The cryptocurrency bear market rolls on, with the likes of Ripple (XRP) and Filecoin (FIL) two of the most affected coins. With prices continuing to plummet, experts are now recommending selling these two coins for Collateral Network (COLT), especially as the token price is set at only $0.01 during the first phase of the presale. But why is this and what does it mean for investors?
Filecoin (FIL)
Filecoin (FIL) is revolutionizing the way data is stored and managed with a decentralized storage network. With Filecoin (FIL), users can store their NFTs, digital assets and other valuable data on the blockchain securely and efficiently.
Filecoin (FIL) uses a unique proof-of-storage consensus algorithm that allows miners to earn FIL rewards for providing storage space. The more storage space a miner provides on Filecoin (FIL), the more rewards they can earn.
However, due to the bear market, prices for Filecoin (FIL) have plummeted and now experts are recommending selling it for Collateral Network (COLT) as a way to preserve capital. While it’s normal for crypto to fluctuate, a 98% decline from the all-time high is something that makes Filecoin (FIL) investors nervous.
Filecoin (FIL) needs to see mainstream adoption and a rise in prices to become more attractive as an investment. Despite its innovative technology, the lack of visibility has caused Filecoin (FIL) to be one of the worst-performing coins of 2022.
Ripple (XRP)
Ripple (XRP) is a blockchain-based payment network that facilitates international payments and currency exchanges between banks. The company behind Ripple (XRP) has seen a lot of success, with its XRP token once being the second most valuable cryptocurrency in the world, behind Bitcoin (BTC).
However, since then Ripple (XRP) has seen a massive drop in price, losing more than 91% of its value from its all-time high of $3.84. The greatest fear for Ripple (XRP) investors is that it might be delisted from major exchanges, leading to even further losses in the value of Ripple (XRP).
This concern around Ripple (XRP) is due to the SEC’s ongoing lawsuit against Ripple (XRP) and its founders, alleging that they sold unregistered securities. The case is still ongoing and the outcome is uncertain, but analysts are recommending selling Ripple (XRP) for Collateral Network (COLT) as a way of preserving capital.
Collateral Network (COLT)
Collateral Network (COLT) is revolutionizing the crowdlending landscape, where borrowers no longer grapple with low liquidity, oppressive interest rates and frustrating paperwork.
Collateral Network (COLT) provides a cutting-edge, effective solution to finance any project by utilizing physical assets as collateral. But the real beauty of the platform is the use of fractionalized NFTs as collateral. But why have they done this?
The fractionalization of collateral allows multiple lenders to back the same loan, and this helps to reduce risk and raises liquidity. This makes it easier for borrowers to get access to finance, but also provides lenders with an opportunity to earn returns on their investments.
Smart contracts keep the decentralized theme going and safely store assets, but also provide automated loan payments. All of this makes using Collateral Network (COLT) attractive to both lenders and borrowers worldwide.
Collateral Network (COLT) uses a utility token called COLT, which is used to access features on the platform, as well as reward users with trading fee discounts, staking rewards and governance rights.
The COLT token is now available for $0.01 during the first phase of the Collateral Network (COLT) presale. There’s no telling how long the presale will last, so investors are wise to get in quickly.
Find out more about the Collateral Network presale here:
Website: https://www.collateralnetwork.io/
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