Bitcoin struggling to stay above $ 20,000; Uncertain future for higher-ranking cryptocurrencies

Last week was one of the most volatile weeks in cryptocurrency markets this year. Bitcoin and Ethereum plummeted to their lowest levels in the past two months, but are making a comeback in recent days. Polkadot also recorded a 9% decline in the first week of September, followed by countless other cryptocurrencies in the markets.

September is traditionally the worst month for cryptocurrency markets, but this year things are even worse due to the energy crisis, supply chain problems and other global problems. As a result, investors are looking for new crypto projects with high growth potential as they move away from Bitcoin and Ethereum and Tamadoge is their preferred choice.

An uncertain future for the world’s major cryptocurrencies

All the altcoins on the markets are entering a new era of uncertainty. With the exception of some cryptocurrencies backed by the US dollar, all the others experienced sharp drops in price in the first week of September. The so-called “September effect” is in full swing and adds just another level of problems to the existing mess.

Global crypto markets entered below $ 1 trillion market cap in the month, signaling an even more uncertain future for thousands of established cryptocurrencies. Blockchain projects that want to survive in the new climate need to reinvent their smart contracts, update features, and do everything possible to ensure future growth. That’s why Ethereum is about to merge and move from proof-of-work to proof-of-stake. News of the merger has already pushed ETH prices higher and, if successful, could help the platform recover. ETH holders will receive the new ETHPoW tokens for free, leading to a significant price increase.

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On the other hand, Bitcoin is facing many problems, which mainly revolve around its huge energy consumption. Each BTC transaction uses 707 kWh of electricity, which could lead to huge problems as the energy crisis is booming. The cryptocurrency has returned to the $ 22,000 level in the past three days, but it could drop below the $ 20,000 mark in the next few days. Growing uncertainty in the world’s major cryptocurrencies is pushing investors towards new blockchain projects designed according to industry best practices. Some upcoming platforms may lead to high earnings, but Tamadoge is by far the most popular choice.

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