These are the 3 most notable altcoins on the market in the near future
While the majority of altcoins have entered a consolidation phase that involves re-testing basic support levels, some projects have started to regain lost positions after new developments re-energized optimism of investors. Cross-chain interoperability and lucrative DeFi profit opportunities appear to be supporting price recovery in a number of potential coins.
#1: Cardano (ADA)
Cardano’s ADA kicked off a hopeful year of bullishness as the price of ADA surged by 624% from $ 0.165 on Jan. 2 to $ 1.20 on Feb. 20. This week’s sharp correction dragged prices down as low as $ 0.80, but it is clear that traders are still not completely losing their buying motivation at this price.
ADA / USDT 4-hour chart | Source: TradingView
Since hitting a low of $ 0.80, the price of the ADA has recovered 30% to $ 1.05 following news that community members at Venus Protocol have approved the proposal to include ADA on the main Venus network.
— Venus (@VenusProtocol) February 23, 2021
On February 9, the Matic network changed its name to “Polygon” as part of a strategic change to become a layer 2 synthesizer. The move was made in response to Polkadot’s growth and desire. building an interoperability protocol on Ethereum.
High gas fees on the Ethereum network have increased demand for layer 2 solutions, and Polygon has emerged as one of the leading solutions with projects like Aavegochi and Golem already operating on the protocol.
The rebranding helped lift the MATIC price from $ 0.07 on Feb. 9 to an all-time high of $ 0.197 on Feb. 20 before a market downturn pushed prices down to $ 0.11 on Feb. 23. Since that point, MATIC has recovered 62% to trade at $ 0.16 as the community and total locked value (TVL) on Polygon continue to grow.
MATIC / USDT 4h chart | Source: TradingView
STX will break out
Stacks (STX) was the breakout star on Feb. 24, when the layer 1 blockchain solution, designed to bring smart contracts and decentralized applications into Bitcoin, achieved record transaction volumes. $ 166 million, bringing the STX to an all-time high of $ 1.17.
4h STX / USDT chart | Source: TradingView
The excitement over the project comes after the February 23 announcement that STX holders can now participate in authorized staking from the Stacks wallet, allowing them to earn BTC rewards.
Interoperability, bridging and staking solutions have emerged as growth drivers that help encourage investors to hold their tokens and also attract new participants into old and new blockchain projects.
After the recent market correction, it is clear that projects that offer token holders multiple ways to profit and operate on separate blockchain networks are starting to stand out from the rest of the sector.
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