Ethereum killers with strong functionality and networking capability in the crypto market are posting a significant rise, while metaverse coin projects are also gaining solid traction amid growing market demand.
“Ethereum killers are witnessing a rapidly growing user and investor base”
According to crypto analyst Bhushan Akolkar, 2021 has been the year of several strong cryptocurrencies approaching. The analyst states that although Bitcoin (BTC) and Ethereum (ETH) continue with the mega bull runs, several altcoin projects have received great interest. Ethereum rivals, often referred to as Ethereum killers, have been the theme of the year with increasing demand for decentralized finance (DeFi). Also, the frenzy surrounding Non Fungible Tokens (NFTs) has also helped Ethereum alternatives thrive in the market.
Some of the rapidly emerging Ethereum alternatives are players like Avalanche (AVAX), Solana (SOL), Polygon (MATIC). According to the analyst, these Ethereum killers are gaining faster market traction and adoption as Ethereum struggles with scalability and high transaction costs.
cryptocoin.com As you can follow from its news, earlier this week, it knocked down giants such as Solana (SOL), Tether (USDT) and Cardano (ADA), reaching an all-time high of $260 and becoming the fourth largest cryptocurrency. Many analysts feel that the Ethereum alternatives party is just getting started and some competitors are poised for even bigger gains. These Ethereum killers are witnessing a rapidly growing user and investor base. Rosh Singh, founder of Quadency crypto trading startup, says:
As Ethereum is raising a lot of funds from the VCs of others with faster and newer consensus (transaction confirmation) mechanisms, it needs to do something fast.
Rosh Singh adds that everything depends on the launch timeline of Ethereum 2.0 and that if Ethereum 2.0 upgrades reach 2022, it must maintain its competitive edge in the market.
Betting on Ethereum killers like Avalanche, Fantom, and Terra
Rosh Singh is betting on Ethereum killers like Avalanche, Fantom, and Terra. These networks offer innovative ways to solve problems with stablecoins alongside Proof-of-Stake (PoS) consensus. Avalanche Blockchain implements an innovative technology called Directed Acyclic Graphs (DAG). Therefore, to complete a transaction on Avalanche, 80% of DAG nodes need to verify it. This eliminates the possibility of a raid node controlling the entire process, as in the case of PoS.
Similarly, Phantom uses a similar mechanism called Lachesis. Analysts like Rosh Singh note that the smaller circulating supply of Phantom (FTM) could help boost the price of crypto. Fantom especially appeals to decentralized applications (DApps) with processing speeds under 2 seconds. The price of FTM has already increased by about 15,000 year-to-date. However, Rosh Singh expects additional 4x-5x earnings for Phantom in the near future.
Finally, Rosh Singh talks about Terra (LUNA), which has been experiencing a solid ascension lately. LUNA is currently the 12th largest cryptocurrency with a market cap of $20.9 billion, priced at $52.30. Stablecoins have been struggling for some time to prove their 1:1 reserves against fresh issuances, and Terra (LUNA) has been doing the job effectively. Rosh Singh explains:
There are Tether, USDT, Dai and many other stablecoins out there, but most still rely on some form of official funding verification. Terra solves this by using other verification methods (via a proprietary algorithm that matches supply and demand) rather than relying on third parties.
Betting on Metaverse coin projects
Facebook’s rebranding as Meta and its entry into the metaverse got everyone talking about this theme in the crypto space. Matthew Siegel, who heads cryptocurrency research at VanEck, maintains his bullish position on metaverse coin projects that have been in the news for the past two weeks. Matthew Siegel comments:
Metaverse (asset class) has doubled in the past month, and game-only cryptocurrencies like The Sandbox, Axie Infinity, Enjin and Flow, traditional games that offer metaverse experiences like Roblox, Electronic Arts or Activision far outperform their players.
The Sandbox platform allows users to sell metaverse properties and islands via NFTs. Currently, the platform is home to more than 12,000 unique virtual landlords. The SAND token price has increased by 1,700% compared to last year.
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