Category Archives: Altcoin
If youre more of an observer than an investor in cryptocurrencies, Cardano(CCC:ADA-USD) may seem easy to dismiss as just another altcoin. If thats the case, then one of the best things that investors can say about Cardano at the time of this writing is that its not Bitcoin(CCC:BTC-USD).
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As the number of altcoins has expanded, Cardano faces a marketing problem. If Bitcoin is the gold of digital currency and Ethereum(CCC:ETH-USD) is the silver, then each altcoin is competing with the other to prove its utility in the crypto ecosystem.
In my opinion, thisis a reason that digital currency has a reputation as a collectible more than a currency. If price is the only thing thatnovice investorshave tofocus on,thenitstough for any altcoin to stand out.
This is amplified by the fact that many altcoins have a price that correlates closely with Bitcoin. Cardano does not. And with Bitcoin dropping nearly 50% from its record high, thats been bullish for investors in ADA the native altcoin of the Cardano blockchain.
However, Cardano looks to offer its owners real innovation that even novice owners can explain to their friends. Andthatswhyitsan altcoin that may be able to stake out a meaningful position in the altcoin universe.
To be fair, this blockchain network has never tried to be like Bitcoin. For the uninitiated, it shares more in common with Ethereum.
In that sense, Cardano has always had an advantage. With its emphasis onsmart contracts, it has been position as the next, nimbler version of Ethereum. One way it does this is by using a Proof of Stake (POS) mining protocol which holds that a person can mine or validate block transactions according to how many coins they hold.
POS addresses some of the environmental concerns of mining Bitcoin. However, what I like about the protocol is that it gives Cardano owners a reason beyond price to buy the coin. Cardano isnt the only altcoin to feature proof of stake, but its one of only a few. That scarcity may not last forever, but for crypto traders living in the now,itsa nice benefit.
In early June,Nervos Network(CCC:CKB-USD) and Cardano took what may be the first step to create auniversal public network for cryptocurrency. Nervos is an open-source blockchain ecosystem and collection of protocols. The project, which is named Force Bridge, will allows two important kinds of transactions.
First, it will allow users to interchangeably buy and sell the Nervos or Cardano native currencies (CKB and ADA). Second, it will allow users to create wrapped tokens across both chains.
It remains to be seen if this will make owning Cardano more valuable. It may not make it a true medium of exchange, but it does add more utility to the digital currency.
My reasoning may seem too simplistic for more experienced crypto investors. But if youre on the outside of the crypto sphere and still hesitant to buy Cardano, I suggest you read whatInvestorPlace contributor Nicolas Chahine wrote about ADA. When you begin to look at altcoins in terms of precious metals rather than currencies, the case for Cardano becomesclearer.
Im not convinced that every altcoin has, or should have, a future. Thats a question that crypto investors will decide. But it appears that Cardano has one of the more compelling altcoin stories out there. By starting the conversation on what an internet of blockchains might look like, its attempting to provide a solution to one of the nagging issues that prevents widespread adoption of cryptocurrencies.
With that in mind, Cardano would appear to be not just an effective hedge against Ethereum but also, perhaps, thecoin that will change the wayinvestors think about cryptocurrencies.
On the date of publication, ChrisMarkochdid not have (either directly or indirectly) any positions in the securities mentioned in this article.The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Chris Markoch is a freelance financial copywriter who has been covering the market for seven years. He has been writing for InvestorPlace since 2019.
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Meaningful Innovation Makes Cardano an Altcoin to Watch - InvestorPlace
Crypto strategist and trader Michal van de Poppe is unveiling the five altcoins that he is betting on this June.
In a new video, Van de Poppe says he is keeping an eye on liquidity aggregator Orion Protocol as he sees the low-cap altcoin holding up well against Bitcoin (ORN/BTC) despite overall market volatility.
The reason why Im looking at Orion is not only based on the price action but its also based on the fact that during heavy volatility Orion is not breaking down
If we look at the price action, we can see Orion has made a very nice upwards move during the previous part of the year, during the previous altseason as well, and now we can see we are making higher highs and higher lows.
