The world’s largest cryptocurrency Bitcoin (BTC) It has been trading under pressure for a while now and it is currently down to $41.714. The recent market correction has caused unease and dampened investor sentiment, but these three cryptocurrencies could change the game this month.
While the market is undergoing a brutal correction, let’s get down to business as soon as possible and Terra (LUNA), Polygon (MATIC) and Chainlink (LINK) Let’s discuss.
Terra (Luna)
Terra (Luna)It managed to hit an all-time high of $100 last month. But it has since experienced a correction of about 30 percent. Despite this, the altcoin changed its trajectory once again over the weekend, and as of writing, LUNA is up over 4% to trade at $72.70 and market cap of $26 billion.
own stablecoin TerraUSD (UST) Looking at its rapid growth, Terra’s cryptocurrency LUNA still seems to have a long way to go. UST stablecoin is already among the top 20 cryptocurrencies by market cap. UST stablecoin is already one of the top 20 cryptocurrencies in terms of market cap. This is because the UST stablecoin has many applications across DeFi and is used on platforms like Curve Finance, Avalanche, Fantom, and others.
The deflation mechanism that LUNA shares with UST is also very interesting. To be clear, every time the UST stablecoin is used, some of the LUNA is burned. Thus, the more UST is printed, the less the LUNA is in supply and the higher its price. Therefore, this latest correction is considered by analysts to be a good buying opportunity for new entrants.
Polygon (MATIC)
polygon (L2 Ethereum) has benefited greatly from Ethereum’s high gas fee so far and it looks like it will continue to do so in the future. Polygon platform’s cryptocurrency MATIC reached an all-time high of $2.84 in December, making it one of the top performers of 2021.
Since then, following the trend prevailing in the rest of the market, MATIC has corrected more than 30 percent and is currently holding just over $2. polygon, ZK-Rollups It is going through a major expansion process by applying powerful technologies such as According to the latest update, 0xPolygon bridges also witnessed $500 million in inflows in the last week of December.
If we need to look at the numbers; In the last week of December 2021, nearly 2 million smart contracts were deployed on Polygon versus Ethereum’s only 105,000. This shows that Polygon is fast becoming the network of choice for blockchain enthusiasts. It would come as no surprise to anyone that MATIC hits $10 this year or in the coming months and makes it into the top ten cryptocurrencies list.
*Zero Knowledge Rollupis a Tier-2 scalability solution that allows blockchains to verify transactions faster while keeping gas fees to a minimum. Zk-rollups manage to outperform traditional Tier-1 blockchains like Ethereum as they combine on-chain and off-chain processes.
Chainlink (LINK)
Oracle service provider Chainlink (LINK)is working pretty hard to challenge the market trend. Despite the downward market pressure, LINK is steadily moving upwards. At the time of writing, LINK is trading at $26.78, up over 5%.
The likelihood of LINK getting together this year is high due to some key developments. Last year, Chainlink reached a significant $75 billion milestone in its TVS, making it the second most value-securing platform for decentralized consensus in the DeFi ecosystem.
Another milestone of the platform is that more than 1,000 projects are now part of the Chainlink ecosystem, with more than half of them integrated by 2021. Analysts predict that LINK’s price will rise even higher after such important developments.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.