- As investors head into the fourth quarter, altcoins to watch include Avalanche, Boost, and Polygon.
- Investors will focus more on real world applications offered by blockchain networks.
- The overall cryptocurrency market capitalization is once again approaching the $ 2 trillion mark.
- See more stories on the Insider business page.
The growth around non-fungible tokens and decentralized finance has helped the prices of some altcoins soar in the third quarter, and investors are looking for the next breakthrough early in the fourth quarter.
The global cryptocurrency market is once again approaching the $ 2 trillion mark as prices for ada, solana and other Cardano altcoins have taken off, with cardano ada now the third-highest crypto. exchanged.
In the coming months, investors will focus more on the benefits and shortcomings resulting from recent speed and efficiency upgrades on key altcoin blockchain networks, Ed Moya, senior currency analyst at key altcoin, told Insider. Oanda.
“Everyone has focused on the altcoins that are going to solve this scalability issue that you have with Ethereum and Bitcoin,” he said.
“People need to understand which companies will be the leaders in NFTs or smart contracts,” and other operations, he said. “I think that’s where the market is and education takes a while. The industry is ripe for consolidation.”
Here are six altcoins (in alphabetical order) that experts tell Insider they’ll be watching in Q4 and beyond:
1) Avalanche (AVAX)
Market capitalization: $ 14.5 billion
Year-to-date return: Up 1954% to $ 65.94
The blockchain developed by Ava Labs is a smart contract platform for decentralized applications and its AVAX token started trading on Coinbase Pro last week.
Avalanche “is way faster than Ethereum and it wants to be even faster, which is great because I think it’s very important when it comes to funding and DeFi projects and applications,” Insider told Insider Tally Greenberg, Business Development Manager at Allnodes.
“It’s a promising technology that does more for less,” she said, adding that it uses a proof of stake system that is more energy efficient than a proof of work based system. mining, she said.
Steve Ehrlich, founder and CEO of cryptocurrency asset broker Voyager Digital, told Insider that he sees Avalanche as a viable alternative to Ethereum. “As soon as they start adding projects and artwork to their NFT network, you will start to see a lot more consumers buying and selling NFTs,” he said on Avalanche.
Ehrlich said that Avalanche, along with Solana and Cardano, are cheaper alternatives to Ethereum, which comes with high fees to complete transactions.
2) Boost Coin
Fully diluted market capitalization: $ 53 million
Year-to-date performance: up 293% to $ 0.0505
Launched in August, Boost Coin feeds the Boost ecosystem focused on decentralized financial tools. Boost Swap, a decentralized exchange, is the first tool, with the company behind it saying it is similar to the Uniswap, SushiSwap, and PancakeSwap crypto exchanges.
Decentralized exchanges, or DEX, offer a peer-to-peer platform where parties use smart contracts to execute their trades and do not rely on intermediaries such as clearing houses.
“There is a lot of value in the exchange market,” Monsoon Blockchain CEO Dr. Don Basile told Insider, highlighted in part by the commercial debut of Coinbase this year, now a centralized $ 48 billion crypto exchange. .
Boost’s approach to connecting buyers and sellers without a centralized entity is a “potentially disruptive idea,” he said.
The boost can be acquired by trading Ethereum using Uniswap or Boost Swap. But Basile said it was too early to say whether her price was undervalued or overstated, as the coin is only a few weeks old.
Meanwhile, Basil is also the founder of Bitcoin Latinum, which is expected to start trading around the week of October 21. Energy efficient cryptocurrency aims to deliver faster transaction speeds and lower costs in high growth markets such as media and gaming.
3) Cardano ada
Market capitalization: $ 69.3 billion
Year-to-date performance: Up 1092% to $ 2.16
Cardano’s profile and that of his ada token have exploded in recent months. Last month, the network performed its alonzo upgrade which brought smart contract capability to its network, a move that could boost its competitiveness with Ethereum.
“A lot of our customers have a lot of cardano on our platform, so we’re seeing a huge increase in the number of people interested,” Ehrlich said in the network.
And having recently been introduced to a “pretty cool” art built on Cardano, he believes the network will make strides in the NFT space soon.
Moya sees a lot of investors mixed up on Cardano ada after its price climbed to $ 3. But he added: “There are still a lot of institutional players who see it as an interesting altcoin to hold.”
4) Crypto.com Coin CRO
Market capitalization: $ 4.2 billion
Year-to-date performance: Up 183% to $ 0.16531
Crypto.com is a cryptocurrency exchange and consumer financial services company whose Coin serves as a token for Crypto.com’s Chain, a decentralized open-source blockchain launched in March.
The CRO is used for staking, payments and settlements, said Greenberg, who believes the CRO is undervalued.
“It is used daily,” in part thanks to Crypto.com’s Prepaid Visa card and Crypto.com, she said, adding that her Chain network has a sustainability goal of going carbon negative by here. next year.
Market capitalization: $ 27.3 billion
Year-to-date performance: Up 4,307% to $ 0.2064
Moya from Oanda put the hugely popular coin on his watchlist to see if it ends up crashing, which he said would actually be a positive sign.
“There are too many coins that don’t have the funding, that don’t have the infrastructure in place to be a legitimate investment,” he said. “It’s hard to go from a meme coin to a legitimate coin.”
Tesla boss Elon Musk backed billionaire investor Mark Cuban’s claim in August that dogecoin is the most powerful cryptocurrency as a medium of exchange. The Cuban NBA team, the Dallas Mavericks, accepts dogecoin as a payment method.
6) Polygon (formerly MATIC)
Market capitalization: $ 7.6 billion
Year-to-date performance: down 27% to $ 1,236
Polygon is designed to scale ethereum chains and expand blockchain infrastructure. This caught the attention of Mark Cuban who earlier this year added the platform to his investment portfolio.
Polygon, originally called Matic, created the Matic token used for transactions on the network. Matic is also one of roughly 40 altcoins on Allnodes’ Greenberg Watchlist. She considers Matic to be undervalued because he has low network fees and just enough volatility to benefit trading.
“For those looking for a less aggressive investment strategy, there is a staking opportunity. So it’s a well-balanced blockchain and cryptocurrency.”
Polygon uses the Proof of Stake system to secure a cryptocurrency network under which users put forward or “put” some of their coins to gain the right to verify transactions and, in return, earn more coins . Greenberg said that users could recently achieve an annual return of 13.65% on their investments, “which is huge.”