Analysts of the US-based consulting company The Motley Fool talked about altcoins, which are now getting more attention in the light of recent events in the market. Experts want to feature a younger cryptocurrency this time.
Which altcoin might stand out in the next bull?
Motley Fool’s recent reports have included altcoins that can be bought ahead of a potential bull market. The general market turmoil last year had drastic consequences that crushed the cryptocurrency market and wiped out nearly $2 trillion. Therefore, when investors worry about the economy, they often turn to safer assets and leave the riskier stuff for another day. According to Fool analysts, a new altcoin is preparing to take charge at this point.
The player to buy, according to analysts, is Cardano (ADA). Cardano has a lot in common with Ethereum, the second largest cryptocurrency in the world. He is also an Ethereum in the early days.
Why is Cardano different?
A successful Blockchain leading the worlds of Ethereum, dApp and NFT’. But Hoskinson aims to make Cardano even better. The Cardano team is working to make this young Blockchain a stronger player when it comes to decentralization, scalability and security.
To do this, Cardano software engineers use peer review. This means they release details about upcoming plans and seek advice from other experts before launching updates. The biggest downside is that this makes Cardano slower than its competitors. But the advantage is that it causes less disruption and makes Cardano a blockchain you can trust.
All this allows it to gain new participants
According to DeFiLama, Cardano recently hit a record high in TVL of over 365 million ADA ($136 million). Cardano enabled its smart contract functionality in 2021. Since then, the creation of these contracts using Cardano’s Plutus language has been on the rise. In fact, over the past year, Plutus scripts have increased by nearly 200% to over 5,000, as Cardano Fans Stake Pool data shows.
Finally, Electric Capital’s annual developer report also supports the idea that more and more users are flocking to Cardano. The platform saw a 16% increase in full-time developers last year.
Hydra project
Also, the development of Cardano is not finished yet. Software engineers are working on an exciting project that could make Cardano one of the fastest and most efficient blockchains on the market. This is accomplished through the creation of Hydra contracts, the small off-chain ledger that handles certain transactions. This will avoid congestion on the mainnet and increase the throughput and speed of data processed.
Cardano has not provided a release date for the Hydra project, but the launch could clearly be a big step forward for this young crypto player. Now let’s take a look at Cardano’s performance. The crypto gained some momentum this year, gaining around 50% to reach around $0.40. In 2021, Cardano’s price went above $2.90. I think if Cardano continues to gain users and launch Hydra successfully, it could quickly reach its peak levels again, according to analysts.
PoS altcoins are a better choice
One of the most anticipated events of 2023 for Solana (SOL) investors has almost arrived: the official launch of the Saga crypto phone. First announced in the summer of 2022, Saga has been available for pre-order for months. With this new product launch in the first quarter of 2023, Solana will be the first Tier-1 Blockchain to have its own crypto phone.
Saga is a mobile phone running on the Android operating system optimized for crypto and Blockchain. It will also give you access to new decentralized applications optimized for the Solana ecosystem, such as new applications based on NFTs and Blockchain games. cryptocoin.com We have included the latest developments from the Solana Mobile pre-sale process in this article.
Also, Solana says that her phone will be much more secure than traditional phones because it uses tamper-proof Blockchain technology for transactions. There are two big implications for altcoins here. For one, your Solana phone will become your hardware wallet and you can take this super secure Blockchain wallet with you wherever you go. The other is that Solana Pay (actually Solana’s version of Apple Pay) has the opportunity to become much more popular given the security and ease of paying at retail outlets with your Solana phone.
Is Solana an ideal investment?
In the best-case scenario, the Saga crypto phone could change the way people view Solana. The future of crypto is mobile and Solana strives to be the best Blockchain for mobile crypto. Making crypto fun and easy to use on your mobile device is something you can’t get from today’s mobile phones that see crypto as an afterthought at best. For example, with the new Solana phone, you can now purchase a new NFT in less than 60 seconds and access it from a secure Blockchain wallet. You can do this right on your iPhone.
But the risk is that the new Solana phone will not work as advertised. Solana has already received a lot of criticism among other altcoins for network outages. Any initial problem with Saga can complicate matters even more. The new Solana phone isn’t cheap—it was on sale for $1,000 in the US prior to its release date—so the PR disaster that could happen if the Solana network crashes and suffers any performance issues shouldn’t be overlooked.
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