Category Archives: Altcoin

Ethereum, Cardano have ‘great use cases,’ but this altcoin might lead autumn – AMBCrypto News

Of late, especially after the market crash on 7 September, altcoins have been outperforming Bitcoin. The worlds largest cryptocurrencys market dominance, for instance, has taken a beating too, falling to just over 41.4% at press time. On the contrary, many of the markets opposing alts have seen their shares hike. Do these findings signify anything?

Well, according to BlockchainCentre, this might be an Altcoin month. This is a belief held by many in the crypto-community. Not just by proponents, but by ex-White House staffers as well. More specifically, a former White House Press Secretary is betting big on some altcoins.

During an interview with CNBC, SkyBridge Capital Chief Executive Anthony Scaramucci asserted that he is bullish on Ethereum, Cardano, and Algorand. The reason being Their great use cases.

According to the former White House staffer,

Theres a lot of great stuff happening in this space As more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because there are actually great use cases for them.

Scaramucci, a long-time Bitcoin proponent, did however add that Ethereum could be on its way to becoming a store-of-value asset.

I think theres a very big market for Ethereum and I predict that Ethereum has good fundamentals and will grow.

That wasnt all, however. For months, despite ETHs price performance, there have been several concerns about the altcoins lack of institutional adoption. That could change soon though, with Scaramucci responding to a question by claiming,

Could we have an Ethereum fund in the future? Yes, we certainly could. Everything that youre saying is true with the non-fungible tokens, and the technology around Ethereum is going to make it a sticky cryptocurrency and a store of value and something that people will transact with.

Cardano, understandably, is another altcoin the exec is hyped about. With ADA hitting new ATHs recently and the network awaiting the Alonzo mainnet upgrade on the 12th, these expectations are warranted.

Its worth pointing out, however, that the exec seemed particularly optimistic about the crypto ranked 17th Algorand (ALGO).

At press time, it was trading well above the $2 mark following a weekly surge of over 70%. In fact, the SkyBridge Capital chief even tweeted about the alt, commenting,

He isnt the only one to share such sentiments, however.

Whats more, according to Spartan Groups Jason Choi,

ALGOs price has gone way ahead of fundamentals for now, with a dramatic increase in OI as mania kicked in.

Needless to say, if the aforementioned altcoins continue to tread their press time price trajectories, Altcoin month might well and truly be here.

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Ethereum, Cardano have 'great use cases,' but this altcoin might lead autumn - AMBCrypto News

Altcoin Spikes After Fake Press Release That Walmart Is Accepting It Immediately Crashes After Truth Is Discovered – Wonderful Engineering

You simply cant trust the news these days

Recently a fake press release started circulating on the internet which claimed a partnership between Walmart and the cryptocurrency Litecoin. When the fake news went as far as to state that Walmart will start accepting Litecoin as an authentic form of payment from its customers, it didnt take long for the prices of the cryptocurrency to sky-rocket before crashing back down again.

The news was later debunked by Walmart and confirmed that it was a fake announcement. Walmart even contacted the press release distribution service GlobeNewswire to find out the culprit behind posting such news and getting away with it. Whats more hilarious is that the fake release also included alleged quotes from Doug McMillion, Walmart CEO and Charlie Lee, Litecoin creator. The original press release has been taken down but an archived version of it can still be found online (the wonders of the internet where nothing is ever really lost) which states that Walmart would offer their shoppers [sic] to use Litecoin to benefit from the features of cryptocurrency.

As soon as the fake press release was released, the price of Litecoin quickly climbed about 20%, before it came crashing back down after finding the truth about the news. Maybe someone was filming a prank video and everyone buying Litecoin were the targets before they finally realized what was actually happening.

This wouldnt be the first time someone tried to manipulate crypto prices before everyone finally caught on to what was actually happening. Back in February, Elon Musk posted a cryptic tweet that led to an 11% decrease in bitcoin prices in a matter of minutes. In the world of cryptocurrency, where every second matters, some false claims can have drastic results.

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Altcoin Spikes After Fake Press Release That Walmart Is Accepting It Immediately Crashes After Truth Is Discovered - Wonderful Engineering

Analyst: This Altcoin Has Best Shot at Becoming 2nd Most …

Recently, popular pseudonymous crypto influencer and trader The Crypto Dog said that investing in one lesser-known altcoin is a more exciting long term betthan Ethereum ($ETH).

In a series of tweets on June 10, The Crypto Dog said that he considers Bitcoin to be a safer, more boring long term investment compared to Ethereum. The popular trader thinks that it is unlikely for Ethereum to flipper Bitcoin and explained why:

The Crypto Dog also highlighted the lesser-known altcoin Solana (SOL) as having more upside potential than Ethereum and claimed it was the layer-one protocol with the most potential to challenge ETH for the #2 position in the market cap table.

