Category Archives: Altcoin
Another Meme Token Gains Traction in Altcoin Underground – BeInCrypto
Another meme token, but this time run by duo Lawrence Heaslip and Jacques Dutel, is beginning to make waves in the altcoin underground and is even stirring up some media attention in the heart of Silicon Valley.
The token was created with the intention of creating a fun, humorous community, where the market could not be manipulated by whales or rug pulls, all the while creating memes out of the founders faces.
At the time of writing the token has a 1M market cap and the duo says they have big plans moving forward and little time to get everything organized by the major push from the already rapidly growing community of What Do You Meme Token.
When visiting their website, you can find that their company is a registered limited liability company with the secretary of state of Mississippi.
They did say they are working quickly to release the new NFT platform with a forum board integration. This will allow users to buy and sell NFT memes and allow for a rewarding system into a sister token named BlackPapers.
While a lot of the meme tokens have no utility, the duo says they plan to implement a full-use case behind the token. This will revolutionize the meme token community along with the sister token BlackPapers, which will vet and license new meme tokens. Check out the latest YouTube video posted by the team.
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Another Meme Token Gains Traction in Altcoin Underground - BeInCrypto
Analyst on Cardano: if an altcoin cant do this theres no point in holding it – AMBCrypto News
One of the most trending altcoins, Cardanos recent demand surge has been well documented. For a coin that was silent during the previous year, it made strides on the price charts this year.
TA expert and analyst Benjamin Cowen recently appeared in a youtube interview to talk about this altcoins bullish narrative.
Cardanos ADA has been touted as the Ethereum killer but Benjamin Cowen portrayed the alt as a hedge against ETH instead. He spoke about what would drive traders to invest in alts. He stated:
If an altcoin cant outperform Bitcoin, then theres no point in holding it. Can ADA outperform it ADA outperforms Bitcoin in a bull market.
An unusual extreme optimism one would say considering ADAs present consolidation phase. However, looking at a broader frame, the coin was up over 3,000% in the last 12 months.
The seventh-largest coin was bound for more upswing according to the analyst, as he stated that the alt may even be skyrocketing to another 500% incline from its current price of $1.73. He added:
I think in the grand scheme of the market cycle, I think its going to go much higher than where it currently is. If I had to throw a ballpark number out there, I would say somewhere between like $5 to $10 is my guess.
He further conceded:
If Im wrong because it goes higher than $10, thats something I dont mind being wrong about.
Based on a prediction model from digitalcoin, the charts below indicate the growth potential thats in store for Cardano.
Cowen, however, was quick to warn about the possibilities of some very steep and harsh withdrawals throughout ADAs climb. He stated
I can also tell you too that if we go there, its going to be one crazy journey and were not going to go straight to those levels. Were probably going to have some major pullbacks along the way and the way we look at that is noting Ethereum had some pretty major pullbacks last cycle as well. I think it can go those levels, but its certainly not going to be an easy ride.
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Analyst on Cardano: if an altcoin cant do this theres no point in holding it - AMBCrypto News
What is SafeMoon? Price, where to buy, news and more – Tom’s Guide
SafeMoon is one of the newest and fastest-growing cryptocurrencies, even in a market thats recently seen Bitcoin and Ethereum reach record-high values and even the tongue-in cheek Dogecoin growing by over 11,000%.
Even so, SafeMoon is a most unusual digital currency, as it imposes a penalty on anyone who tries to trade their coins (or tokens). Only a few weeks old, its sheer newness also might lead some potential crypto buyers to see it as an unknown quantity. So, heres everything you need to know about SafeMoon, and how you can buy the fledgling currency for yourself.
Editor's Note:This article does not constitute investment advice and you should remember that buying cryptocurrency, like any investment, involves risk. We'd suggest you never spend more than you can afford to lose.
SafeMoon is an altcoin: a blockchain-based digital currency broadly similar to Bitcoin, but with some clear distinctions as well. It launched in March 2021 and has already racked up over 1 million users.
SafeMoons unique feature is that it charges a 10% fee to anyone who sells their tokens; 5% of this fee is then redistributed to all other SafeMoon owners, essentially rewarding those who hang onto their tokens and disincentivizing selling.
