Consulting giant Nasdaq analysts shared their predictions for the future of 2 altcoin projects currently trading under $1.
Michael Byrne chooses an altcoin project that builds institutional ties
Polygon hasn’t made much progress since the beginning of the year. It is currently trading as low as $0.83. The altcoin project has announced partnerships with giants such as Starbucks and Disney in the past months. As such, it stands out as one of the first blockchains of choice for companies that want to be comfortable entering the crypto world.
Polygon also has integrations with Meta Platforms’ Instagram and Facebook platforms, while Robinhood Markets has chosen Polygon as a partner for its new crypto wallet. Companies choose Polygon for its solid reputation, low transaction fees and energy efficiency.
Polygon isn’t just for companies that want to be associated with popular concepts like NFTs or Web3. At the same time, it helps companies to contact different sectors. For example, last summer Reddit partnered with Polygon to create a marketplace for NFT collectible avatars that its users can use as profile pictures. In October, 3 million Reddit users opened Vault wallets to purchase Polygon NFTs. With all that said, analyst Michael Byrne sums up his expectations from Polygon:
With its growing user base, strong performance, and an increasing role as a cryptocurrency for companies looking to establish a presence in crypto, NFTs and Web3, Polygon is a cryptocurrency with a lot of potential in the long run.
Stellar (XLM)
Stellar (XLM) is currently the 25th most valuable cryptocurrency in the world. XLM has delivered a remarkable total return of around 3,700% since its launch in July 2014. This is because it seeks to overturn the outdated financial services industry. Stellar’s goal is to make it easier for people to send money to anyone, anywhere in the world.
Currently, the overseas traditional remittance market is extremely slow and expensive. According to data provided by the IMF, a typical remittance to a low- or middle-income country like Nigeria requires a high transaction fee of more than 7%. For small sums, which is the norm in this type of scenario, these fees are certainly a significant burden. Also, people often have to wait days to even get the money. Analyst Neil Patel says Stellar will be better positioned in the future by filling these gaps:
If Stellar can find ways to somehow find greater adoption of the innovative and exciting cryptocurrency, its value could rise in the next decade. That’s reason enough for investors to take a closer look at Stellar right now.
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