The crypto market has been on the downward slope for quite some time since the beginning of 2022. The bear cycle started with no recovery in sight since the Tera LUNA crash in May. Apart from investors facing huge losses from their crypto assets, many crypto companies are also in news for layoffs. However, the crypto space is not new to these seasons of bear and bull cycles.
According to a Finbol report, after spending the majority of the last week in the red, the crypto market turned green on July 5, buoyed by the flagship crypto-asset; Bitcoin (BTC), which has seen its price briefly climb above the crucial $20,000 level.
As evident from the CoinMarketCap data, indeed, the crypto market capitalization has climbed from $864 billion to $914 billion in the last 24 hours, meaning that an inflow of $50 billion has entered over that amount of time.
Despite the bear market trends, many institutions like MicroStrategy and El Salvador had bought Bitcoins for their repository. Following the market sentiments, investors soon followed suit to acquire the flagship crypto-asset while its value is on the lower levels. Currently, on July 62022, Bitcoin is valued at $20,013.90 with a market cap of a total of $381,992,208,663.
Source: Finbold
Being one of the top 5 crypto assets, Bitcoin’s value behavior also impacts the rest of the market sentiments for investors. Of course, many technical indicators and project analyses are put into analyzing the possible market behavior, but a rise in the value of the tokens with the highest market capitalization has an impact on the market.
Although, with the numerous crypto projects coming out every day, it is tough to define which one might be the best upcoming crypto project or the top crypto project or among the best upcoming crypto projects, or which one may turn up as a scam. That is exactly why you need to make a note of the aspects you need to check, before choosing a project to explore.
Check out the latest BTC Price, Charts & Data.
HOW TO ASSESS THE BEST DEFI CRYPTO PROJECT:
| 1. Tokenomics | Market cap, supply and demand, and circulation |
| 2. The defi project or crypto project idea and roadmap |
| 3. Token use cases or applications |
| 4. Social media proofs and News/PR |
| 5. HNI and Institutional Interest |
| 6. Project community: Founder, developer team, and users |
Additional Read: How to assess DeFi projects?
Now that we are on top of the recent market news and made a note on how to assess crypto projects, let us take a look at the basics of Bitcoin.
What is Bitcoin?
Bitcoin (BTC) is the first of many digital crypto assets that we see today. It is a decentralized digital asset that was originally described in a white paper in 2008 by a person or a group of people commonly known as Satoshi Nakamoto. Nakamoto’s stated goal was to create “a new electronic cash system” that was “completely decentralized with no server or central authority.” Satoshi had a plan for peer-to-peer electronic cash that would not have properties of the fiat currency. The entire system of bitcoin functions due to the efforts put in by a group of people known as miners. It was in 2009 that the Bitcoin cryptocurrency was finally launched.
Additional Read: BTC Price Prediction
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