He then explained why he is so bullish on Solana:

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

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Analyst: This Altcoin Has Best Shot at Becoming 2nd Most ...

This Emerging Altcoin Will Follow the Explosive Price Action of Solana, Predicts Top Crypto Strategist – The Daily Hodl

A prominent crypto strategist and trader says that he sees one emerging altcoin following the explosive price action of smart contract platform Solana.

Pseudonymous trader Inmortal tells his 66,600 Twitter followers that hes looking at Cosmos (ATOM), a project that aims to help developers build different blockchains that can transact and exchange data, creating a decentralized internet of blockchains. According to the crypto analyst, Atom will be the next Solana (SOL), a crypto asset that has meteorically risen nearly 350% in the last 30 days, according to CoinGecko.

FOMO (fear of missing out) will start soon. ATOM.

The crypto analyst is also looking at Cosmos in its Bitcoin pair (ATOM/BTC). According to Inmortal, ATOM/BTC must flip 0.00055 ($25) resistance into support to ignite a parabolic rise in value.

One of the biggest accumulation ranges in ALT/BTC pairs, (+800 days). When ATOM finally flips this KEY level, I think well see some fireworks.

Should ATOM/BTC follow Inmortals script, the pair could rise to as high as 0.002 BTC ($91.14), which represents a potential upside of over 230% from its current price of 0.0006 BTC or $27.34.

Inmortal is also keeping a close watch on the price action of Ethereum (ETH). The crypto analyst believes ETHs move below $3,400 is an opportunity to buy the dip.

Im seeing an opportunity here. Stop hunt + strong bounce at KEY level.Ill buy any dips below $3,400, targeting $3,800 (Breakdown Point) for now.

Featured Image: Shutterstock/Dario Lo Presti/Stockbym

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This Emerging Altcoin Will Follow the Explosive Price Action of Solana, Predicts Top Crypto Strategist - The Daily Hodl

Bitcoin Vs Altcoins: How Are They Different? – NDTV Profit

Bitcoin is the first cryptocurrency which was launched in 2009

The rapid popularity of cryptocurrency has led to thousands of them coming into existence. While they offer options to investors, they also make them nervous. Given the relatively new nature of the industry, it is wise to be able to distinguish between them. Broadly, there are two categories: Bitcoin and Altcoins. Given its dominant appeal, Bitcoin is the largest crypto. As the blockchain technology, on which cryptocurrency is based, matured, it led to the emergence of a number of new crypto coins like Ethereum. These new coins were dubbed altcoins, short for alternative coins.

These altcoins are based on the same principle as Bitcoin but take things a step further with some additions and unique features.

What Is Bitcoin?

Bitcoin is the first cryptocurrency, proposed in October 2008 and launched in January next year. It was invented by a pseudonymous person or group of persons known as Satoshi Nakamoto. Bitcoin is a decentralised peer-to-peer digital currency and all transactions are entered into an online public ledger that is available to everyone. It does not require any intermediary, say a bank or any other financial institution, to facilitate transactions.

What Is Altcoin?

Except for Bitcoin, all other crypto coins are generically called Altcoins, which basically mean alternative to Bitcoin. There are more than 11,000 crypto coins listed on CoinMarketCap, a market research organisation. All these are altcoins.

How Are They Different From Bitcoin?

Altcoins were built on the success of Bitcoin by slightly changing the rules to appeal to specific users. For example, Ethereum, the second-largest cryptocurrency by market capitalisation, introduced the idea of smart contracts. These smart contracts are basically codes that run only when predetermined conditions are met. They execute agreements between two parties using blockchain technology, opening possibilities for the development of new applications for crypto.

Altcoins have improved functionality, transaction, and scaling to meet the rapidly expanding demand. As the market for altcoins continues to expand, many wonder if the original cryptocurrency's lead will end with any of the coins that came after it. Simply put, Bitcoin is the first cryptocurrency and all others are Altcoins.

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Bitcoin Vs Altcoins: How Are They Different? - NDTV Profit

Its an Altcoin Season: Solana and Others Shoot Up – Yahoo Finance

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Altcoins cryptos that are not Bitcoin are seeing their prices shooting up due to a confluence of factors and some of them are notably rising.

See: Ethereum Competitor Solana Achieves $38 Billion in Market Valuation What Does This Mean for Bitcoin?Find: Polkadot (DOT): What It Is, What Its Worth and Should You Be Investing?

