Is the crypto market on the brink of recession? That’s not certain, but the asset class looks healthier than last week. Most cryptocurrencies are above where they were last week, and green overall. However, there is no guarantee that the tokens will continue upwards. What is noteworthy is that a handful of altcoin projects clearly outperformed the market in the past week. Crypto analyst Rahul Nambiampurath examines these projects he deems worth watching.
The top altcoin project Solana (SOL)
cryptocoin.comAs you follow, Solana (SOL) has become one of the top earners in the last seven days, up about 45%. This is partly because the Solana-based meme-coin BONK took the crypto community by storm, up 1,000% in value last week. Solana’s active user base also increased significantly during the week. The number of daily active wallets has tripled compared to pre-FTX levels.
Solona Blockchain was in the news last week for its efforts to rebuild itself after FTX’s collapse. With approximately 3.24 million shares of FTX Trading LTD common stock, as well as approximately 3.43 million FTT tokens and 134.54 million SRM tokens from the decentralized exchange (DEX) Project Serum, the Solana Foundation is now without the help of Sam Bankman Fried. trying to move forward. Solana is currently trading around $16.55 after starting last week at $11.30.
The performance of Ethereum Classic (ETC) was also impressive
Ethereum Classic (ETC) has increased its price by 30% after a critical change in the network’s hashrate. In simple terms, the hash rate refers to how fast a crypto mining machine works. Currently, Ethereum Classic’s hash rate is 107.58 TH/s, about 10% higher from its December 2022 low. Higher mining speed means more transactions on the network and therefore more profitability. ETC is currently trading at around $21.26.
Worth watching The Graph (GRT)
GRT saw a 22% increase in token price as a result of the increase in the number of projects running on the network. It also recorded an increase in the number of indexers, which probably also contributed to the price increase. The altcoin is currently priced at around $0.07. While The Graph currently has more than 600 decentralized applications or DApps, there are more than 300 indexers. Together, they help strengthen this ecosystem and increase usability.
Our fourth altcoin project Optimism (OP)
Optimism’s OP token rose 35% as a result of all the positive sentiment surrounding the roundup technology. The Layer 2 scaling solution is one of the best known projects implementing aggregation technology. Thanks to these scaling solutions, Blockchain networks are made faster and more secure. Vitalik Buterin, co-founder of Ethereum, also gave some details about scaling rollups. This undoubtedly drew some attention to Optimism. It is among the scaling projects that will have an eventful 2023. The OP token is currently worth around $1.31.
Popular metaverse coin Decentraland (MANA)
Metaverses and Blockchain-based gaming continue to be on the radar of investors. Decentraland’s MANA token is benefiting strongly from the resurgence in this niche. As a result, the token increased by 29%. CME Group has announced that it will add benchmark rates and real-time indices for metaverse crypto assets. Decentraland is one of them. This may be primarily the reason why the value of the MANA token has increased. The token started at $0.31 last week and is currently trading at around $0.40.
Finally, there is the leading altcoin Ethereum (ETH)
The market’s second-largest token, ETH, increased its price by 10% as the network was about to experience the Shanghai upgrade. The upgrade will be a big change for Ethereum as it will allow the withdrawal of staked tokens. Ethereum introduced staking when it switched to the PoS consensus mechanism last year. However, stakers cannot unlock their tokens until the Shanghai upgrade is performed. This major upgrade will change that and mark another important moment in Ethereum history. ETH started last week at $1,216. It is currently hovering around $1,322.
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