Top 9 Layer 1 Altcoins To Watch In Bear Market, According to Cheeky Crypto
The market is bloody these days. It’s time to look at the projects, their utilities, use cases, the teams, the technology, and various other metrics we should focus on.
Cheeky Crypto, a Youtube Channel focused on cryptocurrency, has given you a hand by highlighting another top 9 layer 1 altcoins to watch in this bear market.
The first altcoin mentioned on the list is Avalanche (AVAX). Avalanche is the fastest smart contracts platform in the blockchain industry, measured by time-to-finality. Avalanche is blazingly fast, low cost, and eco-friendly. Any smart contract-enabled application can outperform its competition by deploying on Avalanche.
This is a project with solid technology that is definitely worth doing some research on. It is currently trading at $39.07, down 18.37% at press time, and ranked 12th by market cap. We are at a big discount, and this is a good opportunity for traders. People are still waiting for some more downsides. So traders should be aware of AVAX.
AVAX Chart | Source: Coinmarketcap
The second one on the list is Terra (LUNA). Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payments systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
This is going to be one that survives a bear market. They are well funded and a solid project. It has lots of downtimes, but this is the one that traders should be kept an eye on. It’s down 93%, at press time, LUNA is changing hands at only $2.12, ranked 59th. This is probably the biggest bargain on this list at the moment.
LUNA Chart | Source: Coinmarketcap
The next one is Polkadot (DOT). Polkadot is an open-source sharded multichain protocol that connects and secures a network of specialized blockchains, facilitating the cross-chain transfer of any data or asset types, not just tokens, thereby allowing blockchains to be interoperable with each other. Polkadot was designed to provide a foundation for a decentralized internet of blockchains, also known as Web 3.
This is going to do really well, better than another layer 1 projects. They are focusing on quality over quantity. DOT is trading at $10.65, down 10.67% during the bear market. But it still ranked number 11 by market cap. It’s a pretty big pullback, and this one really worth doing some research on it.
DOT Chart | Source: Coinmarketcap
The fourth altcoin on the list is Cosmos (ATOM). Cosmos bills itself as a project that solves some of the “hardest problems” facing the blockchain industry. It aims to offer an antidote to “slow, expensive, unscalable and environmentally harmful” proof-of-work protocols, like Bitcoin’s, by offering an ecosystem of connected blockchains.
This is going to be a layer 1 blockchain that can do really well. A lot of projects and apps are going to be built on Cosmos. Tokens are also going to get locked up in liquidity pools, and there could be the potential for a squeeze on supply for some of these projects. ATOM is changing hands at $12.29, down 16.56%, and ranked number 29 by market cap.
ATOM Chart | Source: Coinmarketcap
The next layer 1 altcoin to watch is Algorand (ALGO). Algorand is a self-sustaining, decentralized, blockchain-based network that supports many applications. These systems are secure, scalable, and efficient, all critical properties for effective applications in the real world. Algorand will support computations requiring reliable performance guarantees to create new trust forms.
This is a fantastic project, the one to definitely do some research on. ALGO is trading at $0.5, down 20.8%, and ranked number 28. They really have massively performed, that’s why they can go higher.
ALGO Chart | Source: Coinmarketcap
Hedera is the next one on the list. Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy that allows individuals and businesses to create powerful DApps.
This is going to be the next big surge to the upside, thanks to the bullish movements. HBAR is changing hands at $0.11, down 5.17%, and ranking number 34 by market cap. This one really performed as well as we were expecting.
HBAR Chart | Source: Coinmarketcap
The next one is going to be Cardano (ADA). Cardano is a proof-of-stake blockchain platform that says its goal is to allow “changemakers, innovators, and visionaries” to bring about positive global change.
It’s a project that we think is going to do really well. It gets a lot of hate in the space, but ultimately, when dApps and stuff really start to FOMO over to the ecosystem, we’re going to see some huge price discovery and a squeeze on supply. ADA is changing hands at $0.62, down 8.5% and ranking number 7.
ADA Chart | Source: Coinmarketcap
The next altcoin on the list is Tezos (XTZ). Tezos is a blockchain network based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer more advanced infrastructure — meaning it can evolve and improve over time without there ever being a danger of a hard fork.
Tezos is another layer 1 protocol that could potentially do really well in the next sort of bullish move up. So this is the one to definitely do some research on. XTZ is currently ranked number 40 by market cap while trading at $2, down 11.35%.
XTZ Chart | Source: Coinmarketcap
The last layer 1 altcoin that makes the list is Harmony (ONE). Harmony is a blockchain platform designed to facilitate the creation and use of DApps. The network aims to innovate decentralized applications work by focusing on random state sharding, which allows the creation of blocks in seconds.
This one is going to do really well. There are a few problems at the moment, but Chris thinks that they could overcome those, and it’ll make Harmony become a stronger project. ONE is trading at $0., which is down 20% and ranking number 83 at press time.
ONE Chart | Source: Coinmarketcap
- Top 5 Altcoins Can Survive In A Bear Market, According to Cheeky Crypto
- Top Altcoins Can Survive In This Bear Market, According To Cheeky Crypto