As Immutable and MultiverseX Contend With Market Conditions, These AI Altcoins Are On The Rise
The performance of Immutable X (IMX) and MultiverseX (EGLD) in the crypto market in the context of the bear market of 2022 and the rise of alternative AI-based altcoins like InQubeta (QUBE) and Borroe.Finance (ROE).
Bear Market of 2022: The bear market of 2022 had a significant impact on the cryptocurrency market, including the decentralized finance (DeFi) and non-fungible token (NFT) sectors. Prices of many cryptocurrencies, including IMX and EGLD, experienced a sharp decline, with over 90% price drops by the end of 2022.
Performance of IMX and EGLD: Immutable X (IMX) and MultiverseX (EGLD) had seen their prices soar to record highs during the previous bull run, making them popular altcoins in 2021. However, the bear market took a toll on their prices, and despite upgrades and ambitious plans in the NFT and metaverse sectors, they struggled to regain their previous highs.
AI-Based Altcoins Rising: In contrast, some AI-focused altcoins, such as InQubeta (QUBE) and Borroe.Finance (ROE), have gained traction in 2023. These projects use artificial intelligence (AI) and NFTs in innovative ways. InQubeta is building a decentralized crowdfunding platform for startups, while Borroe.Finance aims to increase liquidity for web3 startups by using AI for risk assessment and blockchain for transparency.
Dwindling Capital Inflows: The decline in crypto prices and changing monetary policies in Europe and the United States led to capital moving away from "risky" assets, including Bitcoin, and toward safe havens. This affected capital inflows into NFTs and the Metaverse, contributing to the price drops of IMX and EGLD.
Optimism for Recovery: Despite the challenges, supporters of IMX and EGLD remain optimistic about the recovery of activity and prices in the months ahead. They believe that as sentiment improves and capital flows return, these projects may regain momentum.
Exploring High-Growth Alternatives: Crypto investors have been exploring high-growth alternatives to traditional cryptocurrencies, particularly projects that leverage emerging trends like AI. This has led to increased interest in AI-based altcoins like InQubeta and Borroe.Finance.
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