Solana Leaps to 6th Place, Bitcoin drops $2k and EverGrow Coin Launches NFT Lending

A breakout towards a new Bitcoin all-time high could be likely if prices can hold above $48,000.

If only it were an April Fool’s Day joke: the crypto market lost $100 billion in market cap in a day. The last week of March felt like ‘crypto winter’ was finally over – but investors will need to hang on a little longer for Bitcoin’s bulls to beat the bears.

As of April 1, Bitcoin has a value of $45,150. This is a loss of $2,000 in price from just yesterday and indicates a potential rejection from Bitcoin’s key resistance levels. Bitcoin touched its 200-day moving average as prices hit $48,000 for a brief moment on March 28. 

According to top Bitcoin analyst Benjamin Cowen from Into the Cryptoverse, breaking above the 200-day moving average would be a clear bullish indicator for Bitcoin. A breakout towards a new Bitcoin all-time high could be likely if prices can hold above $48,000. For now, however, investors might want to hold onto their position for a little longer.

Bitcoin currently has a market cap of $850 billion, equal to 42% of the cryptocurrency market.

Solana leaps to 6th place

All major crypto tokens are in the red today – except for Solana. Solana’s SOL token has seen a 22% surge in price over the last week as it jumped ahead of both Cardano and XRP in the crypto rankings by market cap. CoinMarketCap estimates Solana’s total value at $41 billion with a token price of $126.

So how has Solana managed to avoid the overall weakness in the crypto market today? A number of news announcements are behind the price surge, including integration into the OpenSea marketplace for NFTs by April. OpenSea is the largest NFT marketplace by total volume ($23.5 billion) and registered traders (1.4 million).

Solana-based NFTs enjoyed faster transaction speeds and lower network fees, and the blockchain network is currently available on the Magic Eden marketplace. An integration with OpenSea will make Solana the fourth network on the marketplace, after Polygon, Ethereum, and Klatyn.

In other news, digital asset manager CoinShares and the third-biggest crypto exchange of FTX jointly launched a product offering SOL staking rewards. The product is geared towards institutional investors and is expected to draw large amounts of capital to Solana.

The developers behind the popular online battle royale game PUBG also announced a partnership with Solana Labs last week. Krafton will develop more blockchain-based games with SOL, bringing more attention to the token and crypto in general. 

EverGrow Coin launches NFT lending

NFTs enjoyed breakout success last year, as trading volume hit over $25 billion. While Bored Ape Yacht Club NFTs sell for over $200,000 apiece (Madonna just bought one for over $500,000) the majority of NFT sales go for just hundreds of dollars or less. But soon NFT owners and collectors will be able to generate passive income with their NFTs through the EverGrow Coin ecosystem.

EverGrow Coin’s NFT marketplace allows the brand-new feature of NFT lending. The protocol offers crypto borrowing against NFTs as collateral, granting access to crypto without actually selling up your digital assets. The borrowed money can be put into one of the thousands of Defi projects to earn rewards, pay off the interest and take home some passive income.

EverGrow Coin has announced the NFT marketplace will drop in the coming weeks, and be based on the BNB Chain in the Binance ecosystem. EverGrow Coin itself is a hyper-deflationary reflection token that’s paid over $35 million to investors since September last year. Reflections are financed through a 14% tax on transactions.

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