This week, the total value of the cryptocurrency market has exceeded $1 trillion. At the same time, the much anticipated Ethereum merge will take place this week. Bitcoin’s price is doing pretty well, meanwhile, Motiur Rahman, a cryptocurrency analyst, shared some altcoin projects traded on Binance that are likely to outperform even ETH this week despite the prospect of a merger. Here are the details…
Is this week good for entering the Bitcoin and altcoin space?
On-chain metrics show that new Bitcoin addresses are on the rise and the hash rate is increasing sharply. According to the analyst, this means that this is an excellent time to start researching cryptocurrencies with strong fundamental factors that can help them outperform the market. One of the most important factors to consider when researching potentially high-yielding cryptocurrencies is news. At a time like this, while the entire cryptocurrency market is gaining upward momentum, some are likely to shine. So, which altcoin projects should be followed?
Near Protocol (NEAR)
According to the analyst, Near Protocol (NEAR) easily stands out among the top cryptocurrencies to be parabolic this week. News about Near Protocol is that the Near Foundation has launched a VC Fund and a lab to support Web 3.0 innovations. cryptocoin.com As we reported, the $100 million fund aims to help build the next generation of Web 3.0 applications. This is crucial as it lays the groundwork for the increase in activity in the NEAR Protocol, making it one of the most critical layer-1 solutions on the market today. While that’s the long-term goal, it’s still a big deal for NEAR investors in the short-term.
1inch Network (1INCH)
Another cryptocurrency that may outperform the market this week is the 1INCH Network (1INCH). The big news about 1INCH today is boosting Ethereum investment of this project. This move, which is expected to trigger a rally in the Ethereum price of Merge, increases investor excitement. The excitement around 1INCH started after it announced last week that it will distribute 300,000 Optimism tokens to 1INCH holders. This is exciting because Optimism is one of the core Ethereum layer-2 platforms that aims to reduce transaction costs and increase throughput. This week, 1INCH went further by selling some of the USDT and Shiba Inu to buy Ethereum. This now puts 1INCH Ethereum holdings closer to $27.7 million.
Shiba Inu (SHIB)
One of the ERC-20 tokens that is likely to make a strong show this week, according to the analyst, is Shiba Inu (SHIB). While Merge has nothing to do with SHIB directly, this ERC-20 token is quite cheap and investors looking for low-cost opportunities in the Ethereum ecosystem may find it quite attractive. Hype around Ethereum aside, Shiba Inu’s recent turn towards a more aggressive token could see the price rally moving forward into the future. This makes it even more attractive as an investment. Because as the token supply decreases against the background of increasing demand, the potential for the price to rise also decreases.
The Graph (GRT)
As the Ethereum merge continues, one area that is expected to benefit is Web 3.0. This market is already growing fast and as Ethereum transactions are adjusted to be faster and cheaper, the room for growth could increase exponentially. The Graph (GRT) is one of the cryptocurrencies that has the potential to revolutionize Web 3.0 by making querying data on the Ethereum network faster and more efficient. This, combined with the fact that it is trading at record lows, makes GRT the best cryptocurrency to watch as the hype around the merger continues to grow.
Looping (LRC)
Loopring (LRC) has the potential to record exponential growth during and after the merge, according to the analyst. This is because lower transaction costs with aggregation trigger an increase in the number of transactions in Ethereum tokens. This puts Loopring in a good position not only this week, but also in the future. Loopring is one of the most used decentralized platforms for Ethereum token trading. With costs falling, you can expect trading in this token to increase. When this happens, the potential for the LRC token to appreciate also increases.
AAVE (AAVE)
Aave (AAVE) is one of the cryptocurrencies that is expected to do well after the merge is complete. This is because it is currently one of the largest DeFi projects on the market and handles most of the Ethereum DeFi transactions. Therefore, according to the analyst, a significant increase in transactions increases the value of the Aave ecosystem and, accordingly, the value of the Aave altcoin project.
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