One criticism of cryptocurrencies like Bitcoin is how theyve strayed from their original goal of providing a working, decentralized currency to simply become investable commodities; its not clear what, if anything, youll actually be able to buy with SafeMoon, but the selling fee is at least encouraging owners not to just buy and sell their tokens for now.
SafeMoon could also be seen as a more serious take on Dogecoin, the tongue-in-cheek altcoin with an unofficial rallying cry of To the moon SafeMoons slogan is Safely to the Moon.
Like Dogecoin, SafeMoon is worth a lot less than Bitcoin or Ethereum per-unit, but has been climbing in value. Coin Market Cap currently has each token at $0.00001, down on its peak of $0.000014 in late April, but a sharp increase from its $0.0000000010 launch value.
That's not enough for it to make it into the list of top cryptocurrency performers by market cap, but its already attracting attention from potential investors looking to get involved while SafeMoon is still cheap despite the selling fee.
And remember, most cryptocurrencies started off small. Dogecoin wasn't worth much more than that until the start of this year, but has since climbed by more than 10,000% to reach around $0.50 per coin.
Cryptocurrencies are often highly volatile, and on current evidence SafeMoon doesnt look to be much different: even as its value grows its still prone to big slides, one of which already occurred in April.
While thats par for the course with a lot of investments, SafeMoon has also been compared to a Ponzi scheme, as any profits you could make in future are based on someone paying more for the tokens than you did further down the line. The selling fee and redistribution model could also be said to encourage early adopters, who would then gain the most from subsequent sales.
Cryptocurrency investor and influencer Lark Davis warned against SafeMoon on Twitter, saying, Remember just because you make money off of a Ponzi does not change the fact that it is a Ponzi. Davis also compared SafeMoon to BitConnect, a cryptocurrency that shut down in 2018 after two U.S. state-level securities regulators publicly warned investors of its similarities to a Ponzi scheme.
WarOnRugs, an anti-scamming collective focused on cryptocurrency, has also criticised SafeMoons owners for locking away more than 50% of its own liquidity pool. The group claims this could result in a rug pull, a form of exit scam whereby liquidity is intentionally drained from a market, leaving traders unable to sell. SafeMoon CEO John Karony maintains that liquidity is held to make the currency more secure.
If youre willing to take the risk, then you can buy SafeMoon from one of four crypto exchanges: PancakeSwap, BitMart, WhiteBit and Bakery Swap. Its a more complex process than simply buying a currency like Bitcoin, though: you basically need to buy BinanceCoin, another cryptocurrency, then swap it for SafeMoon.
To use PancakeSwap, for instance, you first need to download the Trust Wallet app, then buy BinanceCoins (either BNB or BSC) and add them to the wallet. You then visit PancakeSwap through the Trust Wallet app, find the SafeMoon page and swap your Binance there.
A dedicated SafeMoon wallet is in the works, so hopefully this will simplify the process. Just remember that using cryptocurrencies as investments is risky at the best of times, and in the end its your own money on the line.
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What is SafeMoon? Price, where to buy, news and more - Tom's Guide
Banks association raises red flag over growing altcoin influence – The Korea Herald
A digital board at Bithumb shows cryptocurrency prices on Thursday. (Yonhap)
One of the criteria that we recommend is the safety of digital assets and that can be measured by the number of digital coins on an exchange. If an exchange deals with too many digital assets, it takes on more risks, said an official at the Korea Federation of Banks.
The KFBs recommendation came as the transaction volume of altcoins, referring to digital coins other than the largest Bitcoin, at local exchanges soared to around 95 percent.
For 24 hours from 3 p.m. on Saturday, the trading volume of Bitcoin on Upbit, the largest crypto exchange in South Korea, accounted for only 4.26 percent. During the same period, Bitcoin transactions on Coinbase, the Nasdaq-listed crypto exchange based in the US, accounted for 14.8 percent.
There are more than 150 digital coins listed on each of the three largest cryptocurrency exchanges -- Upbit, Bithumb and Coinone.
The KFBs guideline came amid banks taking increased responsibility to screen digital asset exchanges over revised law on anti-money laundering that took effect on March 25.
