The recent downturn in the cryptocurrency market, triggered by Bitcoin’s significant drop, has severely impacted the many altcoins like Hedera (HBAR) and Algorand (ALGO). Despite the bearish trend affecting these two cryptocurrencies, the disruptive GambleFi project Rollblock (RBLK) has continued its price surge, drawing attention from altcoin investors.
Hedera (HBAR) Struggles From BTC Crash
Hedera’s HBAR token has experienced notable price declines in the wake of Bitcoin’s crash. Over the past 24 hours, Hedera dropped by 5.9%, trading around $0.0708. The drop was catalyzed by Bitcoin falling below the critical $60,000 support level, which incited widespread fear among market participants.
Hedera is currently trading below both its 50-day and 200-day simple moving averages, with the 50-day SMA crossing below the 200-day SMA, forming a ‘Death Cross’. This is often seen as a very bearish signal, indicating that most of the market is pessimistic about Hedera. Though Hedera’s fundamentals remain robust despite the recent downward price movements, analysts and investors are looking to other upcoming altcoin projects to find outsized returns.
Algorand (ALGO) Faces Bearish Sentiment
Algorand (ALGO) has also been hit hard by the market’s bearish trend. After peaking at $0.31 earlier this year, Algorand’s price plummeted to a monthly low of $0.15. Technical indicators for Algorand also paint a bleak picture. The lack of clear bullish momentum suggests Algorand may not reach its previous highs without substantial shifts in the overall crypto market’s sentiment.
Despite these challenges, Algorand’s Pure Proof of Stake (PPoS) consensus mechanism offers unique advantages. Unlike traditional Proof of Work or Proof of Stake protocols, PPoS provides high scalability without compromising security. This allows Algorand to process thousands of transactions per second with low latency, making it suitable for a variety of applications. Despite these advancements, other disruptive DeFi projects have caught the eye of analysts.
Rollblock (RBLK) Demonstrates Resilience
While most projects struggle to navigate bearish sentiments, Rollblock (RBLK) continues to show strength and potential. Rollblock is a unique crypto gambling platform that combines the best aspects of decentralized and centralized gaming, aiming to disrupt the $450 billion dollar gambling industry. The industry is forecasted to be worth over $750 billion by 2028, which Rollblock is in prime position to capitalize on.
Unlike traditional casinos, Rollblock ensures transparency and fairness through blockchain technology, recording all transactions permanently. Wagers cannot be altered or changed after being placed, addressing fairness issues that most other casinos are associated with.
Rollblock’s platform does not require users to complete KYC either, allowing for quick and anonymous access for new players. Users can sign up with just an email or by connecting a decentralized wallet, a benefit that has contributed to a rapid increase in user adoption.
Rollblock currently offers tons of casino staples like poker, blackjack, slots, and roulette. The platform is also set to introduce sports betting to its platform in the near future, which will further increase the utility and demand for $RBLK tokens. Players will be able to wager on major sports events like soccer, NBA, NFL, boxing, Formula 1, and more. Analysts expect this expansion to attract a huge amount of new players to the platform, driving up the token price.
The native token, $RBLK, is a huge part of the Rollblock ecosystem. It rewards player activity and allows holders to stake their tokens for additional rewards. Another use case is in Rollblock’s revenue-share model. Up to 30% of the casino’s weekly profits are used to buy back $RBLK tokens from the open market, half of which are then burned, and the other half are distributed back to token holders as rewards. The burning of tokens creates a deflationary effect that increases the token’s scarcity (and therefore its value), and the staking rewards incentivizes everyone to buy and hold tokens. This is one of the main reasons experts are so bullish on this project.
Right now the project is in its third presale stage. The $RBLK token is priced at just $0.015 and early investors have seen a 50% ROI already from its introductory price of $0.010. Certain analysts are predicting that $RBLK could see a 100x before the end of this year and potentially an 800% gain from just the presale. DeFi experts and analysts are in agreement that now is the best time to get into the revolutionary altcoin project before it takes off.
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The post Hedera (HBAR) and Algorand (ALGO) Prices Suffer From Bitcoin Crash While Rollblock Remains Strong; Holders Confident In 100x Potential appeared first on Crypto News Land.
