Crypto Briefing 5/3/22 – The Forecast

Crypto Briefing 5/3/22

Crypto Briefing 5/3/22

This difficult period for equities and crypto is finally coming to an end. Volatility has continued in the stock market as companies such as Netflix, Facebook, and Amazon have all taken major hits to their share price. With a bottom in the stock market likely occurring this week, blue chip companies are on sale at excellent entry points alongside Bitcoin and the altcoins, presently correlated with the Nasdaq.

Bitcoin should see a reversal along with stocks and we expect to see the entire altcoin market have a decisive rally out of this bottom. While the dollar has been strong when compared to the stock market, we expect the DXY to take a back seat in the short term as stocks, crypto, and commodities resume rallying. We expect to see some price relief for Bitcoin from mid-May into early June. 

Algorand saw a 25% rally upon the announcement that FIFA was going to be leveraging ALGO. In addition to this major development, El Salvador has been utilizing Algorand to help support Bitcoin payments. Algorand continues to have some of the strongest fundamentals in the crypto space, and will continue to see more institutional adoption.
Yesterday we witnessed something very interesting in the Coreum price chart. After being listed on the exchange MEXC, Coreum was able to climb to $9 in short term trading. While it has gone back down to its initial levels, this is an indication of where Coreum could go in the future. We have found that the most successful crypto investors are able to identify low valued projects with strong fundamentals like CORE. Coreum will be leveraged on Sologenic to tokenize securities and derivatives.  Sologenic is one of the biggest decentralized exchanges on the XRPL, and while the Coreum mainnet has yet to be launched, the Sologenic team has proved to be highly competent. By holding Sologenic, you will be able to earn free Coreum airdrops into January of 2023.