The revised Act on Reporting and Using Specified Financial Transaction Information requires all trading between Korean won and cryptocurrencies to be via real-name accounts issued by local banks. Local banks have to monitor the financial soundness of cryptocurrency exchanges that they want to forge partnerships with.
By Park Ga-young (gypark@heraldcorp.com)
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Banks association raises red flag over growing altcoin influence - The Korea Herald
Heres How To Find 100x Altcoins, According to Analyst Alex Saunders – The Daily Hodl
Cryptocurrency analyst Alex Saunders is offering tips to investors probing the crypto markets for altcoins with the potential to surge 100x.
In a new interview with Austin and Aaron Arnold of Altcoin Daily, Saunders tells the pairs 719,000 subscribers that one of the first things he looks for when researching a crypto project is if it is led by a solid group of individuals.
Saunders mentions RedFOX Labs (RFOX), which has already appreciated by 2,263% from $0.011 in October to its current value of $0.26, as a project hes invested in that has a quality management team in place.
Ive got literally a cheat sheet, checklist that I sort of go through. [RedFOX Labs] was a good strong team, I knew one of the leaders personally.
The crypto analyst also favors projects that are serving an untapped market rather than those operating in saturated subsectors.
So [RedFOX Labs is] based in Vietnam. So again, that Asian region is just fast growing, high mobile usage. Theyre just like begging for the Ubers and Airbnbs and all these apps, you know. The digital economy there is just booming.
So thats a big space thats just free to be disrupted, more so than trying to go in and gain market share and users in America. A, theres no one there already and B, the populations way bigger so theres huge opportunity there.
A well-diversified business is important, according to Saunders, as illustrated by RedFOX Labs which has a presence in niches such as non-fungible tokens (NFTs) and decentralized finance (DeFi).
[RedFOX] are in gaming and NFTs, [which] is kind of their initial focus. Its flavor of the month at the moment in the crypto world. Theyve got the DeFi aspects to it. Then youve got, as I said, I dont know many projects that have got that multi sort of narrative or subsector potential.
Saunders adds that a low valuation is key as it leaves a lot of headroom for the price to increase.
And when you look at something thats a $300,000 market cap if you find anything thats, you know, probably these days under $10 million, and you think its a pretty good quality project theyre sort of things that I look to invest in because all it requires is for other people to find out about it.
The cryptocurrency analyst, however, warns against investing in projects that have already rallied massively.
I actually tell people not to ever buy something thats gone up 100X or 1,000X because youre starting to get pretty late to the party at that point.
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Heres How To Find 100x Altcoins, According to Analyst Alex Saunders - The Daily Hodl
Dogecoin, Ethereum, XRP, LTC: What the surge in altcoin interest means to Binance and other exchanges? – AMBCrypto News
Since the beginning of Bitcoins bull run, web traffic across crypto exchanges like Binance, Coinbase, Kraken have seen numbers double and triple. Simultaneously, altcoins started surging, and with increased institutional interest in Bitcoin, the prices of the king coin and other alts also appreciated over the past 6 months.
Crypto exchange web traffic data for April 2021 as collated by ICO Analytics showed that:
As observed, Binance dominated almost 50% of the global crypto web traffic in April. It accounted for 450M visits in terms of users operations. Compared to other exchanges web traffic skyrocketed to 43% in a matter of a month.
Contrasting it with the month of March 2021, we can see that visits to the site had more than doubled.
The month of April witnessed a significant increase in the total web traffic percentage compared to that of March, which had registered only a 9% increase from the previous month. The following surge could be attributed to various factors. The rise in the dominance of Altcoins can be one of the catalysts. Ethereum hitting its ATH,other altcoins that moved up in terms of dominance were XRP and DOGE. XRP and DOGE saw hyped-based rallies carrying the price higher which resulted in sentiments turning bullish for the coins.
Google trends for the top 10 altcoins shows that interest in coins such as dogecoin, XRP, Ethereum, Litecoin has definitely increased over the past two months.
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How Will the Rest of 2021 Look for Altcoins? – NewsBTC
If youve paid any attention to the cryptocurrency industry this year, youll know that meme- and food-inspired altcoins have generated spectacular returns.
