Bitgert (BRISE) price has been under pressure for the past few weeks as the strong momentum the coin saw in August faded.
BREEZE fell to a low of $0.00000055, which is well below last month’s high of $0.0000016. According to CoinMarketCap, Bitgert has a market cap of more than $228 million.
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Trading activity of BRISE decreases
The smart contract industry has become extremely competitive in recent months. Ethereum has the largest market share in the industry. However, there are many important competitors, for example Cardano, BNB Chain, Cosmos and EOS.
Bitgert is another Ethereum competitor that has garnered a lot of attention from investors over the past few months. Built on top of the BNB Smart Chain, it is known for its extremely fast transaction speeds and low costs. According to the developers, Bitgert can process millions of transactions for less than $10. BRISE is the native token for the ecosystem.
The Bitgert price has developed strongly in recent months. In fact, BRISE has risen from obscurity to become one of the largest cryptocurrencies in the world. At its peak, it had a market cap of over $300 million.
BRISE’s price soared as the developers announced plans to expand the ecosystem. This included plans to launch a blockchain operating system that will compete with rivals like Tron.
The price also rose as the number of applications in its ecosystem increased. Some of the top apps in the ecosystem are Knit Finance, Sphynx Labs, Briseswap, and the Midas NFT marketplace. According to DeFi Llama, Bitgert’s total value rose to more than $11.7 million in August. This growth was led by the strong performance of Sphynx Network.
Bitgert’s price has fallen sharply over the past few days, in part because the total value of deposits (Total DeFi TVL) has plummeted to $5.8 billion. This drop is also due to rising interest rates, which have pushed bond yields to their highest have brought status for years.
Bitgert Price Prediction
Looking at the price chart, it can be seen that the BRISE price has been in a strong downtrend for the past few days. Along the way, the coin has formed a head and shoulders formation. He is now trading at the neckline of this formation. In price action analysis, this is usually a bearish sign.
Bitgert has also fallen below the 25-day and 50-day moving average lines, while the stochastic oscillator has dipped into neutral territory. Therefore, there are chances that the coin will see a bearish breakout soon as sellers target the key support at $0.00000035.