Van de Poppe adds that anywhere in the 0.00017 range is where he is bidding on Orion. His target is resistance of 0.00025, representing a potential upside of nearly 50% from his buy zone.
Next up on the traders list is scalable and secure cryptocurrency Algorand (ALGO). Van de Poppe points out that ALGO has been able to securely hold onto the 100 and 200-day moving averages and is also making higher lows in its BTC pair (ALGO/BTC).
Van de Poppe assumes that if ALGO holds around the 0.000027 level, it will continue its journey to his target of 0.00004.
The third asset Van de Poppe is watching is decentralized finance lending protocol Kava, which is also trading above the 100 and 200-day moving averages in its BTC pair (KAVA/BTC).
Scalable blockchain network Cosmos (ATOM) also appears bullish, notes Van de Poppe, and will likely see a big impulse wave soon in its Bitcoin pair (ATOM/BTC), as it has been in an accumulation phase for a significant period.
Finally, Van de Poppe is eyeing top oracle project Chainlink against Bitcoin (LINK/BTC), which could lead the way for other oracle projects as well.
Since its harsh breakdown, Chainlink has managed to stay above the 100 and 200-day moving average indicators. LINK appears to be finding support at 0.00077, says Van de Poppe, which could be a good buy zone.
Widely followed crypto influencer and host of Coin Bureau says deep-pocketed investors are quietly stacking one under-the-radar altcoin.
In a new video, the Coin Bureau host known simply as Guy tells his one million subscribers that hes noticing an influx of new capital into Livepeer (LPT), through digital asset management giant Grayscales Livepeer Trust.
Livepeer is a decentralized, blockchain-powered video streaming platform on the Ethereum network. The project aims to introduce blockchain and decentralization to the growing streaming and live broadcasting industry, similar to its competitor Theta Network (THETA). LPT is Livepeers protocol token but not the platforms medium of exchange, according to its whitepaper.
Despite having tens of millions of dollars thrown at it in recent months, Guy points out that LPT has gone relatively unnoticed by the crypto space. According to him, traders should keep a close watch on the crypto asset.
Spoiler alert: this project has serious potential
I find it seriously impressive that Livepeer has gotten as far as it has with such a small amount of funding. It has a functioning product with a decent amount of participation and clout in the crypto space, and the project is really just getting started. When going through Livepeers previous milestones and roadmaps, I couldnt help but notice that theyve stuck to the plan since the project began back in 2017. This makes Livepeers future promises that much more credibl,e and its clear that big players are starting to see the potential of this protocol.
The analyst notes that the general demand for LPT is consistently grinding up even after its 1,100% ascent in the last year, according to CoinGecko. The closely-followed analyst adds that a massive rally for LPT may be on the horizon.
You can clearly see the general trend for these metrics is certainly moving in the right direction. If this continues, I could see LPT pulling a 10x from its current price. And thats because it has such a small market cap and no whales [are] waiting to dump their LPT.
At time of writing, LPT is trading at $28.18, down 7.2% in the last 24 hours.
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Crypto analyst Austin Arnold of Altcoin Daily is naming five of the most undervalued altcoins that he says are ripe for opportunities this new month.
In a new video for his 818,000 subscribers, Arnold lists five cryptocurrencies that are all within the non-fungible token (NFT) space, starting with ECOMI (OMI).
ECOMI is the blockchain that powers the digital collectibles marketplace VeVe. According to Arnold, VeVes partnership with pop-culture icons could be a bullish catalyst for the nascent digital asset in the future.
The integration with pop culture for me is really where ECOMI starts to get exciting because while other cryptocurrencies are still only hoping for adoption, are still hoping for awareness, ECOMIs got it. VeVe has already formed huge partnerships with brands like Warner Brothers, Capcom, and DC Comics.
Altcoin number two on Arnolds list is Superfarm (SUPER). Superfarm is a platform for cross-chain NFT farming with no coding skills required. The trader notes hes bullish on the fact that projects can launch on the platform using a suite of built-in tools, including marketing, fundraising, development, advisory, and more. SUPER is currently trading at $0.77, according to CoinGecko.