Whether its Elon Musks favorite DOGE, the SUSHI governance token, or some other baffling blockchain-based asset, the impressive performance of certain altcoins has provoked an enormous amount of mainstream interest that has pushed the industrys collective market cap past the $2 trillion mark for the first time.
The question is, can alts continue in a similar vein for the rest of the year?
Although not every project has the potential to 10x, the mood music remains positive on the altcoin front particularly since the bitcoin dominance ratio has slid below the 50% threshold. Indeed, one influential analyst has suggested that the market may repeat the feat it achieved in 2017 and peak over 27,000% above its floor level.
The analyst and trader, who goes by the moniker Rekt Capital, last week noted that the last time the altcoin market cap turned its old 2014 highs into support, it rallied spectacularly in over a year.
Rekt Capital also noted that the altcoin market cap had rallied by +119% in 70 days since turning its old 2017 highs into support, predicting, This is just the beginning.
If the altcoin market were to repeat its previous feat, it would take the market past $150 trillion an event even the most bullish commentators would consider virtually unthinkable. Nonetheless, the industry is far more robust than it was four years ago.
It has also achieved much broader acceptance, with a recent study of 30,000 adults finding that one in four Americans already own crypto with another quarter admitting they plan to buy in this year.
Altcoin fever is perhaps best exemplified by DOGE, the dog-themed cryptocurrency championed by Tesla boss Elon Musk. Last week, DOGE hit a fresh all-time high of $0.60 to take its market cap past $70 billion. It is now a top 5 digital asset by market capitalization, with only bitcoin (BTC), ether (ETH) and Binance Coin (BNB) ahead of it.
Incredibly, $1,000 invested in DOGE at the turn of the year would have netted the buyer a 100x profit. And were not even into June.
Needless to say, DOGE has inspired imitators, the most recent of which SHIBA INU (SHIB) has soared over 760% on a seven-day trailing basis. Dubbed Dogecoin Killer, SHIB calls itself an experiment in decentralized community building and makes no bones about its similarity to dogecoin. The asset also functions as the native token of ShibaSwap, a newly launched decentralized exchange (DEX).
Although alt season tends to be a period when anything goes when purely hype-driven projects can moon assets backed by strong fundamentals remain the likeliest to survive the markets eventual savage swings. A recently launched $50 million fund created by the exchange platform KuCoin aims to find the next sustainable crypto gem and power the development of early-stage crypto projects.
The fund will focus particularly on projects operating in the decentralized finance (DeFi) space. In a little over a year, the total value locked in DeFi applications and protocols has surpassed $64 billion, with AMMs such as UniSwap and Sushiswap powering feverish volume across the cryptosphere. Decentralized exchanges have also proliferated on alternative chains such as BSC, Polkadot, Polygon, and Solana. Incredibly, the native asset of the latter (SOL) has appreciated by over 1,600% in 2021 so far.
Speaking of possible gems, KuCoin Futures has also launched a SHIB USDT-margined perpetual contract supporting up to 20x leverage, giving investors the opportunity to make a bet on dogecoins latest canine-crypto rival.
What lies in store for the altcoin market? Its impossible to say. But between record user numbers on investment apps, celebrity endorsements, NFT fever and the Federal Reserves stimulus policies, theres plenty of reason for optimism. Debates around which asset might be the next and best crypto gem, meanwhile, will rage ad infinitum.
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How Will the Rest of 2021 Look for Altcoins? - NewsBTC
Ethereum price imminent rise to $5,000 could trigger the altcoin season – Coingape
Ethereum is flying the bullish flag above the horizon in the cryptocurrency space. Data by CoinGecko show that Ether has incurred double-digit gains barely a day after reclaiming support at $4,000. The flagship smart contract token has attracted $64 billion in trading volume over the last 24 hours, $2 billion above Bitcoins.
Ethereum has hit a new record high above $4,300, paving the way for gains heading to $5,000. The liftoff is no longer a matter of if but when based on the short-term technical levels on the four-hour chart.
The Relative Strength Index (RSI) crosses into the overbought region to validate the upswing. This trend strength indicator hit this area the last time and extended the movement to 86. If the same move occurs, Ethereums uptrend will last longer than expected.