For example, Solanas crypto SOL has jumped to the seventh spot among the worlds top 10 largest virtual coins amid optimism that the blockchain could be a long-term competitor to Ethereum, Bloomberg reports. As of this morning, the crypto, with a $53 billion market cap, was up 26% at $185, according to Messari.

Bloomberg reports that Solanas SOL token has tripled in about three weeks. Solana, a decentralized blockchain built to enable scalable, user-friendly apps for the world, says it is the fastest blockchain in the world and the fastest-growing ecosystem in crypto, with more than 400 projects spanning DeFi, NFTs, Web3 and more, according to its website.

Jason Yanowitz, Blockworks co-founder, tells GOBankingRates that were witnessing the early innings of a layer 1 war, where blockchains with large war chests of capital are trying to compete with Ethereum to be the go-to smart contract platform.

The altcoin market share is now a record 35% of investment products, surpassing the 30% highs seen in January 2018, according to a Coinshares report yesterday.

Solana remains the favorite with weekly inflows totaling $13.2 million last week, doubling its total inflows year-to-date, Coinshares reports. Assets under management were at $13 million last week.

Other altcoins, including Ethereum saw a third week of inflows totaling $14.4 million, while market share is at a record 28%, highlighting that while some investors have protocol concerns, its dominance is continuing to rise, Coinshares says.

Other altcoins, such as Cardano, Polkadot and Ripple all saw notable inflows of $6.5 million, $2.7 million and $1.2 million, respectively, it adds.

Story continues

See: Ethereum: All You Need To Know To Decide If This Crypto Is Worth the InvestmentFind: Ripples XRP: What It Is, What Its Worth and Should You Be Investing?

The increase of altcoins price is attributed to anticipation for blockchain upgrades, as well as to other major factors, from institutional adoption to decentralized finance (DeFi) and non-fungible tokens (NFTs), Delios Head of Strategy Oleg Smagin told Blockworks. In addition, as the recent network upgrade of Ethereum is done, it is natural that investors turn attention toward rival blockchains with similar functionality. If the boom in decentralized finance and non-fungible tokens continues, not only Ethereum but also altcoins like Solana would keep gaining against BTC dominance.

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This article originally appeared on GOBankingRates.com: Its an Altcoin Season: Solana and Others Shoot Up

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Its an Altcoin Season: Solana and Others Shoot Up - Yahoo Finance

This Altcoin Is Skyrocketing Amid the Greater Crypto Market Correction – The Daily Hodl

While most of the cryptocurrency market suffers through a correction, one altcoin is surging 86% this week.

Algorand (ALGO), a blockchain for decentralized finance (DeFi) applications, was trading around $1.51 before this week and dropped like the rest of the crypto market to $1.20 by the middle of Tuesday.

However, since hitting that price point, the 17th-ranked asset by market cap shot up by more than 100% to a weekly high of $2.41 on Thursday. ALGO has since stabilized to at $2.13 at time of writing, according to CoinGecko.

The exact catalyst driving ALGOs upswing remains unclear. The crypto project announced the release of the next version of its asset management platform on Thursday, though most of its price surge preceded that news.

One possible factor could be SkyBridge Capital founder Anthony Scaramucci giving Algorand a shoutout Tuesday on CNBC, saying it was one of the crypto assets likely to grow because of its utility.

The former Trump Administration official explains,

Theres a lot of great stuff happening in this space as more digital applications happen, some of those altcoins, stuff like Algorand or Cardano, or things like Ethereum, will continue to rise because theres actually great use cases for them.

Don't Miss a Beat Subscribe to get crypto email alerts delivered directly to your inbox Follow us on Twitter, Facebook and TelegramSurf The Daily Hodl Mix

Check Latest News HeadlinesDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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This Altcoin Is Skyrocketing Amid the Greater Crypto Market Correction - The Daily Hodl

These Five Altcoins Are All Up 100% or More in One Week Despite Broad Crypto Correction – The Daily Hodl

Five cryptocurrencies have skyrocketed 100% or more in just one week despite the broader correction in the crypto markets.

At the top of the list is XYO Network (XYO), a decentralized network of devices that anonymously collects data with a geographical component. The crypto asset, which holds a market cap of over $590 million, surged nearly 285% from a seven-day low of $0.013 to a high of $0.05, according to CoinGecko.

Next up is Oasis Network (ROSE), a privacy-focused decentralized blockchain platform for open finance. The crypto asset ignited a 167% rally this week after climbing from a low of $0.12 to a high of $0.32. The token has retraced since and is now trading at $0.26.

