Despite the bullish sentiment surrounding the upcoming Bitcoin halving event, the crypto market surprisingly took a bearish stance. Leading altcoins have been the centre of attention over the past week, especially Ethereum (ETH). The crypto community has been buzzing about ETH thanks to its recent 7% price drop that has left investors wondering why it’s down.
While ETH plummets, investment interest has skyrocketed in bullish altcoins, especially Algorand (ALGO) and InQubeta (QUBE). These are top performers in the crypto niche, and thanks to the demand for bullish crypto investments, both tokens have enjoyed milestone demand since last year. Interest has been particularly strong for InQubeta because of its impressive early-stage performance.
Let’s explore four reasons behind Ethereum’s decline while discussing the fresh interest in Algorand and InQubeta.
InQubeta’s (QUBE) Highly Anticipated Launch Stirs New Investment Interest
Over the past year, InQubeta has made rounds in the crypto space as a niche cryptocurrency platform that has the potential to redefine the concept of digital investment. InQubeta plans to infuse investment opportunities into the best NFTs to invest in and fractionalize them for QUBE holders to buy. Retail investors can get in on the AI sector without any hassle. This innovative offering has skyrocketed InQubeta into the limelight, with investors expecting explosive gains.
With InQubeta, it’s more than just hype because we’ve seen it deliver impressive gains to early investors. Investors who got in early are currently up more than 300%, confirming QUBE’s bullish potential. From 2023 till this year, InQubeta has received positive reception from crypto heads, Web3 experts, and AI enthusiasts from all around the globe. Now that the platform is live, a new batch of large investors have been pooling liquidity into the token.
QUBE is currently listed on tier-1 exchanges MEXC and Uniswap. This is huge because the hype from the token listings is expected to skyrocket QUBE’s value. Investors who bought in early expect QUBE to deliver a hundredfold surge after listing. InQubeta also has other exciting developments listed for the future, making it the best crypto to invest in as early as possible.
Now it has launched, InQubeta plans to improve users’ DeFi experience by introducing innovative features. These will include a staking dApp, InQubeta’s swap feature, its native DAO, and its native marketplace to list the best NFTs to invest in. These features will provide a robust DeFi experience to investors while helping them rake in life-changing returns from AI.
Algorand (ALGO) Pulls New Investors Despite Recent Decline
Over the years, Algorand has branded itself among the fastest Layer-1 networks. Its low fees and almost instant payments have given it an edge over its competition, reflecting positively on its native token, ALGO. Despite this advancement, Algorand has suffered muted growth, especially with the competition from Solana and Avalanche. Despite that, Algorand might have found a solution with the recent rise in on-chain performance. According to on-chain reports, liquidity inflow into Algorand has grown by more than 250% this year.
A closer look shows that transactions are picking up speed on the platform. Algorand recorded more than 5.6 million transfers with the ALGO token in February alone. In addition, many stablecoins have been flowing into the platform, with over a million transactions in USDT and USDC. This performance aligns with the recent bullish sentiment that has filled the crypto market. Despite the token’s decline of over 56%, experts still expect Algorand to recover before the end of the second quarter.
Ethereum (ETH) 7% Decline Triggered by These 4 Factors
The first reason Ethereum is down could be traced to the recent sell-off of ETH tokens. On-chain data shows that the popular trading firm Cumberland transferred over $57.3 million worth of ETH. FTX and two other exchanges also followed suit, transferring over $49 million worth of ETH. Whales are also selling their tokens, which has triggered a 7% drop in Ethereum’s price.
A third reason for the drop can be tied to the decline in Ethereum’s Mean Dollar Invested Age (MDIA) metric. The metric shows the age of tokens in wallets, and the movement of old tokens causes it to decline. Because of the recent sell-offs, the MDIA has dropped, leading to the decline of ETH. Lastly, Ethereum’s network growth has also decreased from 128,000 to 36,100, suggesting a movement of investors to other alternatives.
Conclusion
While many factors are responsible for the recent 7% decline in Ethereum, investors preparing for the upcoming bullish catalyst should look to bullish altcoins like Algorand and InQubeta. InQubeta holds more promise because it’s an upcoming project paving its way to the top through its relationship with one of the fastest-growing sectors. InQubeta is highly anticipated because investors have shown excitement for the positive changes the platform has promised to bring. The token has just launched, with many thinking InQubeta the best crypto to invest in for the year.
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