Third on the list is MurAll (PAINT), which Arnold believes is way more of a hidden gem in the cryptocurrency space.
MurAll is a collaborative digital canvas that artists can contribute to by using the PAINT token. Each PAINT token can draw two pixels, and just like real-life paint, it can only be used to draw once.
MurAll is definitely an altcoin to watch and, by the way, is doing something very, very different than all of the other altcoins mentioned today.
At time of writing, PAINT is trading at $0.0004.
The fourth coin on Arnolds radar is Origin Protocol (OGN), which provides a platform for building peer-to-peer marketplaces and e-commerce applications. Users also have the ability to earn yields on its stablecoin OUSD and through staking OGN. Arnold notes that Origin has partnered with popular DJ and recording artist Justin Blau. The trader says the partnership is a green flag for me.
The last NFT-focused crypto on Arnolds watchlist for June is RFOX, the native token on virtual marketplace ecosystem RedFOX. The projects RFOX VALT aims to build an augmented reality (AR) network with virtual shopfronts, billboards, meeting places and more.
According to RFOX, the team will incorporate VR/AR (virtual reality) and AI (artificial intelligence) in addition to offering digital items, including those issued through blockchain smart contracts and NFTs.
The reason they make our list today is because they recently announced RFOX VALT, an out-of-this-world immersive commercial experience. So in the most simplistic terms, think of this potentially as the next Decentraland (MANA).
RFOX is launching a fully immersive virtual ecosystem that offers users a unique experience. This is coupled with the capacity to transition traditional commercial enterprises like merchants into a virtual econosystem built upon unique NFTs that emulate real-world economies.
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Is speculation related to Ethereum (CCC:ETH-USD) the only positive catalyst that can move Ethereum Classic (CCC:ETC-USD) higher? Or does Ethereum Classic have its own merits?
For the most part, only speculation regarding Ethereum can move Ethereum Classic higher. Yet the case can be made that Ethereum Classic is much more than a speculative altcoin that many are betting on.
As InvestorPlace columnist Mark Hake pointed out last month, Ethereum Classic, which is the original Ethereum, has its share of exceptional features. Whats known as Ethereum today was actually derived from Ethereum Classic. The split came about following a 2016 hacking incident.
In short, Ethereum Classic is anything but a knock-off of Ethereum, which is the second-most valuable cryptocurrency, based on market capitalization. Even so, that doesnt mean that Ethereum Classic will climb further.
It may continue to advance, as cryptocurrencies bounce back from last months crash. But whether Ethereum Classic can climb faster than Ethereum is debatable. Further, other altcoins, like Cardano (CCC:ADA-USD) and Polygon (CCC:MATIC-USD) appear to be more solid contenders to steal Ethereums lunch.
Those betting on Ethereum Classic rallying on name recognition alone may make some money. But, if youre looking to wager on an altcoin that could soar thanks to its strong utility, Ethereum Classic may not be the ticket.
The dust may have finally settled on the May 2021 cryptocurrency meltdown. Bitcoin (CCC:BTC-USD) has found support between $35,000 and $40,000. Ethereum is holding steady at around $2,700. It may take time for both those names, along with less well-established cryptocurrencies, to start moving sharply higher once again. But, as retail investors are moving towards the sidelines on cryptocurrencies, now may be the time to buy them.
The recent stabilization of the cryptocurrencies may only be the calmness ahead of another meltdown. Yet, with some people believing that the U.S. dollar will continue to be devalued, it remains easy to make the case that cryptocurrencies are a worthwhile alternative to the American currency.
In short, cryptocurrencies may rebound, despite concerns that theyve become overheated. But does that mean Ethereum Classic can climb? Its prices have fallen from as high as $176.16 in early May to around $68.50 this afternoon.
A cryptocurrency recovery could give it a boost, but it may not reach last months highs. Besides the general bubble mode cryptocurrencies were in at the time, there was another factor behind Ethereum Classics temporary rally several weeks ago. Specifically, the traders who were covering borrowed positions in Ethereum Classic played a major role in the currencys huge gains.
