The crypto market has been buoyed lately by the landmark decision declaring that XRP is not a security. This decision had a partial impact on the prices of major cryptocurrencies. However, a few altcoins have potential for significant returns, as they are currently relatively low in price. With this in mind, crypto analyst Justinas Baltrusaitis has identified 5 altcoins.
The top altcoin, of course, is Ripple (XRP)
XRP has partially gained regulatory clarity following the ruling in the long-running SEC lawsuit. In response to the notable decision, XRP had a positive reaction. Thus, it rose by about 90% in a single day to as high as $0.93.
Despite these significant gains, XRP is still trading at a relatively low value. This makes it an attractive asset to acquire. There is speculation that after the regulatory clearance, XRP could be the next token that will create significant wealth for investors. Additionally, XRP has managed to be successfully relisted on major exchanges like Coinbase. It’s possible that this too could act as a bullish catalyst. Currently, XRP is trading at $0.72. The altcoin is up over 50% on the weekly chart.
Cardano (ADA) comes in second place
Cardano (ADA) has recently experienced a bullish trend driven by several factors, including significant developments in its network. In particular, Cardano is taking notable steps in its journey to build a fully decentralized decision-making system with the upcoming milestone of CIP-1694 development. This proposal received considerable acceptance. It also led to a meeting of representatives from different countries to discuss its details. Successful implementation of CIP-1694 is crucial to Cardano’s on-chain governance.
In addition, Cardano’s recent upward momentum can be attributed to other factors such as the potential of the network, specifically Algorand’s implementation as a Cardano side-chain. Also, as reported by DefiLlama, Cardano’s total locked value (TVL) increased by 10% on a monthly basis. Thus, on July 14, it reached 550 million ADA. Moreover, the ADA benefited from the potential easing of regulatory uncertainty following the Ripple decision. Currently, ADA is trading at $0.34. The altcoin is up over 15% on the weekly chart.
Ripple-like altcoin: Stellar Lumens (XLM)
In 2023, XLM, the native token of Stellar Blockchain, performed strongly. Like many other digital assets, XLM has seen gains in response to the Ripple decision. Notably, XLM’s rally came about considering that the platform’s founder, Jed McCaleb, is also the co-founder of Ripple. It is possible, in part, to attribute this impressive price rally to key collaboration deals between Stellar and Coinbase and MoneyGram. Coinbase now provides full support for deposit and withdrawal of USDC stablecoin via Stellar Blockchain. Additionally, MoneyGram allows its users to deposit or withdraw funds directly from their crypto wallet using USDC on the Stellar network.
In addition, Stellar Lumens has been recognized as a potential facilitator for the Blockchain component of the FedNow Payment System. FedNow is a real-time payment service built by the Federal Reserve to integrate traditional banking with decentralized finance. Currently, XLM is trading at $0.13. The altcoin has recorded an increase of around 35% over the past seven days.
We continue with Stacks (STX)
Stacks (STX) aims to bridge the gap between decentralized finance (DeFi) and Bitcoin (BTC) by providing smart contracts on the Bitcoin network. This extends the utility of Bitcoin beyond just being a store of value by providing developers with a secure and scalable platform for building decentralized applications. Given the dynamic nature of the DeFi industry and the growing demand for decentralized applications, integrating Stacks into the Bitcoin network promises long-term success. STX is trading at $0.65. The altcoin is down over 4% in the last 24 hours.
Last ranked altcoin Decentraland (MANA)
Decentraland (MANA) has emerged as an important altcoin focused on the metaverse, garnering a lot of attention in recent months. The network is actively expanding its presence in the metaverse through various initiatives. One of the notable developments is the announcement of Metaverse Art Week, which will be held between 19-23 July 2023. This event aims to commemorate the end of the traditional metaverse era. It also aims to usher in a new era of virtual art and unlimited creativity.
In collaboration with renowned art collective Vueltta, Metaverse Art Week promises an exciting program of immersive exhibitions, installations, insightful talks, guided tours and live parties. Regarding price movements, MANA has experienced some volatility in the last days. As of now, the altcoin is trading at $0.42, with a daily loss of 2%.
Overall, it is very important to emphasize that investors should not underestimate cryptocurrencies that are traded at lower prices. Because the transaction price does not reduce the potential of these assets.
The opinions and estimates in the article belong to the analyst and are not investment advice. cryptocoin.com We strongly recommend that you do your own research before investing.
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