's popularity among new investors, we can again expect big growth in Solana's price. In fact, if every developer decides to launch their projects on Solana rather than Ethereum (high gas fees and low transaction speed), Solana has the potential to leave Ethereum behind in the crypto market. But there are many years left for Solana to do this. But it is quite possible.

Arweave Price Analysis

Arweave is a fundamentally great project and is one of those important Web 3.0 cloud storage crypto coins, which will dominate the world with Web 3. If you want to know more about Arweave, you can check our post on Arweave here. Because of its storage functionalities, we have seen a drop in the price just like other crypto assets, but the drops were not so big. After the recent dump, Arweave's price plunged to around 29% but we are seeing continuous tries of breaking resistance by Arweave. You must know that Arweave is one of the greatest cloud storage crypto projects that you can't ignore. So, if you are interested in investing in the crypto market, Arweave might be a good option.

Fantom Price Analysis

Fantom is my personal favorite cryptocurrency. If I say, Fantom has made a lot of people a lot of money, I won't be wrong. But if you say Fantom has long gone after its all-time high, sorry dude, Fantom has shown nothing of its potential. It is a layer-1 cryptocurrency like Bitcoin, Solana, etc., and think where we are seeing other layer-1 cryptos' prices at right now? But as you know, bad news comes and goes. That's how the crypto market is running. That's why Fantom's price is plunged around 25% this week. But you don't need to worry at all. Fantom is one of those cryptocurrencies which falls and stands again faster than others. If you are at a loss, don't give up and hold your FTM tokens.

Aave Price Analysis

Aave is layer-2 crypto that offers DeFi (Decentralized Finance) solutions that allow people to lend and borrow cryptocurrencies. Lenders earn interest on crypto by depositing digital assets into specially created liquidity pools. Whereas Borrowers can then use their crypto as collateral to take out a flash loan using this liquidity. With the recent big dump in the crypto market, Aave has also slipped down with around a 33% loss this week. But because of Aave's important utility, we can see an uptrend soon.

Chainlink Price Analysis

Chainlink is also a great fundamental coin that enables universally connected smart contracts. It is a blockchain abstraction layer that allows blockchains to securely interact with external data feeds, events, and payment methods. Though it's been falling down just after it touched its all-time high, we can say it has a lot more left into its potential. This week, we can directly see a big 32% drop, but we will surely see getting it into the uptrend very soon.

Harmony Price Analysis

Harmony a.k.a. ONE token has shown us tremendous growth last year from around $0.002 to $0.37 with price growth of more than 13,000%. But after touching its all-time high Harmony (ONE) has been continuously dropping week after week. Recently, after Russia's ban proposal news, Harmony again dropped to 39.2% which may contain lots of liquidations that happened this week. Harmony is currently cost around $0.17 with a 24-hour trading volume of around $212million USD. All this analysis concludes that it might be the best time to invest in Harmony because it is still quite early in this price range.

Algorand Price Analysis

Algorand is a self-sustaining, decentralized, blockchain-based network that supports a wide range of applications. These systems are secure, scalable, and efficient, all critical properties for effective applications in the real world. Just like Fantom's growth, sometimes we can see some sudden movements in Algorand too. With the recent dump, Algorand's price is dropped by around 30%. Currently, Algorand has a price of $0.89 with a 24-hour trading volume of $381million USD (+25%). It simply means that Algorand is in that position where the investors do want to invest their money and we can also make big profits if we hold the token.

Polkadot Price Analysis

Polkadot is an open-source sharded multichain protocol that offers interoperability features between cross-chain platforms, blockchains, data assets, and other blockchains to be connected with each other. After touching its all-time high on the 3rd of November, 2021, we're seeing price drops in Polkadot. With the news of crypto regulations and ban in Russia, Polkadot has plunged to almost 29% this week. If we look at its trading chart, we can see that Polkadot will grow amazingly after this dump. So, if you had not invested in Polkadot yet, it might be a good chance to fill up your portfolio with this altcoin. And after Polkadot's Parachain Auctions, Polkadot would be huge.

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