Ethereum is exchanging hands at $4,340 at the time of writing. Buyers have their eyes on levels beyond $4,400 to trigger more buy orders. In the meantime, the Moving Average Convergence Divergence (MACD) has a massive bullish signal.
The MACD tracks the assets trend and measures its moment. Traders use this indicator alongside other technical levels and chart patterns to identify entry and exit positions. A MACD line (blue) cross above the signal line is a potentially massive bullish signal. Therefore, as observed on the chart, Ethereums least resistance path is north.
Spot rate: $4,340
Trend: Bullish
Volatility: High
Support: $4,200, $4,000 and $3,600
Resistance: $4,400
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ethereum price imminent rise to $5,000 could trigger the altcoin season - Coingape
7 Non-Bitcoin Cryptocurrencies to Buy Now – InvestorPlace
The crypto boom has been intense. At this point, given how far and fast Bitcoin (CCC:BTC-USD) has moved this year, it makes more sense to buy some other altcoins. Moreover, its more likely that Bitcoin will not rise as fast as other cryptocurrencies, given its sheer market capitalization size (about $1 trillion). Lastly, other cryptos have potentially more appealing traits, such as no mining, dividends, and more useful blockchain characteristics.
As a result, I have put together a short list describing seven non-Bitcoin alternative cryptocurrencies in which investors might consider investing. These altcoins could, as a group, make a good deal more money than just an investment in Bitcoin.
But dont overdo it. Altcoins like these should only be a set portion of ones portfolio. As the last several weeks have shown, they can be quite volatile. But, over the long term, there is a good chance they will outperform Bitcoin.
My choices for the top altcoins are:
Coincidently, each of the cryptocurrencies, except for Dogecoin and VeChain, can be bought by setting up an account at Coinbase (NASDAQ:COIN). Coinbase is the largest crypto exchange and wallet. I believe that Dogecoin and VeChain are under consideration by Coinbase for trading in the near future.
Lets dive in and look at these alt-coins.
Price: $2,564.98Market Capitalization: $296 billion
Ethereum is the second-largest crypto after Bitcoin. But it has significantly outperformed Bitcoin. It is up over 200% in 2021, compared to Bitcoin, which has risen around 85% year-to-date.
Moreover, a year ago this time, Ethereum was around $197. Therefore, todays price of $2,564 is 13 times the price a year ago. By comparison, Bitcoin was at $7,795, so, at $54,938 today, it is around 7x.
This is a significant outperformance. One reason for the disparity is that its blockchain technology is gaining more acceptance. It can power tamper-proof financial contracts and apps. This makes it more useful than Bitcoin. Moreover, its blockchain technology is useful for NFTs (non-fungible tokens). AsThe Verge points out, Ethereums blockchain technology supports many NFTs.
Another major difference is that Ethereums supply has no supply cap, like at Bitcoin. As The Wall Street Journal points out, its supply is determined by members of Ethereums community, not a pre-determined limit like at Bitcoin. This gives its supply certain flexibility. It allows the crypto to act as both a store-of-value (SOV) and also as a medium-of-exchange (MOE).
Price: $1.32Market Capitalization: $41.8 billion
Cardano is different from both Ethereum and Bitcoin, as its blockchain platform is a proof-of-stake system (Ouroboros). This is different from the proof-of-work system of Ethereum and Bitcoin (although Ethereum is slowly converting over).
Ouroboros validates transactions without requiring crypto mining and other high-energy usage actions. It uses certain validators, who put up a stake that is at risk, who attest to a particular blockchains authenticity and get rewarded as a result. By contrast, miners in a proof-of-work system act as the validators who receive cryptocurrency token rewards.
So, in a sense, Cardano is a more progressive, anti-energy-usage blockchain and token system. The token, ADA, is named after mathematician Ada Lovelace.
Price: $0.28Market Capitalization: $35.7 billion
Dogecoin is an open-source blockchain network that uses a proof-of-work monetary system. It uses miners to validate transactions. Dogecoin uses a scrypt mining algorithm, with lower hash rates and less energy usage than Bitcoin.
Dogecoins unique feature is that it allows its supply to grow at a set absolute rate. This assures the market that the supply will have a steady rise. Therefore, its supply growth rate is inflationary, not deflationary likeBitcoin.
