The US CPI did not meet investors’ expectations, leading to a recession in the crypto market. In such cases, Bitcoin may not be the best asset for active traders. However, even in a stagnant market, there are altcoin projects with rapid growth potential. Analysts shared 4 of these altcoins.
First altcoin project: Ocean Protocol (OCEAN)
This year, there is an increasing trend towards tokenization of various assets. However, it is important to note that not all Blockchains are suitable for this process. Ocean Protocol is an ecosystem using Blockchain technology and ERC-20 based data tokens, allowing individuals and companies to discover the value of their data and easily monetize it. With Ocean Protocol, private companies and their technical and management structures can securely exchange and sell data and services. Ocean Protocol stores metadata and links to data, provides a licensing structure, and provides toolkits for pricing.
OCEAN is a utility token used for community governance and data staking, serving as the primary clearinghouse for buying and selling data on the Ocean Market. The price of these data tokens is determined by the AMM OCEAN data token pool adjusted for supply and demand. With the growing institutional interest in asset tokenization, there is a corresponding increase in interest in platforms that can facilitate this process. As a result, there is a possibility of an increase in the OCEAN rate, which is directly related to the demand for protocol services.
Artificial intelligence coin Fetch AI (FET) is also on the list
Fetch AI is a decentralized machine learning network that uses blockchain technology and artificial intelligence to create an affordable Internet of Things. FET, the native token of Fetch AI, serves as the primary method of exchange of values in the network. Fetch AI aims to automate a large number of markets that currently require extensive manual intervention. Thanks to autonomous economic transactions, seamless markets operating at digital speed can be established and agents can interact with each other without the need for human intervention.
cryptocoin.comAs you follow, the popularity of ChatGPT has recently rekindled interest in the IT industry, especially the cryptocurrency market. AI-based tokens have been identified as an industry with the potential to lead the next bull market cycle and have caught the attention of well-known traders with large followings. It’s important to note that interest in AI-based cryptocurrencies has been largely speculative and driven by the hype surrounding chatbots. This should be kept in mind when considering investing in such cryptocurrencies.
FTX victim Solana (SOL) is recovering!
Solana is an open-source Blockchain platform that enables the development and execution of decentralized applications (DApps) with smart contracts. As a platform, Solana competes with Ethereum, which currently holds the majority share of the DApps market. However, Solana has some important advantages over its competitors. Solana is known for its fast and cost-effective transactions. It is capable of processing up to 65,000 transactions per second and the average cost per transaction is only $0.00025. Solana uses a unique algorithm called Proof-of-History (PoH) to verify transactions. This hybrid protocol combines Proof-of-Stake (PoS) with PoH, resulting in even higher transaction speeds.
Altcoin price has plunged sharply during the crypto winter. It also fell further after the FTX crypto exchange, which held a significant amount of SOL, suffered a crash. Despite these difficulties, Solana managed to weather the storm. As the crypto market enters a growth phase, the SOL price is expected to rise rapidly, making up for the losses experienced in 2022.
Sona altcoin project, SuperRare DAO (RARE)
According to some analysts, NFT market coins have become the new sought-after investment opportunity. There has been a surge of interest in them following reports of Amazon’s plans to launch its own NFT-based ecosystem. Amazon aims to enter the market for the sale of gaming NFTs and Web3 tokens. Similar to chatbots and AI-related cryptocurrencies, interest in a particular project has revived the entire industry.
SuperRare is one of the oldest trading platforms for NFTs. Users can print, sell, and buy NFTs in a variety of categories, including art, photography, games, metaverse, and music. Serving as the management token for the SuperRare DAO, RARE has dropped a record 94% from its all-time high. However, it still has the potential to recover lost positions and gain value. The growth of this coin is further supported by the fact that it is the only NFT market token traded on a major cryptocurrency exchange like Binance.
The opinions in the article are those of the analysts and are definitely not investment advice. We recommend that you do your own research before investing.
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