Cryptocurrencies’ surged adoption and popularity reflects their strong potential to transform the mainstream finance market. The features and prices of digital assets have lured millions of new traders and holders from the traditional finance system.
In its recent research report, Lattice Fund, a venture capitalist firm, notes that roughly 80% of crypto-based startups that raised funds in early 2022 are still operational and serving users in different regions.
The analyst of Lattice Fund stated that “ In 2022, over 1200 crypto companies raised $5B+ in seed and pre-seed funding. Looking back at this cohort, 72% of companies have launched on mainnet or an equivalent, up from 66% last year. Meanwhile, 18% of projects have either failed to ship or have already shut down.”
During the analysis, the analyst of Lattice Fund found that “The metaverse sector had 75 teams raise nearly $280M yet none have found PMF and over 21% have shut down.”
Compared to Bitcoin projects, Ethereum remained the dominant layer-one ecosystem in terms of fundraising, it is noted. Market experts claim that Solana has also performed well, reaching new milestones since 2022.
Unprecedented events like FTX bankruptcy, Terra Luna collapse, Voyager Digital’s shutdown, Three Arrow Capital, Celsius Network, BlockFi, and Genesis Global have dragged the crypto market into extreme volatility and fera sentiment territory.
Other News Updates of the Crypto Market
The ongoing tussle between Iran and Israel has affected the crypto market as the market capitalization fell roughly 4%, reaching 2.17 trillion as of writing. Earlier on Tuesday, leading media agencies reported that Iran has fired over 190 missiles towards Israel.
When writing, Bitcoin was trading at $61,708 with an intraday decline of 3.56%; at the same time, a sudden selling pressure was noted as its trading volume grew more than 48%, reaching $50,345,575,257.
However, BTC’s market capitalization saw a slight decline of 3.58%, reaching $1,219,230,497,311. The fear and greed index was 38, denoting a fear sentiment throughout the market.
According to the available information, Iran is among the nations that produce and export, yet Saudi Arabia is termed to be the leader of oil and natural gas producers and exporters.
On 29 August 2022, Iran’s trade ministry approved using digital currency for import payments. Till last year, the nation had around 15 million cryptocurrency users.
Crypto Market Price Updates
In the past 24 hours, most leading cryptocurrencies fell below their 20, 50, 100, and 200-day EMA; the increased volatility and decline have been fueled by growing tension between Israel and Iran.
For the past few days, Ethereum has been trading tumbling in the range between $2500 and $2600, but in the past 24 hours, its trading price has reached $2,480, losing 6.28%.
It is astonishing that despite ongoing volatility and war situations, FTT, the native token of FTX, continues to grow, adding 20.06%, reaching $2.29 in the past seven days; its trading price rose roughly 65%.
Arweave (AR) topped the intraday loser list as it lost 14.27%, reaching $19.91, followed by Starknet (STRK) trading at $0.3989, losing 13%.