For example, right now there are 128 billion Dogecoins in circulation. This grows by no more than 5 billion per year. However, The Wall Street Journal reports that there is one owner of Dogecoin who owns as much as 28% of its total supply.
Dogecoin has been very popular on social media, as well as a favorite of Elon Musk. In fact, Galaxy Digital (OTCMKTS:BRPHF) CEO Mike Novogratz says that its dangerous to try to short Dogecoin. He says it is fueled by Robinhood traders and WallStreetBets, a powerful community backing Dogecoin. So far, the coin has performed extremely well, up almost 40 times year-to-date alone.
Price: $256.85Market Capitalization: $17.1 billion
Litecoin is up about 100% year-to-date, which in altcoin terms is not that exciting. However, Litecoin has been around long enough to call itself the cryptocurrency for payments. Its network allows instant, near-zero cost payments around the world. It was created in 2011 by a former Google and Coinbase engineer, Charlie Lee.
Litecoin also uses a scrypt-based proof-of-work validation system. However, its algorithms are harder to mine and the coin is less popular among miners. Nevertheless, the Litecoin community believes that its payments transfer system is its main draw. It is a proven medium of exchange complementary to Bitcoin.
In addition, because of its general acceptance in the crypto community, it often starts trading on new exchanges along with Bitcoin and Ethereum. For example, recently PayPal (NASDAQ:PYPL) decided to allow crypto payments within its Venmo network. Litecoin was included as one of the four cryptos tradeable in Venmo, including Bitcoin, Ethereum, and Bitcoin Cash.
Price: $36.58Market Capitalization: $15.3 billion
Chainlink has had a meteoric rise to become one of the largest cryptocurrencies used in the world. The LINK currency closed 2020 at $11.87 and is now up around 200% year-to-date.
Chainlink was founded in 2017 by Sergey Nazarov, who wrote its white paper, along with a Cornell professor. The initial coin offering in 2017 raised $32 million, but it got a big boost when Google began using Chainlink in 2019.
Forbes described Chainlink as a company that provides on ramps and off ramps for information necessary to run self-executing code called smart contracts.
For example, according to Forbes, Chainlink offers a service called an oracle to integrate data. An example is linking finance information from well-known sites into smart contracts. Sergey Nazarov is also known as the founder of the smart contracts concept, which essentially means he owns the smartcontracts.com domain name.
The chainlink token, LINK, is based on Ethereum. The blockchains main purpose is to curb dishonest centralized data-feed providers by using a distributed network of nodes to verify data it receives from sources.
Price: $0.52Market Capitalization: $11.9 billion
Stellar Lumens is the token cryptocurrency for Stellar, a blockchain protocol for payments systems. It was started in 2014 by Jed McCaleb, the founder of Mt. Gox and co-founder of Ripple (CCC:XRP-USD). It now has a market cap of over $10 billion, giving it a rank in the top 15 cryptocurrencies in the world.
Stellar is trying to work with a number of central banks, including a working relationship with the central bank of Ukraine. A number of projects were announced with Deloitte and IBM (NYSE:IBM) in 2016 and 2017.
One difference between Bitcoin and Stellar is that XLMcannot be mined. There is noproof-of-work algorithmthat has to be solved and in which XLM can be earned as rewards.
With a total 50 billion Lumens, 20 million have been sold into the market while the Stellar Development Foundation (SDF) holds the rest. That balance is directed under SDFs mandate to spend or promote Stellar.
Price: $0.22Market Capitalization: $13.8 billion
VeChain is a blockchain and cryptocurrency that is focused on improving corporate supply chains and logistics. The VET cryptocurrency ended 2020 at 1.91 U.S. cents. It is up over 9 times in the past four months since the end of 2020. However, this is one of the few large cryptocurrencies that is still not available in Coinbase.
However, VeChain is clearly gaining a reputation as a supply chain blockchain solution. A number of large enterprises are using it for inventory tracking purposes.
One large company that the VeChain Foundation has strategically partnered with is a Norwegian company calledDNV. This is the worlds largest classification society. It provides tracking services for 13,175 vessels and mobile offshore units. Seeking Alpha says DNV has been an earlyadopter of blockchain logistics.
