Here are 6 experts monitoring altcoins as the fourth quarter kicks off | Currency news | Financial and business news
- As investors head into the fourth quarter, altcoins to watch include Avalanche, Boost and Polygon.
- Investors will sharpen their focus on the real-world applications offered by blockchain networks.
- The total market capitalization of cryptocurrencies is once again approaching the $2 trillion mark.
- See more stories on the Insider الأعمال Business page.
The growth around non-fungible tokens and decentralized funding helped drive up the price of some altcoins during the third quarter, and investors are looking forward to the next breakthrough as the fourth begins.
The global cryptocurrency market is once again approaching the $2 trillion mark, as the price of Cardano’s ada, solana and other altcoins have taken off, and Cardano ada is now the third most traded cryptocurrency.
Now in the coming months, investors will sharpen their focus on the benefits and shortcomings arising from the recent speed and efficiency upgrades on the major cryptocurrency blockchain networks, Ed Moya, chief currency analyst at Oanda, told Insider.
“Everyone focus on digital currencies that will address the scalability concerns that you have with ethereum and bitcoin,” he said.
“People need to understand which companies are going to be leaders in NFTs or smart contracts” and other operations, he said. “I think that’s where the market and education takes time. The industry is ready to integrate.”
Here are six altcoins (in alphabetical order) that experts told Insider they will see in Q4 and beyond:
1) Avalanche (AVAX)
Market value: $14.5 billion
Year-to-date performance: 1954% increase at $65.94
Blockchain Developed by Ava Labs It is a smart contract platform for decentralized applications, and its AVAX token began trading on Coinbase Pro last week.
The avalanche “is much faster than ethereum and wants to be faster, which is great because I think this is very important when it comes to funding and DeFi projects and applications,” Tali Greenberg, Head of Business Development at Allnodes, told Insider.
“It is a promising technology that offers more for so little,” she said, adding that it uses a Proof of Stake system that is more energy efficient than a mining-based PoW.
Steve Ehrlich, founder and CEO of crypto-asset broker Voyager Digital, told Insider that he sees the avalanche as a viable alternative to Ethereum. “Once they start adding some projects and art to their NFT network, you’ll start to see more consumers buying and selling NFTs,” he said on Avalanche.
Ehrlich said Avalanche, as well as Solana and Cardano, are cheaper alternatives to Ethereum, which charges high transaction fees.
2) coin batch
Fully diluted market value: $53 million
Year-to-date performance: up 293% to $0.0505
It was launched in August, coin payment It feeds into the Boost ecosystem focused on decentralized finance tools. The first tool is Boost Swap, a decentralized exchange, which the company behind says is similar to crypto exchanges Uniswap, SushiSwap, and PancakeSwap.
Decentralized exchanges, or DEXs, offer a peer-to-peer platform where Parties use smart contracts to carry out their trades And do not rely on brokers such as clearing.
“There is a lot of value in the stock market,” Dr. Don Basiley, CEO of Monsoon Blockchain, told Insider. Queen Piece, now a $48 billion central cryptocurrency exchange.
He said Boost’s approach to connecting buyers and sellers without a central entity is a “potentially annoying idea.”
Boost can be obtained by exchanging ethereum with Uniswap or Boost Swap. But Basile said it was too early to say whether it was undervalued or overvalued because the coin is only a few weeks old.
Meanwhile, Basile is the founder Bitcoin latinum, which is expected to start trading around the week of October 21. The energy-efficient cryptocurrency aims to deliver faster transaction speeds and lower costs for high-growth markets such as media and gaming.
3) Cardano is available
Market value: $69.3 billion
Year-to-date performance: 1092% increase at $2.16
Cardano’s profile and ada token have been booming in recent months. The network last month ran the Alonzo upgrade it brought Its network’s smart contract capability, a move that could enhance its competitiveness with Ethereum.
“A lot of our customers have a lot of cardano on our platform, so we see a huge increase in the number of people interested” in the network, said Ehrlich.
And having recently been introduced to some great artwork based on Cardano, he believes the network will soon make some headway in the NFT space.
Moya sees a lot of investors mixed into Cardano ada after its price rose to $3. But, he added, “there are still a lot of institutional players looking to have an interesting alternative currency.”
4) Crypto.com Coin CRO
Market value: $4.2 billion
Year-to-date performance: 183% increase at $0.16531
Crypto.com It is a cryptocurrency exchange and consumer financial services company whose currency serves as a token for Crypto.com, an open source decentralized blockchain that was launched in March.
Greenberg, who believes the CRO is undervalued, said the CRO is used for bets, payouts, and settlements.
“It is used on a daily basis,” in part through the Visa prepaid card Crypto.com and Crypto.com, she said, adding that the Chain network has a sustainable goal of becoming carbon negative by next year.
Market value: $27.3 billion
Year-to-date performance: 4307% increase at $0.2064
Oanda’s Moya put the hugely popular meme coin on his watch list to see if it eventually crashes, which he thinks will actually be a positive sign.
“There are a lot of currencies that do not have the financing nor the infrastructure necessary to be a legitimate investment,” he said. “It’s hard to go from a meme coin to a legitimate coin.”
Tesla chief Elon Musk in August backed billionaire investor Mark Cuban’s claim that dogecoin is The most powerful cryptocurrency as a medium of exchange. Cuban NBA team, Dallas Mavericks, Dogecoin is accepted as a method of payment.
6) polygon (formerly matic)
Market value: $7.6 billion
Year-to-date performance: down 27% at $1,236
ribbed It is designed to scale the Ethereum chains and develop the blockchain infrastructure. that it It caught Mark Cuban’s attention which earlier this year added the platform to its investment portfolio.
Polygon, originally called the Matic, created the Matic token that is used in transactions on the network. Matic is also among nearly 40 altcoins on Allnodes’ Greenberg watch list. It sees Matic as undervalued due to its low network fees and enough volatility to benefit trading.
“For those who are looking for a less robust investment strategy, there is opportunity for risk. So it is an elaborate blockchain and cryptocurrency.”
Polygon uses Proof of Stake Securing a Cryptocurrency Network Under it, users subtract or “share” some of their coins to get the right to verify transactions and, in return, earn more coins. Recently, Greenberg said, users could achieve an annual return of 13.65% on their investment, “which is huge.”