Three Altcoins to explore | While Bitcoin kept going sideways, these altcoins took a high flight last week.

2021/11/23 11:54:41

After reaching a new $69,000 ATH on 10th November, the Bitcoin price took a step back. First BTC retested the $60,000 resistance last Tuesday but also dropped below this resistance on Wednesday, dipping to $55,738. At the time of writing, 22nd November, Bitcoin stands at $57,381. This healthy correction caused some panic, mostly with newcomers, resulting in panic sales. Older hands are more accustomed to the volatility of the crypto markets and didn’t sell, but rather bought into the dip.

Ethereum is losing some of its sparkle now. After seven weeks of an up going trend, last week this run ended with a downwards trend. From $4,700 at the beginning of the week, Ethereum is now at $4,159. The charts are red, and sentiment seems to be undecided. The bears think they have a foot in the door, but the market is still in full bull mode. Keep the faith.

The Bitcoin dominance is declining and altcoins are becoming more dominant in the market, which is a good progression. DeFi is also coming up strong, and last month saw a peak in total value locked across all DeFi platforms, with a stunning $233 billion. Bitcoin and Ethereum are temporarily losing some momentum, but new all-time highs can be noted for various altcoins.

The current market cap of all cryptocurrencies is $2,52 trillion. In January, this was $1 trillion, with a peak in early November of $3 trillion. This week, Bitcoin is good for $1 trillion. All altcoins make up a market cap of $1.4 trillion. This shows a healthy performance by all altcoins combined.

Institutional investments in Bitcoin have seen an overall increase during this year. As a logical result, there are also institutional investments in altcoins. BlackRock is a big investor, having over $40 billion invested in August this year. MicroStrategy is another well-known Bitcoin investor, with some $4 billion worth of Bitcoin on their balance sheet. El Salvador is the first country that officially acknowledged Bitcoin as legal tender earlier this year.

We can see a clear trend that altcoins in general are taking over a bigger percentage of the crypto market share. However, that doesn’t mean that Bitcoin or Ethereum are done and dusted now, not at all!

Today we put the spotlight on some of the best performing altcoins during last week in KuCoin, Avalanche (AVAX), Zcash (ZEC), and Elrond (EGLD).

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

Avalanche (AVAX)

source: btcmanager

Avalanche is a big contender with Ethereum in the fight for the best blockchain platform for building smart contracts. It is a layer 1 blockchain with a unique architecture. The Avalanche network consists of three individual blockchains: the X-Chain, C-Chain and P-Chain. Each chain has a clear purpose, which is radically different from the approach Bitcoin and Ethereum use. Avalanche blockchains use different consensus mechanisms based on their use cases. Interoperability between its ecosystem and Ethereum continues to improve through bridges. It is blazingly fast, low cost, and eco-friendly. A new partnership with consulting and financial advisory firm Deloitte was announced last Tuesday, showing rapidly strong adoption and investment in Avalanche.

The AVAX token is used to pay the network costs. All transaction fees on the primary network, Subnet, and blockchain creation fees in AVAX are burnt. During the last 30 days, AVAX surged 80%, resulting in flipping Dogecoin and taking 10th spot in the crypto rankings. The market cap is $29 billion.

Trade AVAX and 500+ other altcoins on KuCoin

Zcash (ZEC)

source: crypto-news-flash

Zcash focuses on privacy and anonymity. Nodes on the network verify transactions without revealing any sensitive information by using zk-SNARK zero-knowledge proof technology. ZEC transactions by default do not reveal the sending and receiving addresses or the amount being sent. These data can be revealed for the purposes of auditing or regulatory compliance. The surge is being attributed to the introduction of an updated roadmap.

ZEC has, just like Bitcoin, a total supply limit of 21 million coins. With the general growth of the crypto market, more users may seek out alternatives like Zcash for greater privacy. Zcash is also switching from the PoW to PoS mining protocol, a much eco friendlier way of mining. During the last 24 hours, ZEC is up by 25.79%.

Trade ZEC and 500+ other altcoins on KuCoin

Elrond (EGLD)

source: btcmanager

Elrond is a very fast blockchain, and sharding is used to achieve this. Its ecosystem includes fintech, DeFi, and the IoT (internet of things). Their smart contracts execution platform seems to be able to handle 15,000 transactions per second with a latency of just 60 seconds and transaction fees of $0.001. That is an impressive set of features and exactly what is needed for Web 3.0. With a smart move, to increase adoption, developers building on the platform are supported by the platform, allowing them to earn 30% of the smart contract fees as royalties.

EGLD has a max supply of 31,415,926 EGLD. It’s the native token of the platform and used to pay transaction fees. EGLD is up 12.33% during the last 24 hours and 40.21% during the last seven days.

Trade EGLD and 500+ other altcoins on KuCoin

In conclusion

The future price trend of Bitcoin is still looking good. There were predictions of a new ATH of $68,000 by the end of November, but that is momentarily in the waiting room. Bitcoin could dip as low as $53,000 or even $52,000 but will bounce back and December or early 2022 could still see a 6 figure Bitcoin.

As for the three mentioned altcoins, new initiatives taken by the respective team is the proof to be the way forward. New ideas, partnerships, and updated roadmaps are at the core of their surge.