The cryptocurrency market has been in a downturn this week, with many digital assets facing continued price declines. Today is no different, with the global crypto market cap down by 2% over the past 24 hours.
Amid this broader slump, certain altcoins are drawing attention—not for their gains but due to recent ecosystem developments.
Berachain (BERA)
Berachain officially launched its “proof-of-liquidity” layer-1 blockchain on Thursday. The project also conducted its BERA token airdrop, which saw the distribution of coins worth around $1.17 billion to its community members.
However, this airdrop was immediately followed by a surge in selloffs, which led to a decline in the coin’s value. BERA trades at $7.39 at press time, noting a 17% price dip in the past 24 hours.
Notably, during that period, the coin’s trading volume surged by over 150,000%, reflecting the high selling pressure among BERA holders. A falling asset price alongside rising trading volume indicates strong selling pressure. It suggests that more traders are offloading the asset, putting downward pressure on its price.
If selloffs persist, BERA’s price could plummet to $5.36. Without sufficient bullish support at this level, the coin’s price could drop further to $3.89.
On the other hand, if BERA’s accumulation rises again, its price could climb to $8.47.
Ondo (ONDO)
RWA-based asset ONDO is another altcoin trending today. The major factor driving this is Ondo Finance’s Thursday announcement of its plans to start its layer-1 blockchain designed for tokenized real-world assets.
Following the announcement, World Liberty Financial—
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Author: Abiodun Oladokun
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