What about the potential of Ethereum Classic to climb on increased usage? It may rise as DeFi (decentralized finance) gains critical mass. But, given that two other cryptocurrencies stand to gain more from this megatrend, they are better options at this point.
Some speculators may see Ethereum Classic as another way to wager on the rise of DeFi, while Ethereum may be the cryptocurrency that is most widely used for staking and other DeFi transactions. But theres plenty of chatter about other names becoming widely used mediums of exchange as well.
Ethereum Classic may have DeFi capabilities. But it could be a stretch to say that its a leading contender to become an Ethereum killer. Cardano or Polygon fit that profile much better.
Cardano is in the process of implementing major protocol upgrades. Those upgrades could help it become much more widely used in blockchain and DeFi transactions.
Polygon is in a similar situation. It solves many of the pain points associated with Ethereum, including the latters high transaction fees and the issues with using a large amount of it. Developers active in Ethereum Classic could put in place changes that will improve its functionality. But, for now, dont count on increased appreciation of its utility sparking another parabolic run.
With other names that have greater odds of becoming the next Ethereum, why bother with Ethereum Classic? Still playing catch up, Ethereum Classic is far from becoming a strong DeFi play.
If cryptocurrencies continue to recover, Ethereum Classic can climb above its current price levels. But it will not bounce back to its all-time high anytime soon.
Some may want to speculate on it becoming widely used in DeFi transactions. But Ethereum remains the most widely used cryptocurrency in that area. Cardano and Polygon are gaining the most ground, and Ethereum Classic will have difficulty catching them.
With more limited potential for gains than other altcoins, Ethereum Classic is not very attractive. Instead, stick with the more promising contenders.
On the date of publication, Thomas Niel held long positions in Bitcoin and Ethereum. He did not have (either directly or indirectly) any positions in any other securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.
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Ethereum Classic Has Its Strengths, But Consider Other Altcoins Instead - InvestorPlace
On May 26 the the bullish momentum that had propelled Bitcoin and altcoins into a relief rally was somewhat subdued as traders remain unsure of what may happen next.
After anearly morning attempt by Bitcoinbulls to drive (BTC) price above $40,000 was met with stiff resistance, the digital asset lost momentum and slumped back to the $38,000 support level.
Despite the continued struggle, a few positive signs like a decline in BTC exchange deposits and an uptrend in addresses accumulating Bitcoin suggest thatbears have stopped selling and the worst of the downturn may have passed.
Earlier in the day, Ether (ETH) also rallied close to the $3,000 level but the pullback in BTC price saw the top altcoin fall below $2,800.
While a majority of the cryptocurrencies are well below recently established highs, Polygon (MATIC) price bucked the trend by seeking out a clear V-shaped recovery. The altcoin rallied higher today as the project announced the launch of its SDK stack that will allow developers to easily deploy their own Ethereum-connected blockchains.
Since May 25, MATIC price has rallied 50% from a low of $1.51 to an intraday high at $2.44 on May 26.
According to data from Cointelegraph Markets Pro, market conditions for MATIC have been favorable for some time.
The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
As seen in the chart above, the VORTECS Score for MATIC has been in the green zone for most of the past week and it registered a high of 94 several times on May 25, around seven hours before the price increased 50% over the next day.
Other notable altcoin performances include an 89% gain for SKALE Network (SKL) and a 67% rally from Enjin Coin (ENJ) . Origin Protocol also gained 53%.
The overall cryptocurrency market cap now stands at $1.7 trillion and Bitcoins dominance rate is 42.5%.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Lets talk cryptocurrencies.
The crypto market is wild right now. Absolutely wild. The entire market dropped more than 30% at one point on Wednesday led by a 50%-plus decline in headline names like Ethereum(CCC:ETH-USD) in what was a panic-driven fire sale.
Then, the entire market rebounded by more than 20% on Thursday led by a 30%-plus rise in names like Ethereum in what was a furious recovery.
