Let’s get into some of the current things that are going on in crypto. That’s literally never a boring day. We do have bitcoin reaching absolute new lows that people have not expected two-three months ago, when bitcoin was above 50k and Osmo was at 12. Bitcoin is trading just above 20 000 US dollars Ethereum just above 1100 us dollars. A lot of isle coins are already down over 90 percent Osmo’s trading at 70 something cent junior at two dollars. Atom went below six dollars. Those are absolute crashes. This is like it doesn’t really remind me of 2018-2019 because it took one year one and a half years to reach those nasty levels of 90 and loss. Now we got it within three months. That’s absolutely wild and it doesn’t really feel like a very long bear market that we’re gonna enter.
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It feels more like a quick and nasty bloodbath that we might even recover faster than people might think. But so we do have new laws in the Coinbase ling of employees Brian Anzrang the CEO of Coinbase just came out and said eighteen percent of the Coinbase employees will be fired because they just grew too fast. They have a very high burn rate and they started to not be as efficient anymore which is why they had to take that decision. I’m not sure if Microstrategy actually got liquidated, but I do know that Microstrategy borrowed money too long to purchase bitcoin. So, this is never a good idea to do especially in a highly volatile asset class like crypto. One of the biggest things that are potentially collapsing is Celsius. Celsius still holds hundreds of millions of user deficits and is at risk of being liquidated which would mean if they get liquidated. I think the current liquidation price is dropping down now because they’re backing it up with collateral. But the liquidation is around 17 000 Bitcoin which we are not far away from which is why they halted withdrawals.
But if they get liquidated then it might be another massive dump around the corner in the short term. So, Celsius is not as big of a threat as Terra. But you can draw comparisons. I also saw people asking whether this could happen in osmosis but it’s just two fundamentally different things. Celsius is a centralized landing platform and Osmosis is a decentralized exchange. You can’t really compare them. You can compare Celsius more to Blockfi and NEXO out there. Although, they have different models to sustain and Celsius seems to be in the process of collapsing right now which is not good finance freezing BDC and USDT that was only for a couple of hours, and the tether market cap is also plunging which means supposedly that USDT is being redeemed. People are getting out of crypto out of the entire market basically so this is the sentiment that we’re in right now um crypto whale has always been it’s really bearish. Obviously, a lot of people say he’s a bear, faster. He always talks about everything negative, but, after all, a lot of things that he said even though you might not agree with them. I think it’s still important to somehow hear about these things, to get a different viewpoint which is also why I’m following this account.
So, what are the coins that are more likely to succeed to be able to go through? Even if bitcoin would go to 34k Ethereum would go to two-three hundred 98 of the coins die which would be those few percentages of coins that have a higher likelihood. At least, you can never tell this with 100 accuracies with 100 certainties this is still crypto, after all, and eventually, the last resort is always trusted in the developers in the team and in their treasury management and in their capability to deal with pressure. So, always keep in mind that this space after all even though it’s all code and replacing human emotions through code after all. It’s still being run by humans. So, there are still things that you need to consider here now there we are on coin gecko here and you can already see these prices look absolutely ridiculous this looks like 2018 right now bitcoin 22k and I’m also not gonna say bitcoin or Ethereum because they’re obviously very likely to succeed or to be able to go through this bear market because they have gone through it already multiple times. So, I will leave these two out the very high likelihood that they will survive my first pick would obviously be here. Cosmos has Atom because that’s my favorite cryptocurrency of all of them basically at this point. But I’m not gonna do that. I’m actually gonna go ahead and start with Hedera Hbar which is a coin that i’ve covered on this channel also multiple times.
I think it was at below five cents when I first covered it, maybe even below that and went all the way up to uh 40 56 cents 57 cents nearly so that’s absolutely wild and now it’s back down at 6.6 cents however Hbar is right now in the top 40. I remember they were in the top 50 top 60. so they’re slowly climbing up the rankings. I find them very interesting because they’re not using blockchain technology. They’re using dag technology which is the abbreviation for directed acyclic graph and they have developed their own protocol which initially was patented now. It’s open-source not just open for review but actually open source. That’s really cool and they just have gained a lot more traction and momentum. They have a strong and active community, they are super well-funded. They have a network of very highly reputable governing council members. Once it hits 39 of these council members, it will open up and get more and more decentralized over time. It’s a very slow process right now. It’s still quite centralized. However, if you would compare to other chains that only have 20-30 nodes that control most of the voting power by far or even just a handful of them. You could also make the argument that it is not that centralized. Actually, if you consider these things as well.
So, I think they are very exciting lightning-fast and now you can actually also stake them which is something that I have never covered before but Hedera can now be staked. You can do that here on stator labs where you swap your h-bars for h-bar x um an h-bar x is a basically i think a liquid sticking token that accrues value against Hbar 578 million Hbars are already in there um so at the peak of 56 cents. Let’s say 50 cents that’s like nearly 300 million us dollars right now we’re far off from that, but the APY is 42 which is really cool. So, I guess it also simulates compounded interest not just normal interest check this out. Hbar has a hard cap of 50 billion tokens so yeah this is interesting to get an APY on that another project that I have covered here. I actually had an interview with the founder Amin. Also the head of marketing is Avalanche. By the way for the records, I do own Hbar, I do not own any AVAX though but i think AVAX or Avalanche is in a very good spot to survive this bear market and they do have already substantial traction here 4.6 billion dollars in the market cap top 20 cryptocurrency 11.9 billion dollars on a fully diluted which is based on these 720 million coins. If you look at a charge the all-time high was 145 US dollars and it just came down to levels that weren’t seen since the summer of 2021.
So, it’s also a relatively new coin that launched in late 2020. So, they have never gone through a bear market. But I think now they will very likely survive. This one why I think that the avalanche is going to survive the bear market simply because they have real Nobel technology that works. They focus on interoperability. They have a very fast consensus mechanism. They are just gaining traction in terms of also adoption and integration applications being built on top of the Avalanche. I also know that Sakhi Manian who is one of the core developers over at cosmos is very excited and thinking about how avalanche can implement IBC. So, we might see either avalanche natively implementing IBC at some point. That is actually already what is happening. This is an alpha league here right now. A project that is merging the two technology stacks and also implementing ibc. This project is called landslide network. You can find them at cosmos AVEX on twitter.
This article is a transcription of a video made by BitBoy Crypto
Original video: https://youtu.be/2QElkVIhf10
