Market participants and project leaders discuss their picks for the altcoin universe. Looking for … [+] Is Cardano (ADA) considered an alt-coin? Basically anything that’s not DeFi, an NFT, Bitcoin and Ethereum is probably alt. Well, after a couple of rough trading sessions last week, the less energy intensive blockchain is expected to rise up. I own it. Boy, am I glad.
“Cardano is on a clear upward trajectory and there’s no reason to think that this will come to a halt any time soon,” says Nigel Green, founder of the DeVere Group in London. “Momentum is likely to pick up. I believe that the price of Cardano will reach all-time highs in the next month, hitting more than $3,” he says. Cardano, the “green” blockchain. getty There are three main drivers currently fueling the price of Cardano. First, it’s being pulled by the broader crypto market rally. Total market capitalization is back up to $2 trillion again. Second, its upcoming network upgrade this month, putting its blockchain in a strong position to take on Ethereum, the most used blockchain in terms of smart contract functionality. And third, Cardano will keep benefitting from its reputation of being a ‘green’ cryptocurrency compared to the likes of Bitcoin, “which is not considered as efficient in energy consumption,” says Green.
It used to be that every crypto basically tracked Bitcoin. Maybe not to a perfect 100% degree, but 70% and more was common. We have been seeing, and for some time now, a break in the correlation with altcoins and the Mother of all Cryptos: Bitcoin (BTC). To some extent, there is also a split between other coins and Ethereum (ETH). In other words, just because BTC and ETH are down, it doesn’t mean the entire crypto portfolio is going down with it.
“We are now seeing some coins breaking away from that correlation,” says Ian Mvula CEO and Founder T.E Markets Ltd. As at January 2021, Bitcoin dominance was well above 60% of the total cryptocurrency market capitalization. That’s dropping like a stone. Hitting below 50% at one point last week thanks in part to Ethereum’s rise, but also numerous altcoins. “That should give you an idea of how much growth we’ve witnessed in the alt coins space lately,” Mvula says.
Other than jumps in Cardano, Mvula names Axie Infinity (AXS); Binance (BNB); Polkadot (DOT) and Luna (LUNA) heading towards or having already surpassing their all-time-highs. He, of course, touts his own company’s coin: TEMCoin. He said holders will be able to participate in staking programs on high yield projects like the African Consolidated Exchange (ACEX), as well as their own product lines: TE Properties, TE Micro Funding and TE Capital, to name a few.
In the crypto world, the overall picture remains more or less the same at all times, regardless of exchange. The most popular trading pairs are major cryptocurrencies such as BTC, ETH, and Litecoin against Tether (USDT). They are followed by different altcoins traded for BTC, ETH, or the token of the exchange where the trade is taking place. At the moment, ADA and DOT are at the top of all alt-coin charts. These projects are considered alternatives to the more expensive, ‘gas heavy’ Ethereum.
Edmund Hillary has got news for Cardano and the like, this coin has done way better in terms of investment gains: Avalanche (AVAX).
“Without a doubt the answer for me for altcoins is AVAX,” says Hillary, co-founder and lead architect of RelayChain. The AVAX token has seen over a 400% price growth since BTC started recovering and liquidity and demand has poured in as a result of their Avalanche Rush event. Hillary said that his bridging traffic from Avalanche to Polygon for the AVAX token is accounting for over 40% of their total bridge traffic at this time. “We expect it to jump more as the AVAX token becomes available on more chains,” he says.
Wow, this chart is pretty. Avalanche versus Cardano over the last three months. “AVAX has been a massive winner. Against BTC, the other ‘gas tokens’ have performed extremely well, as well. BNB is up over 50%, Huobi Token (HT) is up nearly 100%, and Polygon (MATIC) is up about 100% as well,” Hillary says.
I asked all of these guys, looking for ideas myself: if you were investing in altcoins trying to catch BTCs journey back to $50,000+, what would you be buying and why do you like these projects?
NFTs are as alt as they come, even if they have a different name. Yaroslav Gordeev, CEO […]
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