- Bitcoin drops below $96K, with Solana sliding to $160, adding to bearish market sentiment.
- Zora launched post token feature, creators earn 10M tokens and 1% from transactions.
- Small-cap tokens like FORT and ADP see strong gains amid a broader market downturn.
Analytical platform Crypto Rank revealed in an X post on Monday that Bitcoin dropped below $96,000, marking a downturn in the market. Solana also declined to $160, which added to the bearish outlook. At the same time, Raydium’s $RAY token sold for 29% lower after rumors emerged that Pump.Fun is developing its own automated market maker (AMM) tool. This concern raised investors’ eyebrows, escalating the volatility in the market.
The last 24 hours also saw an increase in liquidations, which totaled $231.7 million. Bitcoin has gained dominance over other cryptocurrencies, reaching 57.7%, a rise of 1.17%. Nevertheless, the Fear & Greed Index stayed within the “fear” category with a score of 49, cautioning investors. Challenges are attributed to the market as most players revert to a defensive position.
Bybit Strengthens Client Trust
Although Bybit has taken an important step by returning a 1:1 backing of client assets, this decision is meant to regain people’s faith in the exchange. By increasing user security, Bybit aims to build more client trust and solidify its market position.
On February 22nd, Zora, the NFT marketplace, introduced its new post-token feature. Currently, each post equals one token, with one billion tokens in circulation being the maximum amount. The creators receive 10 million tokens when they publish a post and 1% of the value of every transaction involving the token. The tokens are meant for fun and exist on the web and in mobile test environments.
In governance updates, Arbitrum DAO’s Growth Management Committee discussed a proposal to invest 7,500 ETH in non-native DeFi protocols such as LidoFinance, Aave, and Fluid. This new plan is an element of Arbitrum’s approach to diversifying the portfolio and enlarging its presence in the DeFi sector.
Related: Bybit Recovers Stolen ETH, Clashes With eXch Over Security
Small-Cap Tokens Surge
Meanwhile, small-cap cryptocurrencies continued to rally while the overall market went through a bearish phase. The following tokens experienced an increase in their performances: FortaNetwork (FORT) went up by 44.5%, Adappter_io (ADP) by 41.3%, and FirstBroccoli (Broccoli) by 36.2%. While ElastosInfo (ELA) is up by 24.8%.
However, small-cap dominance confirms optimism about Bitcoin and Solana and presents attractive investment opportunities. The future is slowly revealing itself as turbulent regarding its growth prospects. The buyers may turn to these assets as potential investment opportunities during economic volatility.
