TWT, the native token for the Trust Wallet, has dropped by 3.9% in the last 24 hours, and it was trading at $1.10 at the time of writing. The token is currently down by more than 8% over the past week.
TWT price analysis
The global cryptocurrency market cap has dropped below $1 trillion for the first time since January 2021. The plunge comes amid FTX announcing that it was facing a liquidity crunch that was making it unable to process withdrawals.
The TWT token has been affected by the ongoing bearish sentiment, trading in the red today. TWT’s trading volumes in the past 24 hours stand at around $66 million. TWT has a market capitalization of $456 million, ranking it the 85th largest crypto by this metric.
Over the past day, TWT has traded between $1.04 and $1.23, indicating a mild swing in volatility. This is a positive outlook compared to the wild swings witnessed across the broader market.
TWT will likely drop below $1 due to the bearish sentiment across the market. If this happens, the token will likely find support at $0.95. On the other hand, if the selling pressure cools, TWT will likely recover to above $1.15.
The collapse of exchanges triggers demand for wallets
The insolvency of the FTX exchange has led to user funds being locked up in the exchange as the exchange halts withdrawals. The same case happened after Celsius and Voyager went under earlier this year.
1) Hey all: I have a few announcements to make.
Things have come full circle, and https://t.co/DWPOotRHcX’s first, and last, investors are the same: we have come to an agreement on a strategic transaction with Binance for https://t.co/DWPOotRHcX (pending DD etc.).
— SBF (@SBF_FTX) November 8, 2022
The collapse of crypto exchanges has resulted in the crypto community touting that traders store their funds in wallets as they will be in control of their finances. One of the top wallets in the market is the Trust Wallet.
Trust Wallet is a non-custodial crypto wallet supporting the trading and storing of cryptocurrencies. The wallet supports a majority of cryptocurrency assets, including BEP2, ERC20, and ERC721 tokens. The TWT token could see a significant rally as demand for Trust Wallet grows.
Three crypto alternatives to buy today
As the market trades in the red today, three altcoins have the potential to rally, and they continue to attract interest.
At the top of the list of Dash 2 Trade, which could be the next token to explode. Dash 2 Trade is a platform that eases the market research and analytics process for beginner and experienced crypto investors. The D2T token powers this platform and could see significant gains. D2T is currently in the third presale stage, where it has raised over $5.76 million.
The other token on presale is IMPT. IMPT is the native token for the Impact Project that seeks to solve the issue of climate change. The IMPT.io protocol will support carbon credits sales from both individuals and corporates. The presale has raised more than $12.55 million.
Thirdly we have the RIA presale. RIA is the native token for the Calvaria: Duels of Eternity blockchain game. The Calvaria game has a paid and free-to-play version, which makes it superior to most blockchain gaming projects. The RIA presale has raised more than $1.65 million.
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