Over the past month and a half, many altcoins have managed to increase their price significantly as Bitcoin rallied to $50,000. For example, the price of Cardano has increased by 72 percent since the beginning of August. This has made it possible for the cryptocurrency to rank third in the list of top cryptocurrencies. Over the same period, the value of the Solana token also increased by more than 300 percent. Crypto experts have listed cryptocurrencies that could repeat such dynamics in the coming months.
AMarkets analysis highlights two altcoin projects
Artem Deev, head of analysis at AMarkets, advises crypto investors to pay attention to Ethereum above all else. He highlighted that in the last two months, fundamental changes have taken place in the blockchain of the largest altcoin, with the use of which this drop will lead to a significant increase in the price of the asset.
cryptocoin.com As we reported, in early August, a London update was released on the Ethereum network, which enabled the token burning mechanism. On September 4, the emission of Ethereum’s asset turned negative for the first time in its history. More cryptocurrencies were burned that day than newly minted coins. In fact, the value of Ethereum tokens destroyed as of September 16 exceeded $ 1 billion.
“Cardano’s Alonzo hard fork will positively impact altcoin”
In addition, Deev expressed his confidence that Cardano will show significant growth by the end of this year. According to the analyst, the launch of the Alonzo hard fork, which took place on September 12, will positively affect altcoin prices. The update added support for smart contracts and the ability to create decentralized applications (dApps) to the Cardano Blockchain. “The new features will make the Cardano Blockchain a potential competitor to Ethereum,” Deev said.
Alonzo was integrated by Input Output, the core development team working on Cardano, for Plutus scripting for smart contract programmability. Over the last few months Input Output has been testing Alonzo continuously in preparation for the hard fork. At the time of writing, Ethereum (ETH) is down 3.3 percent to $3,418, while Cardano (ADA) is down 2.1 percent to $2.37.
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