In spite of their efforts to redeem themselves, FTX and Terra are considered to be two of the most significant flops in the history of cryptocurrency.
During the previous two weeks, the price of FTT has experienced a decrease of 38%, although the price of the other alternative cryptocurrencies has shown rise.
Over the course of this month, the price of Luna Classic had a decline of 42 percent, which demonstrates a decline in trust in these assets in front of 2024.
In light of the fact that the entire market value increased by 117% year to far, the cryptocurrency industry experienced a positive year. A number of cryptocurrencies, including Bitcoin, Solana, Render, and Avalanche, all had phenomenal growth over this period of time. On the other hand, as the year draws to a close, it appears like a certain category of tokens is falling into the bear's grasp before the year 2024 begins.
The price of Luna Classic did not vary significantly in the year 2023.
The price of Luna Classic may have seen fluctuation over the course of the previous year, with periods of ups and downs as well as times of rallies and corrections; nonetheless, the value of the asset remains almost unchanged in comparison to what it was worth at the beginning of 2023.
With a price of $0.0001465 at the time of this writing, the value of LUNC has increased by little more than 1.3% over the course of the past year. It was possible that the token of the insolvent firm would have seen a rise of 75%; however, the correction that has been observed since the beginning of December has eliminated this option as well.
The cryptocurrency had a fall of 42 percent over the course of the last three weeks, during which it made a fleeting attempt to test the $0.0001780 line as a support level but ultimately failed to do so.
As a result of the fact that investors would most likely prefer to shift their money into assets that have genuine potential for growth, the prospects of experiencing growth in 2024 are low, despite the fact that the market as a whole is showing signs of increased optimism.
Ever since the beginning of 2023, the native token of the controversial cryptocurrency exchange FTX, which has since gone bankrupt, has managed to track a growth of 312%. On the other hand, this does not change the reality that the alternative cryptocurrency will have significant outflows in the year 2024.
It is anticipated that the establishment of a spot Bitcoin exchange-traded fund (ETF) would largely direct investors and institutions toward Bitcoin and other top assets. The other option will be assets that are fundamentally solid, such as layer 2 and DeFi tokens. The final point is that meme currencies and trending tokens have a lot higher chance of recognizing gains than FTT does because the latter does not serve any particular function.
The fact that Sam Bankman-Fried, the originator of FTX, was found guilty means that the "trend" part of the asset has been destroyed. This is demonstrated by the fall of 38 percent that has been witnessed over the last two weeks. The token, in and of itself, is worthless in any fundamental sense.
Bearishness is also being displayed by price indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), which lends support to the idea that there is a possibility of a downturn moving into the year 2024.
