Bitcoin struggles to stay above $20,000; Uncertain future for the highest ranked crypto

The past week has been one of the most volatile weeks in the crypto markets this year. Bitcoin and Ethereum have fallen to their lowest levels in two months, but are making a comeback in recent days. Polkadot also reported a 9% drop in the first week of September, followed by countless other cryptos in the markets.

September is traditionally the worst month for crypto markets, but things are even worse this year due to the energy crisis, supply chain issues and other worldwide issues. 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 favorite choice.

Uncertain future for the world’s leading cryptocurrencies

All altcoins in the markets are entering a new era of uncertainty. Apart from a few US dollar-backed cryptos, all others experienced sharp price drops in the first week of September. The so-called “September effect” is in full swing and just adds another layer of problems to the existing mess.

Global crypto markets entered the month below the $1 trillion market cap, 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 what they can to ensure future growth. That is why Ethereum is in the process of merging and moving from proof-of-work to proof-of-stake mechanism. News of the merger has already pushed ETH prices higher, and if successful, could help the platform recover. ETH holders will get the new ETHPoW tokens for free, leading to a significant price increase.

On the other hand, Bitcoin faces many problems, mainly around its huge energy consumption. Each BTC transaction uses 707 kWh of electricity, which could cause major problems when the energy crisis kicks into high gear. The crypto has recovered to the $22,000 level in the past three days, but it may fall below the $20,000 mark in the next few days. The growing uncertainty in the world’s leading cryptocurrencies is pushing investors into new blockchain projects designed according to industry best practices. A few upcoming platforms can lead to high winnings, but Tamadoge is by far the most popular choice.

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