The crypto market has posted a respectable increase this Thanksgiving, as its price pumped up by 1.25%. Crypto bellwether Bitcoin is leading this rally and is up 0.47% in the last 24 hours, with a 0.14% in the past week.
With the bears still in full control, could the BTC price pick up more steam this Thanksgiving? And is there an alternative crypto asset investors should focus on instead?
BTC – Still the Crypto Dog
Bitcoin controls about 40% of the crypto market, and its position has not been usurped despite being there for over a dozen and having only one finite utility, a deflationary license. When compared to other critical projects like Ethereum, Bitcoin seems to be a relic, but the foremost cryptocurrency has retained its charm.
Meanwhile, it has not been a smooth sail for the crypto king, and this year has seen it thrown into several uncomfortable price positions. After its remarkable rally to $69,000, the BTC price has traded downwards due to growing macroeconomic impacts in industry-specific disasters.
Several crypto darlings like Terra blockchain, which hedged its network token LUNA with BTC, and the recent FTX collapse have dragged the digital asset down from its 2021 high pedestal.
At press time, Bitcoin is still trading sideways at $16,519 and has found it difficult to retest the $17,000 price peg from a few days earlier. The crypto asset’s struggles have come at a time when faith in the crypto space is at an all-time low. Despite this, Bitcoin and crypto are known for always making a comeback, and the bull season might arrive sooner rather than later.
Bitcoin Is Winning Despite Bearish Run
Bitcoin’s fundamentals have always hinged on its limited supply syndrome. Given that only 21 million coins will ever be mined and at its current circulating supply at 92%, the economic engines are already turning. Several businesses and countries are stockpiling the digital currency with a supply crunch on the horizon.
One such country is El Salvador which has made itself a crypto haven following its legalization of Bitcoin. According to a 33-page digital securities bill submitted by El Salvador’s Minister of the Economy, Maria Luisa Hayem Brevé, Latin America’s plans to raise $1 billion in investment funds to build a Bitcoin city are well underway.
The country plans to issue Bitcoin-backed bonds that would see the crypto asset mined from the hydrothermal energy generated from volcanoes.
Given a timeframe on the likely outcome of the new bill, a Twitter user @namcios said it is only a matter of weeks before the needed legislation is aired to back the famous volcano bonds.
SCOOP: El Salvador just took the first step to issue the #Bitcoin bonds 🇸🇻
The necessary legislation has been presented, and could be approved in a matter of weeks 🌋
Catch the details, and the bill’s full text, on my latest article for Bitcoin Magazine:https://t.co/hGIRDA59n7
— Namcios (@namcios) November 23, 2022
Aside from this, a new Harvard study has unequivocally recommended central banks buy and hold Bitcoin in their record. This shows strong fundamental growth and the gradual integration of mainstream investors.
RobotEra – New Crypto Project With Metaverse Appeal
Bitcoin holds a massive appeal to long-term crypto maximalists; however, value-driven investors are turning to other projects to generate a massive profit. A project currently making waves is RobotEra, a metaverse concept.
RobotEra is a sandbox-like planet-rebuilding project that features players as robots. Their task is to acquire resources, manage virtual lands, create robot companions, and participate in rebuilding the world.
Aside from this, players can enjoy a shared multiverse experience, open theme parks, attend concerts and museums. The project’s robots are non-fungible tokens (NFTs), meaning every asset is generically different.
The integration of the metaverse makes it a combination of an NFT project and Decentraland.
The project is in its presale stage, which makes it even more appealing for early-bird investors. Crypto traders can easily buy the project’s token, TARO, at $0.020. The project has so far raised over $204,500.
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