What in the world is happening? The Cryptochasm!
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As many of you know, investment megatrends emerge in two waves.
The first wave is what I like to call the rising tide.
Wall Street gets all excited about an upcoming megatrend. Hyped-up investors high on growth adrenaline rush into the space. They buy up anything and everything that is even tangentially related to the megatrend. Every stock in the space gets priced as if its going to take over the world.
This creates a rising tide that lifts all boats. During this rising tide, everyone has a lot of fun and makes a lot of money.
Then comes the second wave. I call it the curation wave.
In this second wave, early enthusiasm from the first wave moderates. Investors start to get picky. They start to realize that not every company in the space will be a runaway success. They realize that not every stock deserves to be priced for world-domination.
Investors begin curating their investments, separating the wheat from the chaff. They sell the weaker investments. They pile more heavily into the stronger investments.
If the first wave was the fun part, the second wave is the hard part.
You must find the real winners to keep making money if you dont, you could lose all of your gains as the rising tide fades.
Right now, the cryptocurrency market is entering the second wave. The market once high on adrenaline and hype is now correcting lower, and investors are looking more closely at their investments, doubling down on the strong cryptos and ditching the bad cryptos.
The strong cryptos will rebound from here, then go on to change the world and score early investors enormous gains.
The weak cryptos wont. Theyll die. And dip-buyers will get burned as those coins plummet to zero
The key now, of course, is to buy the dip in the strong cryptos.
How do you know what qualifies as a strong crypto?
The short answer: You have to do a lot of work.
Forget following Reddit and buying meme coins because everyone else is doing it. You have to actually do your homework. You have to dig through the whitepapers, read them end-to-end, understand the technology, talk to experts, and extrapolate financial implications.
Its a lot of work because cryptos are a complex science, especially for folks new to the industry.
Lucky for you, you dont actually have to do that because were doing it for you!
We are putting together a team of very qualified cryptocurrency experts who understand blockchain technology at the most granular level, and who are researching cryptos all day, every day.
The teams goal? Put together a portfolio of cryptos that arent all hype and will instead, impact the world over the next two decades the same way that Amazon and Alphabet impacted the world over the past two decades.
We arent done. The job here is never done. There is so much progress and innovation happening in the crypto world right now that our research is a never-ending evolution
The key to striking it rich in the crypto market right now is to buy theright cryptocurrencies the most technologically-advanced cryptocurrencies with the most value-additive applications.
And we are finding a few cryptos that we think thanks to their technological superiority, clear value-props, and widespread use-cases will be enormous winners over the next 3, 5, 10-plus years.
My team and I are currently doing the hard work of sorting through these potential cryptocurrencies and highlighting the best ones the cryptos that will weather the coming cryptocurrency crash and emerge from it ready to soar 10X, 100X, or 1,000X over the next two decades.
Over the coming weeks and months, well introduce these cryptocurrencies toInnovation Investor.But you dont have to wait to sign up, as were currently covering the most hyper-scalable companies within the worlds strongest emerging megatrendsright now. Blockchain is just one part of the picture.
To get started,learn more by clicking here.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this video.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. Its the theme of his premiere technology-focused service, Innovation Investor. To see Lukes entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today.
Bitcoin seems to grab the majority of headlines, but its far from the only sensible crypto. In fact, a more wide-ranging list could include dozens of altcoins. But to try and keep things simple, we are just going to go over the five best altcoins that have gotten our attention.
Since you landed on this article, you probably already know what an altcoin is. But just in case, an altcoin is any cryptocurrency that isnt Bitcoin And just so you know, that describes more than 4,000 cryptocurrencies. So there really are a lot to choose from. However, a whole lot of them are junk. Lots of them have little to no trading volume. And lots of them will fail to make any sort of impact before fading into oblivion (taking investors money into the void with them).
