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OPINION: Pi Network causing crypto price stagnation as it’s mainnet launch draws more closer

The crypto market was pretty boring over the past seven days as no significant price moves actually occurred. it seems that global inflation current problems are towering over. Pioneers like me are speculating that this price declination is caused by the presence of free mining platforms like the Pi Network which presumably may continue until PiCoin unleashes it’s market strength overthrowing all the famous crypto which are Bitcoin, Ethereum, Litecoin and Binance BNB.

Some potential investors may be mining Pi at the moment and hoping to reap huge benefits and may be reluctant to bid huge on Bitcoin and Ethereum especially this year that Pi barter rumour has gone viral.

The cryptocurrency market ended up going through few volatility over the past seven days and is found mainly just about where it was this time last week. The situation remains overly scared as global inflation woes and economic uproar end up settling in.

Beginning with Bitcoin, it lost nearly 1.8% in the past seven days, heading through nearly no volatility whatsoever. the cryptocurrency tried a split above the critical level of $20,000 but to no avail. it was speedily turned down by the bears, which are presently presumably in absolute control.

It’s also worth noting that the BTC domination – the metric that tracks its share relative to that of the overall market, is also more or even less where it was last week. All these means that altcoins failed to capitalize on the ambiguity of the bitcoin market.

This is clearly apparent in the efficiency of the top 10 altcoins by means of total market cap. cardano lost 9.3%, solana lost 10%, whereas xrp is down 7%. these are notable declines.

Perhaps the most notable event during the past week was the launch of Aptos’ mainnet and its listing on major exchanges such as Binance, Coinbase, and FTX. The community was underwhelmed, to say the least, given that top-tier exchanges rushed to list APT despite the fact that there wasn’t even a clear-cut tokenomics sheet of the token.

That said, global inflation woes continue to loom over the cryptocurrency market. In the United Kingdom, for example, inflation clocked in at levels not seen for the past 40 years.

It’s interesting to see how the next week will shape up, but the sentiment is currently very gloomy amid an overly stagnating market.

Written by Newsway

NewsWay reporters are Media employees of the newsway.com.ng vested with the responsibilities of getting informative data from verifiable sources and publishing same undistorted on behalf of the NEWS WAY INFO-TECH which is a parent company that birthed the NewsWay blog.

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