While cryptocurrencies can be used as a way to exchange goods, the vast majority of holders see them as a means of savings or investment. However, before investing, it is wise to do some research and learn the details. According to crypto expert Benson Toti, who chose 7 altcoins, these are the altcoins that can be bought. Crypto analyst Gideon Geoffrey analyzes two altcoins worth watching.
The best altcoins to buy
Tether (USDT)
Tether is a stablecoin, which means its value won’t fluctuate wildly. Altcoin is often used by traders as a bridge between different cryptocurrencies. That is, they use Tether instead of US dollars. There are concerns that Tether is not reliably backed by dollar reserves, but instead is a type of short-term unsecured debt that causes the currency to depreciate. Stablecoins like Tether aim to attract customers who are hesitant to invest due to price fluctuations.
Cardano (ADA)
Although Cardano entered the cryptocurrency market after a while, it stands out as one of the first to use the Proof-of-Stake (PoS) consensus. This technique removes the aggressive, problem-solving element of verification in systems like Bitcoin, reducing energy use and environmental impact. Like Ethereum, Cardano’s native token ADA uses smart contracts and distributed applications. Meanwhile, the ADA token used on the Cardano network has not grown as fast as some other major cryptocurrencies.
USD Coin (USDC)
Stablecoins such as USD Coin, which are pegged to the price of the dollar, are becoming more popular. This means that for every USD Coin in circulation, an equivalent amount of fiat money is kept in reserve. Currently, it ranks fifth in terms of market value.
Binance Coin (BNB)
The Binance exchange accepts a utility cryptocurrency, Binance Coin (BNB), as payment for the costs of trading on the exchange. In terms of value, it ranks as the fourth largest cryptocurrency. Meanwhile, users of the token receive discounts when shopping on the exchange using the token as payment. Like other altcoins, BNB started life on the Ethereum Blockchain as an ERC-20 token. He finally started his own main-net. A PoS consensus mechanism is implemented in the network.
Polkadot (DOT)
Polkadot is a one-of-a-kind Proof-of-Stake (PoS) altcoin project designed to facilitate interoperability across different Blockchains. Its protocol was developed to bridge the gap between allowed and disallowed blockchains and oracles, making it possible for them to share data and work as one. An important feature of Polkadot is the relay Blockchain that supports communication between different networks. Parachains with alternative blockchains with their own native currency are also supported for certain use cases.
Dogecoin (DOGE)
Dogecoin is an altcoin best known for its humorous debut in 2013 but has since grown in popularity thanks to a committed community and clever memes. DOGE, unlike the situation for most altcoins, does not have a fixed cap on production, that is, it has an inflationary nature. This makes them prone to value erosion as supply increases. Unlike other digital currencies, Dogecoin has an endless supply. Payments and money transfers can be made using this method.
Ripple (XRP)
In 2012, Ripple developed XRP Ledger as a payment system and XRP serves as its native token. Neither PoW nor PoS is used in XRP Ledger’s XRP Ledger Consensus Protocol, which is used for consensus and validation.
Altcoin projects worth watching
Ethereum (ETH)
Like altcoins to watch this week, last week was not one of the best for the asset. It is important to know that during the period under review, it mostly showed a downward trend and lost almost 5% of its value.
Monday wasn’t one of their best starts as it didn’t register any notable changes in price. This trend continued for the next 24 hours and ETH lost a meager fraction of its value. On Wednesday, the leading altcoin closed with more than 3% gains. It peaked at $1,669 during this session and closed slightly lower. This was the only green candle in the last seven days.
The last four days of the week were marked by steady declines in prices. One of the biggest happened on Friday. ETH started trading at $1,648 and retested the $1,600 support. It bounced back and the coin dropped to $1,543 but closed slightly higher. However, it recorded losses of almost 4%. A red candle on Sunday tells how the week ended for ETH.
At the time of this writing, there has been no change in market sentiment and ETH is still struggling. If these market conditions remain the same, it could retest the $1,500 support before the session ends. However, a look at the RSI draws further bullish prospects for the asset. We noticed the support at 42. The last time it fell to this level, it started a new round of bullishness. If the same happens, we can expect a return to $1,600.
Maker (MKR)
cryptocoin.comAs you follow, Maker was one of the top earners in the previous weekday session. It saw a massive 22% increase in price and closed its third consecutive week of gains.
One of the key events of the week was Wednesday when the asset started at $791 and peaked at $959. It closed the day at $925 and posted more than 16% gains. A similar event took place on a smaller scale on Sunday. However, the altcoin has recorded gains of almost 10%. Looking at the chart, the indicators are also bullish and could affect prices this week.
The 12-day EMA is bullish and the gap between the 26-days is getting bigger. The RSI is also above 60. However, trades during the current intraday session tell a different story. MKR, which is currently down more than 3%, did not get off to a good start. It is also important to pay attention to the Moving Averages. The token currently only had a ‘golden cross’.
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