Based on this, its imperative to dig into a crypto thats captured your attention before investing in it. That being said, this also depends on what kind of investor you are
Since the beginning of the year, crypto has (mostly) been on fire. Its been minting millionaires left and right this year. Even meme coins like Dogecoin and its meme-of-a-meme spinoff Shiba Inu Coin have turned a few hundred bucks into tens of thousands if not millions of dollars. But this was blind speculation that just happened to pay off. Thats not investing so much as gambling. And if thats your strategy, might I direct you to Telcoin? Or perhaps Yummy Coin?
But if youre looking for the best altcoins to invest in, here are our five favorites.
Were starting our list with the second biggest cryptocurrency out there. This is one of the best altcoins available for two major reasons. One: it has the second largest market cap of any crypto on the market. This shows that it has market power in the crypto world. And it also means that popularity and adoption are wide spread. The second feature that makes this one of the best altcoins is that it powers a dominant percentage of the NFT marketplace. And that dominance has helped it outperform most of its largest competitors.
So far this year, Ethereum is up around 250%. And thats despite a nearly 40% decline in price after news resurfaced of a China crypto ban. We expect Ethereum to bounce back from this flash crash in a major way by the end of the year. All of this makes Ethereum one of if not the best altcoin available right now.
This is one of the oldest altcoins on the market. But dont let its age fool you. It was founded by a former Google and Coinbase engineer that knows the power of utility. And this is what this crypto was based on. This coin was established as a Bitcoin fork. But its not trying to compete with it. Rather its been described as silver to Bitcoins gold.
Another thing that separates Litecoin from its larger competitors is ease to mine. Theres no need for specialized equipment to get in on the mining action. Consumer-grade hardware is enough for most folks.
But perhaps its strongest asset is transaction speed. Transaction times are nearly instant. Whats more, its fees are among the lowest in the cryptosphere. This all adds up to the ability to send Litecoin around the world in less than three minutes. And because its been around so long, you can find it in just about any exchange you choose. Its available in consumer-friendly apps like Robinhood and Webull. You can easily find it in one of our favorite exchanges, Coinbase. And most recently, PayPals (Nasdaq: PYPL) crypto checkout began allowing Litecoin as one of the cryptos it accepts. After all these years, Litecoin is still growing in popularity. And that clearly makes it one of the best altcoins out there.
This altcoin has also seen a staggering increase in value this year. Starting at just $38 a token, its ballooned to near $700 this year. Even though it declined in May (like just about every other altcoin) its not poised to stay down for long. Its simply too valuable because of the essential role it plays in many other altcoins ability to be traded.
Your big centralized exchanges like Coinbase, Binance, Kraken and the like cant list every altcoin out there. Theres just too many. And listing every new initial coin offering ICO wouldnt be good for their image or their customer base. They want to be able to verify the validity of the coins they list. Because not every new crypto is developed with the best intention in mind. But getting listed there can take time. And for new cryptos looking to build up momentum and interest, they need operate via different channels. This is where the Binance Coin plays a major role
Lets say you wanted to invest in SafeMoon when it first came out. Well, before it started getting listed on larger exchanges, the only place you could find it was on the decentralized exchange PancakeSwap. And you cant just go there and exchange dollars for crypto. For the most part you need to start with some Binance Coin in your wallet and exchange it for the altcoin of your choice. Based on this utility alone, Binance will remain one of the best altcoins on the market to invest it.
Stellar Lumens started out the year trading for less than $0.15 a pop. Its since climbed a lot closer to the $1 mark. Part of its increase in value is its growing popularity as an alternative to traditional banking. With more than half of the world living without a banking account, that spells huge opportunity for this altcoin.
Stellar Lumens is the crypto for Stellar a blockchain protocol built for payments systems. This is intended for folks that dont have bank accounts. The goal here is to be able to offer the bankless access to financial products. The team behind it has been making successful strides to connect financial institutions to its blockchain and allow cheap transactions in developing markets.