Existing VeChain partnerships and large businesses that use VeChain are tracked on a site called Vechaininsider.com. This lists 5 strategic partnerships, including DNV, PriceWaterhouseCoopers, and several Chinese companies.
The other major feature about VeChain is that it pays a dividend of sorts. An offshoot coin calledTHOR, orVeThor(CCC:VTHO-USD) token is paid to every holder of VET tokens. The rate is about 4.32 VTHO for every 10,000 VET tokens. At todays USD rates that is about 1.2% or so annually. This is fairly unique among cryptocurrencies today.
Another unique feature is its proof-of-authority protocol system, which is an offshoot of the proof-of-stake system. As a result of its dual token supply structure, the total supply of tokens is slightly inflationary as a result. However, given the blockchains popularity with large corporations, it looks like VeChain is here to stay. It could end up being worth a good deal more than today.
Each of these altcoins has a unique purpose or focus for the blockchain technology associated with the cryptocurrency. For Ethereum, its tamper-proof smart contracts. For Cardano, its the proof-of-stake system, an alternative to the Bitcoin proof-of-work protocols. Litecoin specializes in fast blockchain money transfers. You get the point.
The main reason, though, to own any of these altcoins, is the prospect of higher price appreciation than Bitcoin. It will also involve higher risk. For example, the VeChain Foundations wallet had a hacker attack in 2019 that was successful. That did not affect other owners of VET tokens, but it shows the risks involved.
But as the saying goes, high return, high risk. These cryptocurrencies are for speculators only.
On the date of publication, Mark R. Hake held a long position in Bitcoin (BTC) and Ethereum (ETH).
Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guidewhich you can reviewhere.
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7 Non-Bitcoin Cryptocurrencies to Buy Now - InvestorPlace
XRP and 5 Untapped Altcoins Gearing Up for Massive Bull Rallies, Says High-Profile Trader – The Daily Hodl
A prominent crypto strategist who continues to amass a large following with his savvy altcoin calls says XRP and five untapped altcoins are primed to erupt.
In a new tweet, the pseudonymous trader known as Kaleo tells his 235,800 followers that hes buying XRP after the fourth-largest crypto asset broke out from its downtrend in the lower timeframe.
I also went ahead and grabbed a bag of XRP on the breakout. When XRP makes this type of a move it doesnt typically slow down until it makes a higher high. I dont want to watch from the sidelines.
A new higher high for XRP suggests a move above its 52-week high of 1.96, representing potential gains of at least 40% from its current value of $1.40.
Another coin on Kaleos list is blockchain gaming platform Enjin Coin (ENJ). According to the trader, ENJ has breached its diagonal resistance which sets the token for a surge of at least 15% from its price of $2.60.
ENJ Similar outlook on the USD chart. Looking for a move back to $3+.
Next up is decentralized hosting platform Holo (HOT), which the trader says is looking to resume its uptrend after a multi-week correction.
Wanted exposure to a low sat alt in case we see something like we saw last month, so I grabbed a bag of HOT here. My guess is we see a breakout/retest, followed by several days of upward chop before it really starts to move.
The trader is also looking at OXY, the utility token of Solana-based prime brokerage protocol Oxygen. According to Kaleo, OXY is poised to surpass its all-time high of $4.16.
Still a huge fan of OXY here. Clean double bottom, testing range highs. Break above the green rectangle and it should be clear skies to $4.50+.
MAPS is also on Kaleos list. According to the crypto analyst, the Solana-based travel and navigation platform offers a lot of upside potential from its current price of $1.83.
MAPS feels like the forgotten about Sam coin. Another member of the Solana ecosystem thats been solid, but still really hasnt done too much. It broke out of a long-term range recently to new highs, retested the breakout, and looks ready for continuation higher. I am long.
The last coin on Kaleos radar is Solana-based automated market maker Raydium (RAY), which the trader expects to explode now that it has shattered its resistance of $13.00. According to the trader, RAY can print gains of over 100%.
The way the rest of the Solana ecosystem is sending, its only a matter of time before RAY explodes out of this accumulation range its been stuck into First 15, then $30 swiftly.
Featured Image: Shutterstock/Mike H