Is Cardano (ADA) considered an altcoin? Analyst Kenneth Rapoza answers this question by basically considering everything that isn’t DeFi, NFT, Bitcoin and Ethereum as an altcoin. After testing several challenging levels last week, Cardano has welcomed the less energy-intensive blockchain Alonzo upgrade. Now, starting with Nigel Green’s ADA analysis after September 12, we examine 25 altcoin projects mentioned by experts…
Nigel Green: He thinks altcoin ADA price will ATH in the coming days
“Cardano is on a clear upward trajectory and there is no reason to think it will stop anytime soon,” says Nigel Green, founder of the DeVere Group in London. Green also thinks that the momentum will continue and the ADA price will surpass this level:
The momentum is likely to rise. I believe Cardano’s price will hit all-time highs next month, exceeding $3.
There are three main reasons that are driving Cardano’s price up right now. The first is provided by the broader crypto market rally. The total market capitalization also rose to $2 trillion again. Second, the upcoming Alonzo upgrade this month puts Cardano Blockchain in a strong position to surpass Ethereum as the most used platform in terms of smart contract functionality. Third, Cardano enjoys its reputation as a “green” cryptocurrency compared to Bitcoin, which is not “considered efficient in energy consumption.”
In the past, every crypto basically followed Bitcoin. Maybe 70% or more was common, though not 100% perfect. We’ve been seeing a break in the correlation between altcoin projects and Bitcoin (BTC) for a while now. To some extent, there is also a split between other cryptocurrencies and Ethereum (ETH). In other words, the fall of BTC and ETH does not mean that the entire crypto portfolio will fall with it.
Ian Mvula says correlation is broken
“We are currently seeing some cryptocurrencies break out of this correlation,” says Ian Mvula, CEO and Founder of TE Markets Ltd. In January 2021, Bitcoin dominance was well above 60% of the total cryptocurrency market cap. It’s falling fast now. It fell below 50% at one point last week, thanks in part to the rise of Ethereum, but also to a large number of altcoins. Mvula says:
This should give you an idea of how much growth we have witnessed in the altcoin market lately.
Ian Mvula touched on these altcoin projects outside of ADA:
Apart from the jumps in Cardano, Mvula says that Axie Infinity (AXS), Binance (BNB), Polkadot (DOT) and Luna (LUNA) are all heading towards or already exceeding their ATH levels. Of course, we can say that his own company is promoting his money. In this regard, Mvula said that TEMCoin investors can participate in high-yield projects such as the African Consolidated Exchange (ACEX), as well as equity programs such as their product lines TE Properties, TE Micro Funding and TE Capital.
In the crypto world, the overall picture always remains more or less the same regardless of the stock market. The most popular trading pairs are Tether (USDT) versus major cryptocurrencies such as BTC, ETH, and Litecoin. These are followed by different altcoins traded for BTC, ETH, or the token of the exchange where the trade takes place. Currently, ADA and DOT top all altcoin charts. These projects are considered an alternative to the more expensive, “gas-heavy” Ethereum.
Edmund Hillary has news for Cardano and similar altcoin projects
According to Edmund Hillarye, Avalanche (AVAX) is doing much better than other altcoin projects in terms of return on investment. “To the choice of altcoins, the answer for me is undoubtedly AVAX,” says Hillary, co-founder and chief architect of RelayChain. Avalanche native token AVAX has seen a price increase of over 400% since BTC started to recover, and liquidity and demand have slumped as a result of the “Avalanche Rush” announcement. For AVAX, bridge traffic from Avalanche to Polygon now accounts for more than 40% of total bridge traffic, Hillary said. He added, “We expect the AVAX token to jump further as more Blockchain becomes available.”
Meanwhile, other altcoin projects that Hillary touched on outside of AVAX were:
AVAX has been a big winner. Against BTC, other ‘gas tokens’ also performed extremely well. BNB is up over 50%, Huobi Token (HT) is up almost 100% and Polygon (MATIC) is up nearly 100%.
What about NFTs apart from altcoin projects?
NFTs can be considered as altcoins as any other, even if they have a different name. Yaroslav Gordeev, CEO of London-based Phenom Ecosystem, a decentralized project combining several high-tech solutions, says on his website it helps turn your phone into a cash machine, adding that he loves Enjin (ENJ). Gordeev also:
NFTs are still wildly popular and this trend is not fading, so the Phenom Ecosystem worth trying includes Phenom Network, Phenom Chain, Phenom Exchange, and the Phenom Metaverse, the world of NFTs. I would take a closer look at Enjin, a project that helps you integrate NFT tokens into any video game, including Minecraft. This year we have seen some games where money can be made with the help of a local currency. For example, Axie Infinity became the first NFT game on the Ethereum network to earn over $1 billion in sales. This may give you a hunch about the potential of Enjin.
How much investment does Yaroslav Gordeev have in Enjin?
Gordeev has a small one in Enjin. The CEO says his investments so far have been a “dud” and patience has proven to be a virtue in this market. Meanwhile, before the pandemic, Bitcoin was worth less than $10,000. Another example of altcoins that have become more popular due to market restrictions is cryptocurrency exchange FTX, which is seen as an alternative to Coinbase and Gemini in the US. Struggling with Coinbase on fees. Coinbase is expensive compared to FTX. According to the analyst, the days when it cost $7 to trade stocks in E-Commerce may come to mind.
Yaroslav Gordeev touches on the altcoin FTT price:
cryptocoin.com As a result, the price of FTT rose 28% in roughly four weeks. “I expect it to continue to rise” for FTX’s token, Gordeev said. He also mentioned the partners that can be done with LINK and similar Blockchains:
Other projects that no one has mentioned yet and that have great potential: Chainlink (LINK)” . While Chainlink is one of the biggest market players dealing with the transfer and processing of tamper-proof data, Polkadot aims to facilitate cross-blockchain transfers. “Multichain will be the next big thing”.
Handy Barot says she prefers DEX projects
For those who hate Jeff Bezos’ AWS, Handy Barot, co-founder of decentralized cloud storage network P2P StorX (SRX), says, “Aside from DeFi and NFTs, it’s almost exclusively second-tier solutions (Ethereum-related scaling solutions) and decentralized I would be buying stock market coins,” he says. It says StorX (SRX) encrypts, shreds and distributes data across multiple hosting nodes worldwide. As for the Ethereum scaling problem, Barot specifically points out a few altcoin projects and has already named many of them:
The biggest impact on the market, both in terms of proportional earnings and volume, comes from tier one and two platforms for smart contracts such as Ethereum, Polygon, Cardano, Luna, Avalanche, Polkadot and (some new ones here), Solana (SOL) Unibright. Also, UBT and ATOM(ATOM). But also DeFi and NFT segments.
Finally, back to Hillary, here are some cryptocurrencies that have been acting in close correlation with some of their favorites so far:
- AVAX: JOE, BENQ, Coin98 (C98), Pangolin (PNG)
- Solana: Mango Markets (MNGO), Serum (SRM), Raydium (RAY)
- Polkadot: Moonriver (MOVR), Moonbeam (GLMR), Kusama (KSM), Air (AIR)
- Phantom (FTM): Spookyswab (BOO)
“These are less associated with the fortunes of BTC and ETH,” Hillary says, and altcoins are “some of the projects that form the core of new ecosystems.”
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