3 Altcoins to Explore | Which Tokens Within the Coinbase Ventures Portfolio Led the Price Rally Last Week?

2021/08/17 10:58:14

This week, we’ve seen a lot of green candlesticks from the Coinbase Ventures Portfolio, and KuCoin cherry-picked the top three to analyze the reasons behind the price rally.

As you may have noticed, Bitcoin has enjoyed a surge in value this week. In fact, it surpassed the $45,000 mark to reach a high of $48,045 - a number we haven’t seen since May. This comes after some significant sell-offs over the past months or so, where people were able to then get their hands on the cryptocurrency for as low as $30,000.

This growth had a knock-on effect for the rest of the market, where we are seeing some significant growth all around.

One area we are seeing a lot of interest and green candlesticks is from the Coinbase Ventures Portfolio. Coinbase is understandably a big name in the market, especially following it going public in April. It is understandable then that Coinbase Ventures Portfolio is followed closely.

It has become an important category amongst diversified cryptocurrency types such as DeFi and NFT. It seeks out promising projects that have great potential and invests in them in order to help them grow to reach that potential while of course making something back.

The three tokens we have chosen to focus on this week - NEAR, LUNA and CELO - are from within the Coinbase category and worth noting from last week’s performance. What makes these tokens in particular so interesting is how they focus on building ecosystems, infrastructure and innovation within the cryptocurrency space.

They are building the foundation that will enable more projects to enter the market with their own innovations. In this, they are providing an important service that is likely to grow their value over time.

Notice: KuCoin does not provide financial advice. Please do your own risk assessment when deciding how to invest in cryptocurrency and blockchain technology.

NEAR Protocol (NEAR)

NEAR is a decentralized application platform built to connect the users of today’s Internet to the blockchain-based web of the future. It is a PoS Layer 1 blockchain platform, built with UX and DevX in mind. The NEAR token is used as a unit of value on the platform that enables token holders to use applications, amongst other things.

Just recently, NEAR Protocol was integrated with BitMart, as well as listing it’s NEAR token on the platform. This integration will enable development applications to progress much more easily. At the same time, it helps connect NEAR with millions of new potential users.

There was also recent news that NEAR would be working with blockchain gaming firm Web3Games and artist Heshan Huang to create NFTs based on real estate during the Taobao Maker festival. Working alongside such big names has helped get NEAR’s name out in the community, helping its growth.

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Terra (LUNA)

Terra is a protocol of money that ensures price-stability by algorithmically expanding and contracting supply. Terra uses seigniorage created by its minting operations as transaction stimulus, thereby facilitating adoption. The Luna token is used to stabilize the price of the protocol's stablecoins, as well as for governance.

A large part of LUNA’s growth can be linked to the growth of Terra’s other token - UST. LUNA operates as a means of stabilization for the UST token, and so as it changes in value, LUNA will need to follow suit.

Terra was already a big name in the market, so it has been able to take advantage of this recent growth in a number of different ways. For example, following bETH going live on Anchor, users can now borrow UST against bETH and earn great yields. This will get more users involved in the Terra ecosystem, meaning good things for LUNA.

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Celo (CELO)

Celo is a mobile-first blockchain optimized for peer-to-peer payments using only a mobile number. It is turning crypto into usable money with a multi-asset system: a governance and staking asset (CELO) and a family of stablecoins (e.g., cUSD, cEUR). The CELO token is used for transaction fees, governance and more.

Recently, Celo has been collaborating with a number of notable companies and organizations. This includes the likes of CARE, a humanitarian organization fighting global poverty who will leverage Celo’s blockchain and DeFi tools to enhance accessibility and tracking of transfers. Deutsche Telekom also got involved with CELO by buying a ‘significant purchase’ of tokens back in April.

Otherwise, Fintech company PayU invested in the project too. CELO provides a service that is helping democratize finance through the power of mobile phones, offering usability and security for payments, remittances and more. With the pandemic and other local issues, these services are becoming more crucial.

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Three Coinbase Investment Portfolio Tokens to Look Forward to This Week

This list is far from complete as there are plenty of other altcoins that are worth looking into this week within the Coinbase investment portfolio. KuCoin recommends that you also check out COMP, GRT and DODO. These are yet more promising tokens that Coinbase seem bullish on, so perhaps they are worth a look as well.