On 27th January last, the US government announced that they were launching a “roadmap” for cryptocurrencies which, they claim, is intended to “mitigate the risks associated with cryptocurrency.” This roadmap consists of two paths. The first is a framework for digital asset development, and the second consists of various US government agencies stepping up their enforcement roles.
How this is all actually going to play out remains to be seen, but it is reasonable to speculate that it may be the result of the disastrous collapse of the crypto market in 2022, especially the hugely costly crash of both Bitcoin (BTC) and Ethereum (ETH). Notwithstanding, Snowfall Protocol (SNW) remains a top pick for 2023.
Bitcoin (BTC) holders took a serious bath
As at the time of writing, Bitcoin (BTC) was hovering at a value slightly below $23,000. It seems almost impossible to believe today that, in November 2021, just 15 months ago, Bitcoin (BTC) reached an all-time high of $65,000. Clearly, a lot of people have lost a lot of asset value over this period. But Bitcoin (BTC) is the first and most well-known cryptocurrency, and it has recovered somewhat over the last few months after falling, albeit briefly, below $20,000. There is clearly still a lot of trust in Bitcoin (BTC) but with a new round of US regulation looming, not to mention the UK following suit, it may be a long time before Bitcoin (BTC) is flying high again.
Ethereum (ETH) trying to get off its knees
Ethereum (ETH) successfully completed a milestone project in September 2022 with the “Merge,” i.e., the transition from a proof-of-work protocol to a proof-of-stake one. However, none of the ballyhoos around this important development seemed to have much impact on the price of Ethereum (ETH), which was still bobbing around under the $1,500 mark, down from its all-time high of $4,878 back in 2021. That said, Ethereum (ETC) is still a cryptocurrency stalwart, and the first month of 2023 did bring with it a 30% value spike. Whether Ethereum (ETH) crosses the relatively magical $2000 mark this summer remains to be seen.
Snowfall Protocol (SNW) is ready to pounce on the market
A perennial problem that has dogged the cryptocurrency world – and one that Snowfall Protocol (SNW) aims to address – is the lack of interoperability across the various blockchains. For example, if you have tokens on Ethereum (ETC), you cannot move them over to the Binance smart chain – which is something you may do in order to yield farm – because there is no bridge between them. You have to go through a third-party platform to complete the move, and that is more expensive and time-consuming. Many experts believe that this lack of interoperability has held cryptocurrency back from wider acceptance.
Well, Snowfall Protocol (SNW) solves that problem. The Snowfall Protocol (SNW) acts as a bridge between different chains. Snowfall Protocol (SNW) is a multi-chain interoperability protocol that enables crypto holders to securely transfer their holdings across chains and, thereby, give crypto investors the flexibility and choice that they have not had before now. Following a wildly successful pre-sale phase, Snowfall Protocol (SNW) is due to fully launch at the beginning of February.
If you hold Bitcoin (BTC) or Ethereum (ETH) then you’re best advised to hold onto them, at least for now. All the signs are that the worst may be over for both. But, that said, neither is producing really exciting returns and may not do so for some time. Snowfall Protocol (SNW), on the other hand, looks set to take the market by storm and bring in some huge gains for its early investors. Those who hang on to their Snowfall Protocol (SNW) tokens will also have a chance at reaping nice rewards – like investors who held onto their Bitcoin (BTC) and Ethereum (ETH) – if the platform blasts off as it should.