Three Altcoins to Explore | Top Performing Altcoins During Bitcoin Fall Last Week

2022/01/11 10:00:22

The week that ended the year 2021 and started off into the New Year can be said to be one of a free fall for the leading cryptocurrencies. Bitcoin stopped from its last significant high of $51,505 on 27 December 2021 to closely hover around the $41,900 mark to end the week. Ethereum crashed from $4,102 on 27 December 2021 to close at $3,158, providing a rollercoaster effect that saw a majority of altcoins drop in value week-to-week.

In terms of market dominance, BTC has come down to 40.21% while ETH stands at 19.12 %. In view of the strong showing of the U.S Dollar last week, many pundits feel that accounts for the price pullback in the crypto market. Essentially, when the leading global fiat is undisturbed or unshaken, bargain hunters looking for a haven for their wealth do overlook crypto markets. This in part explains the dip in market volumes for the week.

In terms of the altcoin market, apart from the general price shrink, Chainlink, ClearDAO and Internet Computer were in green territory, and we have examined them closely below.

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ClearDAO (CLH)

source: KuCoin blog

ClearDAO emerged as the shining star of KuCoin listed tokens for the week in addition to its above 29900% leap in price since its listing and was featured on 18th Spotlight. CLH has achieved a low of $0.351 and a high of $0.523 with its momentum seemingly unstoppable at the moment.

ClearDAO is the leading open protocol for cryptocurrency derivatives with a risk management tool for efficient and rational evaluation of all trades. While there are only a few projects in this segment of the market that are still at the early-stage, CLH is setting the stage for optimal returns.

At a time when the overall market is in the bearish mode, DeFi derivatives as anchored by ClearDAO seem to provide a leeway for assured returns based on realistic profit pathways. As an open-source platform, Clear DAO is also supportive of developers in designing own-DeFi derivatives like futures and options in a push that can clearly deepen the market and boost trade volumes.

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Internet Computer (ICP)

source: crypto-news-flash

ICP has done a 7-day rounded performance in market price at a 29% leap with a low of $27.29 and a high of $37.73. To have recorded a price surge when the field of altcoins is covered in red shows the reason ICP is on the top performers’ list for the week.

The Internet Computer represented the next wave of blockchain possibilities after Bitcoin and Ethereum. It is a blockchain that runs at the speed of the web and is able to scale smart contracts in its computations and data access with efficient processes and data storage. Developers are able to use the platform to build tokenized global services in enterprise systems, DeFi, and erstwhile traditional frameworks.

Since ICP launched in 2016, it has seen project updates that have solidified its offerings in a marketplace that places value on innovations. ICP was supported by the likes of SV Angel, Polychain Capital, Scalar Capital, Andreesen Horowitz, among others. Having moved on to other stages of growth, ICP has launched its decentralized mainnet and functions presently as an open-source platform.

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Chainlink (LINK)

source: Chainlink

LINK has mustered a 19% surge in price for the 7-day period that ended last week with a low of $22.83 and a high of $28.51. While the difference in price performance might not be so marked, viewed against 2-digit losses among its peers, LINK did remarkably well to earn a place as a top performer for the week under review.

Chainlink is a driving force behind DeFi with its Oracle that feeds market data into participating platforms on a real-time basis. While trading platforms can get obscured from breaking news and real events as they happen, with Chainlink, they override this limitation.

The platform also helps to secure DeFi platforms from exposure to flash loans that can wreak havoc by providing real-time data across blockchains to shape ongoing decisions for live trading. Payment methods and systems are authenticated with Chainlink, and wallets and movements therein are evaluated in split seconds. Based on LINK’s capabilities, platforms can prevent double-spend and false -value related fraud.

With founders like Steve Ellis and Sergey Nazarov who have accumulated experience in software engineering and open marketplace management, Chainlink was structured from the get-go to be a market leader with future-proof functionalities. Leading DeFi platforms use Chainlink oracles on an ongoing basis. In a connected-marketplace or economy, Chainlink provides solutions that can ensure that decentralized trading can go on trustlessly, yet securely.

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Conclusion

The emerging pattern in the cryptocurrency market as 2021 ended was the bias towards DeFi platforms and projects that are not just Bitcoin-dependent. As we go forward into the year, altcoins that represent metaverse, DeFi, and other standalone sectors like NFTs will receive increasing patronage as their underlying uses cases go beyond merely profiteering to delivering tangible value.

Newer or existing projects that support tokenization, real estate, and other tangible sectors should be expected to flourish even more. With erstwhile projects in DAO and memes consolidating and introducing DeFi products and staking, their fortunes for the year should brighten, you can expect better market prices for them as well.

Projects featured on the KuCoin spotlight highlight possible indications of where the market could be headed, providing investors with clues on how to pick their portfolio.