Interoperable blockchain technology Quant (QNT) is also on the list of top performers this week. The crypto asset rose over 124% after rallying from a seven-day low of $190.48 to a fresh all-time high of $427.42.

Quant has given up some of its gains as it is now valued at $377.76.

Algorand (ALGO) is also seeing a price surge. The digital asset for decentralized finance (DeFi) with a market cap of over $10 billion soared from a seven-day low of $1.19 to a high of $2.41, marking an increase of 102% in just one week.

Even after more than doubling its value in seven days, ALGO is still down from its all-time high of $3.56.

The fifth altcoin that saw a major rally this week is the token of the artificial intelligence-operated blockchain project Velas (VLX). From a low of $0.09, the crypto asset ascended to a high of $0.18, representing gains of 100% in a week.

At time of writing, VLX is trading at $0.12.

Don't Miss a Beat Subscribe to get crypto email alerts delivered directly to your inbox Follow us on Twitter, Facebook and TelegramSurf The Daily Hodl Mix

Check Latest News HeadlinesDisclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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These Five Altcoins Are All Up 100% or More in One Week Despite Broad Crypto Correction - The Daily Hodl

This Altcoin Could Make 1,000x According to Analyst – Somag News

Popular crypto analyst Elliot Wainman shared his analysis for the altcoin Avalanche, which he thinks will start a new liquidity tsunami in the ecosystem and will be valued 1,000 times. Trading at $49.87 at the time of the video, AVAX is currently trading just below its intraday ATH of $64.87. Analyst expects these levels at the end of the year

According to the analyst, Avalanche is a promising Ethereum killer that offers an extremely fast, environmentally friendly, and low-cost ecosystem. It can be summarized in the following sentence:

Avalanche is the fastest smart contract platform as measured by time to commit transactions and has the most validators to ensure the effectiveness of any PoS protocol.

One of the most appealing points of Avalanche is that Avalanche provides decentralized crypto trading that anyone can start and use, and it does this with a unique network in the digital realm in providing sub-second transaction confirmations. Also, an interesting feature worth mentioning in Avalanche is the Avalanche Bridge . Basically, Avalanche Bridge connects directly to your MetaMask wallet for fast, cheap, and secure transfers of Ethereum to and from Avalanche. Analyst Wainman says of the duo:

If you move more than $75 tokens from Ethereum, they will give you a small amount of AVAX on the other side.

Recently, the Avalanche Foundation announced a $180 million DeFi Incentive Program. Titled Avalanche Rush, the program will bring blue-chip DeFi applications to Avalanche, starting with two popular protocols, Aave and Curve, two of the largest DeFi protocols with total value lock (TVL).

We reported on July 29 as Ethereum launch of the bridge recorded a remarkable increase since the Avalanche and just went over $ 2 billion in TVLine 5 weeks. It was perhaps one of the most explosive launches of all L1s to date, according to the analyst:

With Ethereum 2.0 taking its time and users switching to cheaper L1s and L2s, Avalanche is certainly well positioned to attract much more liquidity and users in the coming months, fueled by its massive liquidity incentive program.

Altcoin AVAX is currently trading above $60, capturing a 4-day series at $36 each, about 10%. Now, it is trying to put pressure above the $64.87 ATH recorded on the day. He explains the analysts forecasts for the long term:

Obviously not a cheap cryptocurrency. But I think Avalanche has a big trajectory ahead of it. We found it to be around $2 before 2021. And I think it hit a few hundred dollars this year. With its price going from under $10 to $55 in just one month, AVAX was among the top earners in August with other popular L1s like the ADA, LUNA and SOL in good company. While AVAX itself is already making a strong debut now, the analyst advises the best strategy is to look at smaller projects or emerging yield farming opportunities in the Avalanche ecosystem. Analyst Wainman also warns that there is an 80% to 90% probability of a correction:

With its price going from under $10 to $55 in just one month, AVAX was among the top earners in August with other popular L1s like the ADA, LUNA and SOL in good company. While AVAX itself is already making a strong debut now, the analyst advises the best strategy is to look at smaller projects or emerging yield farming opportunities in the Avalanche ecosystem. Analyst Wainman also warns that there is an 80% to 90% probability of a correction:

This is a very pumptastic and dumptastic type layer-1. Think of all the ETH killers in 2018, weve seen it rise to the skies and then fall. So the probability of this happening to Avalanche is very high. But I believe there will be a giga pump here by the end of the year, and L1s and other competing altcoin projects and major cryptocurrencies in these ecosystems will take to the skies.