It also happens to be one of the more environmentally friendly altcoins. Stellar uses a proof-of-stake system as opposed to the proof-of-work model. This means that there is no electricity intense mining associated with Stellar Lumens. Of the total 50 billion Stellar Lumens in creation, roughly 20 billion have been sold into the market. The rest currently sit in the Stellar Lumens Development Foundation. As adoption in emerging markets continues in places like Zimbabwe, Nigeria and Argentina, Stellar Lumens is likely to increase in value. If nothing else, its altruistic nature makes Stellar Lumens one of the best altcoins to keep an eye on this year.
This altcoin is a little different than the rest. Tether is a stablecoin. And its the largest one of its kind by a wide margin. This isnt a crypto to bank on in order to make you rich. This one is a means of diversifying your crypto portfolio with a little stability.
When it first launched in 2014, it was backed 1:1 with U.S. dollars. And even though this is no longer the case, its proven to be an effective store of value.Today, Tether is backed by Tether reserves. And the team behind it has made every attempt to remain transparent about what that means. This transparency and stability have had a huge impact on usage. It currently makes up more than half of the stablecoin market. And adoption is still rising. Now that its on-chain volume has surpassed $1 trillion on a yearly basis, Tether is clearly the most promising stablecoin. And that makes it a powerful example of one of the best altcoins on the market today.
Altcoins have proven to be an amazing way to invest your money this year. And naturally, there have been some hiccups along the way. The rollercoaster rides that cryptos offer is part of their charm to some. But thats also part of the reason some investors remain skeptical. So, to paraphrase the old adage, never invest more than you can afford to lose. However, if you stick with it long enough riding out the volatility will become second nature.
Even the best altcoins will continue to see dips in value. But over time, the highs are proving to get higher. And the lows have been nowhere near as low as they have been in the past.
If youd like to learn about more about the best altcoins and what the future holds for them, we suggest signing up for the Manward Financial Digest e-letter. Founder and crypto expert Andy Snyder has been showing readers how to find the best altcoins on the market for ages. And hes got the stellar track record to prove it. To follow his advice, just drop your email address in the box below.
Heres How High Bitcoin Could Skyrocket After Severe Correction, According to Altcoin Daily – The Daily Hodl
Altcoin Daily host Aaron Arnold is predicting that a massive bullish resurgence could be in the cards for Bitcoin after the corrective event that saw the leading crypto asset plunge over 50% from its all-time high.
In a new video, Arnold tells his 796,000 YouTube subscribers that the technical pattern that BTC formed while it traded between $50,000 and $60,000 from February to May 2021 does not indicate that the top is in for the flagship crypto asset.
This generally isnt how markets top, especially in crypto. Markets usually top with a blowoff top. Something like this (January 2018). Something like this (2013). Just looking at the shape of the price chart, this isnt normally how we enter a bear market.
During the 2017 bull market, Arnold highlights that Bitcoin went through multiple corrective events that sliced the value of BTC by 29% to 38%.
Keep in mind Bitcoin holders, this literally happens every cycle. Im talking about the final shakeout before the next leg up. Actually, taking a look at just the last cycle, it has happened multiple times, at least one, two, three, four, five, six, where theres a final shakeout and after that, the next leg up in the market. Bitcoin rising higher after the final shakeout.
As for the possibility that BTC could be entering a bear market after it lost over 50% of its value from its all-time high of $64,000, Arnold notes that during the 2013 bull market, Bitcoin collapsed by 83% in the middle of the cycle.
I dont think were going to correct 83% this time I personally dont think so. I think what were seeing is a combination. History is rhyming. Its not exactly like 2017. Its not exactly like 2013. Somewhere in the middle and history is rhyming just like that.
Personally, Im a buyer here If you look at on-chain metrics, they overwhelmingly show that is it the new Bitcoin holders who are selling to the people who have been around for years Weak hands, new hands, new coiners are selling to old hands, to long-term hands, to the strong.
The crypto analyst also highlights that based on historical price action and technical indicators, a 10x explosion is within the realms of possibility for BTC.
Keep in mind, the last time we closed this low, below the 21-week EMA (exponential moving average), Bitcoin rose 1,100%.
