Take advantage of the potential cryptocurrency resurgence with these three promising altcoins
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The crypto market has not been doing very well recently. Bitcoin (BTC USD) failed to stay above the $70,000 resistance level for months. At the time of writing, the world’s largest cryptocurrency has now fallen to the $65,000 mark. However, this is a minor decline compared to many altcoins, which have fallen by 20-40% in the last week alone. Most altcoins simply reflect Bitcoin’s downward movement with an amplified effect, but rarely produce profits when Bitcoin rises. Thus, Bitcoin’s dominance remains incredibly high. From a historical perspective, the so-called old season that investors were expecting has now begun. Unfortunately, such a rally has not yet occurred for altcoins.
Regardless, I’m still optimistic. I think Bitcoin could experience a second rally, which would particularly benefit altcoins. This happened at the end of 2021, and as the supply shortage begins to worsen at the halving, I think there is a good chance this will play out again.
Therefore, I still think it’s a good idea to buy some solid cryptos now. Some cryptos have still shown stability over the past week and could rise further if the tide turns. Here are three such popular cryptos that you should consider now.
Toncoin (TON-USD)
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Toncoin (TON USD) has been one of the best performing crypto projects in this current cycle. At the time of writing, TON is up 437% over the past year and was also one of the few crypto projects to be in the green last week.
This project is based on telegram. You may have heard of it as it is one of the fastest growing privacy-focused apps. Telegram is basically like WhatsApp but has some nice features like hiding your number. Many users who feel like they are being censored in the mainstream have moved to Telegram and started creating their own channels on the app. What is noteworthy is that Telegram has currently done this over 2 billion cumulative downloads. Given these numbers, I think Toncoin will take greater advantage of these long-term tailwinds in the long term.
This project aims to create a privacy-focused ecosystem based on the Telegram app using TON. In addition, TON also allows users to purchase Telegram Premium without revealing any personal information. Therefore, I think this is one of the hottest cryptos with actual utility worth buying here.
Uniswap (UNI-USD)
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Uniswap (UNI USD) is a decentralized exchange platform. This DEX mainly works on the ether (ETH-USD) Blockchain. The project simplifies transactions within the Ethereum ecosystem with a token swap platform. This is the most popular option for traders on the market, which means you’ve probably used it even if you don’t use centralized exchanges.
What’s impressive is that this cryptocurrency is up 10% in the last week, while almost all other cryptocurrencies have fallen over the same period. I think Uniswap could become an even more interesting investment if the broader crypto market cooperates. I still think the crypto market could reach higher highs in the coming months due to an impending post-halving supply shortage, and much of this momentum could spill over to altcoins in the Ethereum ecosystem. This should lead to a lot more volume on Uniswap.
Uniswap’s market capitalization was almost $21 billion at its peak during the last cycle. If you believe altcoins will trade higher in the future, I believe multi-bagger profits are still in play for Uniswap.
Monero (XMR-USD)
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Monero (XMR USD) is by far the most popular data protection project on the crypto market. People tend to attribute privacy and confidentiality to all crypto transactions, but that couldn’t be further from the truth. In fact, I would say crypto is even easier to track than traditional banking methods as long as you have all the tools.
For example, on most exchanges all transactions can be verified with all amounts and addresses. Most exchanges have KYC (Know Your Customer) protocols, so it is not at all difficult to find out everything related to a particular transaction. Fortunately, this is not the case for all blockchains. Monero is one of the few blockchains where everything is completely hidden. The encryption here is exceptionally strong, so is even the IRS spent around $1 million to crack the encryption. However, even the best of the best are unlikely to achieve positive results in such endeavors.
I think once the off-season begins, Monero and other privacy coins could have great upside potential in the future. There are certainly other options that privacy coin investors can consider. But none are as proven as Monero. Accordingly, this project remains one of the top altcoins that I think could soar if the stars align.
At the time of publication, Omor Ibne Ehsan did not hold, directly or indirectly, any positions in the securities mentioned in this article. The opinions expressed in this article are those of the author and are subject to InvestorPlace.com’s publication policies.