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This Altcoin Could Make 1,000x According to Analyst - Somag News

Altcoin Evolution – Part V: The Closing Recap – NewsBTC

Throughout the Altcoin Evolution series, we have taken a closer look at the potential gains and pitfalls that will define the path forward for cryptocurrencies not named Bitcoin (BTC) or Ethereum (ETH).

The behemoths of the crypto market have clearly set themselves apart from the rest of the pack, and while they may be subject to these potential outcomes, its fair to say at least today that these cryptos have a completely different perspective than virtually any other crypto or blockchain project.

That being said, what can altcoins do to gain traction and become more competitive on a larger scale? Lets recap what weve covered throughout this series.

We highlighted a few projects, particularly around the booming NFT space, that have done this quite well. Sign contracts. Find partners. Make connections. As the broader crypto industry continues to assess what altcoins can provide to daily operations, there are sure to be consistent opportunities. Having a foot in the door when these situations arise is almost certainly beneficial.

Arguably the most compelling argument for the evolution of altcoins is to specialize one particular aspect (low gas fees for transactions, speed, etc.), but be capable in a variety of areas. Of course, projects are going to want to maximize value by having technical capabilities across the board that are ahead of the curve.

However, taking the technical and foundation aspects aside, what we honed in on most was the extras for altcoins the selling points that arent inherent to the blockchain technology being used on certain projects. This is why NFTs made for great examples. A majority of NFTs work off of Ethereum, which is known for having higher transaction costs. So how can projects find other selling points to grab ahold of? Thats what weve looked to address in the duration of Altcoin Evolution.

Related Reading | Crypto Has Arrived In Hollywood, And The Stars Are Loving It!

In Part I, we laid out the groundwork for the inherent challenges that crypto projects often face in the market. We went on to discuss those with more depth in the following three pieces in the series.

We started off with accessibility. With emerging exchanges and platforms, accessibility becomes an increased focal point for rising altcoins. Platforms like UniSwap and SushiSwap have increased accessibility for intermediate consumers. All the while, more widely-used platforms such as Coinbase have placed an emphasis on supporting more tokens. Of course, it takes technological fundamentals, a strong whitepaper, and great marketing even just to be considered for some of the more well-known exchanges and platforms.

By Part III of the series, we began to start scratching the surface of nailing down the importance of a digestible use case. This can often come as shifts in global activity come over time. For example, the economic impacts of COVID-19 are often cited as a growth driver for projects like Axie Infinity, which has taken a prominent position in the NFT marketplace. Axies have essentially formed internet economies that individuals in developing countries can utilize.

In our final discussion around challenges for emerging projects, we highlighted a number of different buckets that we often see some of the best altcoin sales pitches utilize. Some projects lean into more than one of these buckets: Partnerships & IP, Aggressive Interest Rates / Rewards, Decentralization, Versatility, and Low Cost.

Before we close the books on Altcoin Evolution, lets take a closer look at prime examples of each of these buckets that are executing today. Earlier in the series, we highlighted the OMI token and the associated ECOMI project, who have sealed NFT partnerships with companies like Marvel on their VeVe marketplace.

DeFi and CeFi companies like BlockFi, Nexo, and Celsius have been offering aggressive interest rates for storing tokens on their respective platforms; these firms have built massive enterprises simply off of loaning crypto and incentivizing crypto consumers to hold their tokens with these platforms, providing interest rates substantially more aggressive than what weve seen in traditional banking.

Decentralization is a core component of almost any crypto project although many projects can be significantly more centralized than others. However, the crypto community has long recognized the importance of decentralization. One example of this recognition is NFT marketplace Raribles recent move to a more decentralized format, implementing $RARE tokens and giving platform users a greater voice in the future of Rarible.

Versatility can often be seen in projects like Cardano or Polygon. Both respective projects flex the versatility muscle, working across a variety of spaces. Both projects have been building ecosystems around DeFi, smart contracts, NFTs, and a whole lot more.

Finally, the attribute of low cost can often draw in mass consumers. Dogecoin has often had major appeal from its cheap price relative to other tokens, and many mainstream Bitcoin critics have said that the high price of one BTC would dissuade new potential crypto consumers from buying in. While this can be positioned as a mental battle, it is still one that is present in todays crypto discussions, and there is an appeal to having a cheaper token for many emerging projects.

That closes the books on Altcoin Evolution. We appreciate you stopping by each week and look forward to our next altcoin-focused series.

Our team at NewsBTC provides a special thank you to Jerry Sena for his insight, feedback and contributions to this series.

Related Reading | Bittrex Global CEO Declares Dubai Will Gain Benefit From Cryptocurrency Market Expansion

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Altcoin Evolution - Part V: The Closing Recap - NewsBTC