Featured Image: Shutterstock/Sergii Molchenko
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Heres How High Bitcoin Could Skyrocket After Severe Correction, According to Altcoin Daily - The Daily Hodl
May 18 2021 was a day to be remembered in the cryptocurrency market. A huge selloff sent altcoins such as Cardano (CCC:ADA-USD) into a volatile state on an intraday basis. On May 19, ADA had a low of $1.03 and a high of $2.03.
This is a considerable amount of volatility. While some of it comes from outside factors, such as new regulations, ADAs potential to rise or fall is hard to gauge. The crypto advertises significant advantages over its competitors and has signed some big name deals, but is that enough to make it a buy?
On May 18, the key factor in the altcoin sell off was a cryptocurrency ban in China. The new restrictions came from three of Chinas regulatory bodies: the Payment and Clearing Association of China, the China Banking Association and the National Internet Finance Association of China.
Payment companies and financial institutions are now barred from having any part in transactions or services that use altcoins. The ban is incredibly broad and includes trading, settlement, registration and clearing as restricted activities.
Investors were discouraged from making speculative buys of any cryptocurrencies.
In their announcement of the ban, the three regulatory bodies stated that, recently, cryptocurrency prices have skyrocketed and plummeted, and speculative trading of cryptocurrency has rebounded, seriously infringing on the safety of peoples property and disrupting the normal economic and financial order.
What is interesting, though, is that while the ban prevents new initial coin offerings (ICOs) and exchanges of crypto, individuals are still able to hold altcoins.
The World Economic Forum published a list of countries where cryptocurrency use is most common. In 2020, the percentage of people that said they either used or owned cryptocurrency was 7% for China and 6% for the U.S. If China barred individuals from holding altcoins, the May 18 sell off probably would have been more intense and more severe for the long term.
China has banned further ICOs, and more countries may follow suit soon. Regulatory risks are one of the top threats for cryptocurrencies now, not just locally but globally.
Early in the morning of May 19, the price of ADA was near $1.80. At one point, it fell to about $1.07, then bounced back to $1.80 before declining to about $1.50. All of this happened within hours intraday. Cryptocurrencies are not for every trader or investor, and Cardano is no exception. Some people who bought at the bottom and sold at the top made money, while some lost almost 40% if they bought ADA near the top when the selloff started.
This goes to show that any ADA predictions are pointless. Its nearly impossible to know whether Cardano will rise higher now or fall again. And I agree with the Chinese regulatory bodies that speculative crypto trading is too dangerous and stressful.
I see the business potential for Cardano, but I also see plenty of risks. What can someone do with Ada, Cardanos native coin?
According to Cardano, every ada holder also holds a stake in the Cardano network, and those users can receive rewards. Cardano uses proof-of-stake blockchain architecture instead of proof-of-work, which is used by Bitcoin (CCC:BTC-USD) and Ethereum (CCC:ETH-USD). This means that Cardano is more energy-friendly and efficient compared to BTC and ETH.
Cardano has also been gaining traction over the past couple of years. The Ministry of Education in Georgia and New Balance both signed deals to use ADA in 2019. And just this year, IOHK, the blockchain company that develops the altcoin, made a deal with the Ethiopian government to use Cardano in schools.
The main advantages Cardano claims over Bitcoin and Ethereum are that ADA is faster, scalable, and more flexible. It is often used for smart contracts in the finance world.
Cardano states that it has a goal of making the world work better for all. This is intriguing, but it also seems challenging.
The value tag is much different than the price tag. In 2017, Cardano had a market capitalization of $10 billion. Now it has a market capitalization of over $54 billion.
With a current price of $1.71, compared to just five cents this time last year, this return of over 3,000% seems too stretched for me now.
I would like to see more companies and applications embrace Cardano. Until this happens, I consider it overvalued and suggest that potential investors wait and see before deciding to buy.
On the date of publication, Stavros Georgiadis, CFA did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines.
Stavros Georgiadis is a CFA charter holder, an Equity Research Analyst, and an Economist. He focuses on U.S. stocks and has his own stock market blog atthestockmarketontheinternet.com/. He has written in the past various articles for other publications and can be reached onTwitterand onLinkedIn.