The shaky status of macroeconomic conditions has been evident in the cryptocurrency market. The prices of the two leading cryptos, Bitcoin (BTC) and Ethereum (ETH) continue to fluctuate, predominantly stagnating at less-than-stellar price points. Bitcoin and Ethereum are clearly losing ground. As a result, the entire market continues to struggle with the economic downturn.
However, there could be a silver lining amidst the stagnant state of the crypto economy – and it’s called Uniglo (GLO).
Uniglo (GLO): The latest crypto gem
Uniglo is a new distributed project in DeFi designed to maximize the potential for cryptocurrency growth and digital asset appreciation. Rather than offering a tradable digital asset that can be used for payments, Uniglo offers a social currency that will embody the rising value of a basket of community-selected assets.
Uniglo also introduces the Ultra-Burn Mechanism. This special burn feature functions similarly to a share buyback model that large corporations like Apple do to safeguard the price of their stocks. Under Uniglo’s special burn model, GLO tokens in the secondary market will be re-acquired and removed from circulation forever. This feature brings down the total token supply of GLO in the market, which will translate into benefits for long-term token holders.
With its unique features, Uniglo is experiencing a rising demand despite the economic downturn affecting many cryptos including Bitcoin and Ethereum.
Bitcoin (BTC)
The stagnation of Bitcoin has left many investors devastated. El Salvador President Nayib Bukele is perhaps one of the most disappointed advocates of Bitcoin, as a year into his revolutionary plan of making Bitcoin legal tender in his country shows it was an utter failure. Fortunately for investors, however, BTC has breached the $22,000 resistance level. But a strong bully rally is still needed for long-term BTC holders to recover losses.
Ethereum (ETH)
Ethereum is also losing ground as it nears the completion of “the Merge”, or the conclusion of the network’s shift to a fully Proof of Stake consensus. Over the last 30 days, the price has generally been on a downward trend. The highest price for ETH over the last month was on August 14 at just above $2,000. As of this writing, ETH was trading at just above $1,700. Looking at Ethereum since the start of the year, the token has had a 53% loss and thus has a lot to go before recovery can be had.
Schlussgedanken
The cryptocurrency market is feeling the impacts of rising inflation and the economic turmoil that is affecting markets across the globe. Uniglo, however, could be a silver lining, offering an opportunity for presale gains as well as long-term wealth accumulation.
Léiert méi hei:
Maacht mat am Virverkaf: https://presale.uniglo.io/register
Websäit: https://uniglo.io
Telegramm: https://t.me/GloFoundation
ware: https://discord.gg/a38KRnjQvW
Twitter: https://twitter.com/GloFoundation1
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Source: https://www.thecoinrepublic.com/2022/09/13/uniglo-glo-makes-massive-35-move-up-despite-economic-downturn-with-bitcoin-btc-and-ethereum-eth-losing-ground/