Ethereum & Solana Price Growth Slows, But Ecoterra Continues to Rise
It’s been a hectic few days in the crypto market, with an abundance of coins and tokens producing double-digit returns.
However, there’s been a marked slowdown in the growth of Ethereum (ETH) and Solana (SOL), leading investors to debate whether their recent uptick in momentum was only temporary.
Meanwhile, eco-friendly crypto project Ecoterra (ECOTERRA) continues making headlines – and has now breached the $5.3 million mark in its ongoing presale.
Turbulent Market Forces Prompt ETH & SOL Slowdown
At the time of writing, ETH is hovering around the $1,870 level, following a surprise surge earlier in the week.
This surge culminated in ETH breaching $1,900 before immediately retracing.
Ethereum’s recent price movements suggest a high volume of sell orders located around $1,900, which has halted the bullish momentum.
Moreover, although price has soared above the 20-day and 50-day Exponential Moving Averages (EMAs), movement over the past 24 hours suggests that a potential retest of these indicators is on the cards.
If this occurs, the price could drop back to $1,815 to use the 50-day EMA as a springboard for another push.
Meanwhile, fellow Proof-of-Stake (PoS) cryptocurrency Solana has also experienced a much-needed price rise, with the token briefly surpassing the $17 level.
However, much like Ethereum, the bullish momentum looks to have been temporary – with the SOL price dropping nearly 8% in the past 24 hours.
Data from CoinMarketCap reveals that the SOL trading volume has sunk by 40% in that time frame, indicating that traders are becoming increasingly cautious about Solana’s prospects.
Moreover, analytics from Solscan.io shows that the number of active Solana wallets has dropped from Monday’s high.
Long-Term Potential Still Positive for Ethereum & Solana
Despite these bearish indicators, investors are still relatively optimistic, given the broader context of the crypto market.
BlackRock’s recent application for a spot Bitcoin ETF has sparked life back into the market since it highlights that large institutions are still bullish on crypto.
In addition, a recent report from Market Research Future forecasts that the value of the decentralized finance (DeFi) market could grow to a whopping $446.43 billion by 2032.
Since both Ethereum and Solana are deeply involved in the DeFi market, this projection implies a massive growth opportunity for both cryptos in the long term.
Thus, while ETH and SOL have undoubtedly seen a slowdown in price momentum, the long-term outlook remains promising – making them attractive considerations for crypto-savvy investors.
Which Cryptos Are Still Growing Amid the Market Rebound?
Amid the market fluctuations, several other cryptocurrencies are experiencing renewed interest alongside Ethereum and Solana.
A particularly noteworthy example is Ecoterra, which has now raised over $5.3 million during its highly-successful presale phase.
Crypto Sensation Ecoterra Gamifies Recycling to Promote Sustainability
Ecoterra (ECOTERRA) is an Ethereum-based ecosystem that aims to combat climate change by promoting recycling.
The ecosystem has several sustainability-focused features, although the groundbreaking Recycle2Earn mobile app is undoubtedly the most compelling.
This app allows users to scan the barcodes of various items and earn ECOTERRA tokens for recycling them – with no cap on how much a user can make.
Per Ecoterra’s whitepaper, this setup is designed to incentivize individuals (and businesses) to recycle more, thereby positively impacting the environment.
Since rewards are denominated in ECOTERRA, users could also benefit if the token’s price increased once listed on centralized exchanges (CEXs).
Alongside the Recycle2Earn app, the Ecoterra ecosystem will have a carbon offset marketplace, a recycled materials marketplace, and a trackable “Impact Profile.”
The potential of these features has caused significant hype around the Ecoterra project, with over 6,500 people participating in the official Telegram community.
Ecoterra has even caught the attention of several crypto influencers; for example, Crypto Moonlight released a video stating that Ecoterra could make investors “insane profit.”
All in all, Ecoterra seems poised to make significant strides in promoting sustainability on the blockchain, making it an appealing option for eco-conscious investors worldwide.
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Filed under: Bitcoin - @ June 23, 2023 6:25 pm