While cryptocurrencies are falling, some investors believe that altcoin projects that benefit will thrive in the long run. This view explains why some projects have performed well over the past few weeks. Crypto expert Nwani Mishael picks the top 10 altcoins to invest in. Crypto analyst Crispus Nyaga analyzes 3 privacy coins that have performed well in the past weeks.
Top 10 altcoin projects to invest in
Ethereum (ETH)
The leading altcoin has a market cap of around $163 billion. This accounts for almost 20% of the entire crypto market at around $1 trillion amid bearish trends. Despite being the largest altcoin, Ethereum’s underlying network has evolved since its launch in 2015. As you follow on Kriptokoin.com, the Ethereum network has switched from PoW to PoS with Merge.
Binance Coin (BNB)
Binance Coin is a token issued by leading cryptocurrency exchange Binance. BNB is currently the third largest cryptocurrency, excluding USDT and USDC stablecoins. It currently has a market capitalization of over $44 billion. Critics claim that BNB Chain is centralized as it currently has 44 validators. However, the BNB team has plans to expand the network’s validators, according to a recent statement.
Ripple (XRP)
XRP is Ripple Labs’ native token. Blockchain’s purpose is to serve as a payment system and a global currency. The current market cap of the altcoin is over $24 billion. Meanwhile, it has been in a legal battle with the Securities and Exchange Commission (SEC) since December 2020.
Cardano (ADA)
Cardano is a Blockchain that uses a PoS consensus mechanism. Like Ethereum, Cardano is home to several decentralized applications. Its native token ADA is used for payment agreements on the network. Charles Hoskinson is the founder of Cardano. He was officially a member of Ethereum’s core development team before creating the blockchain. Meanwhile, skeptics think Cardano is dead due to its delay in performing its intended functions. For example, it only enabled smart contract integration in September 2021, although it went live long before several Blockchains.
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Solana is an open-source Blockchain that provides smart contract functionality. Altcoin is trying to solve the Blockchain trilogy: Security, Scalability and Decentralization. Similar to Ethereum, Solana hosts several dApp and NFT collections. Blockchain also uses a PoS consensus mechanism. Despite its success so far, Solana still struggles with network outages. On June 1, the most recent downtime, a bug caused Solana node operators to produce different results for the same block.
Dogecoin (DOGE)
Dogecoin is the first meme-coin created. Since its creation in 2013, crypto token DOGE has achieved a market cap of $7 billion. One of the things that fueled the growth of Dogecoin was its adoption by billionaire tech investor Elon Musk. In December 2021, automaker Tesla made the altcoin a means of payment for products. Meanwhile, Musk’s introduction of meme-ecoin resulted in a lawsuit against him and Tesla.
Polygon (MATIC)
The developers designed Polygon to solve Ethereum’s shortcomings. It uses a PoS consensus mechanism that enables fast transactions with low fees. Also, a layer-2 Blockchain with several dApps on its network. The Polygon mesh garnered a lot of attention in 2022.
Polkadot (DOT)
Launched in May 2020, Polkadot enables communication between various Blockchains, often referred to as para-chains. The network also allows money to be sent over these Blockchains. The network has a market capitalization of approximately $7 billion.
Tron (TRX)
Like many previous altcoins, Tron is a decentralized Blockchain that provides smart contract functionality. It uses a PoS consensus algorithm. The local currency is TRX. The network currently has a market cap of $5.7 billion.
Shiba Inu (SHIB)
Like Dogecoin, Shiba Inu is a meme-coin that sprouted as a joke from its creation. The Ethereum network hosts the meme-coin. Its native token is SHIB. The current market cap of the meme-coin project is $5.7 billion. Unlike previous altcoins, Shiba Inu has fewer use cases.
Privacy coins that have performed well in the past weeks
Monero (XMR)
Monero is the largest and most widely used privacy coin in the world. Its technology makes it impossible to track transactions. It works by ensuring that the addresses that send and receive money are anonymous by default. The 4-hour chart shows that XMR price has been in a slow uptrend over the past few days. It was trading at $135.7 on Friday, slightly below the key $137.02 resistance level.
The altcoin has moved slightly above the 25-day and 50-day moving averages and the ascending trendline shown in green. At the same time, the Relative Strength Index (RSI) broke above the neutral level. Therefore, if the bulls manage to push it above the $137 resistance, Monero price will likely rise. If that happens, the next key resistance level to watch will be $146, the 22nd November high.
Dash (DASH)
Dash is the easiest to use privacy coin. InstantSend is a PoW cryptocurrency that uses Masternodes that enable solutions like CoinJoin, ChainLocks, and governance. Every Dash Masternode needs to put at least 1,000 tokens in its wallet. PrivateSend allows people to send money anonymously. Dash price has made a strong comeback this month. At its peak, the altcoin is up more than 42% from this month’s low.
Dash has soared this week as demand for the cryptocurrency rises. It rallied above the $38.1 resistance. It remains above the 25-day and 50-day moving averages. However, recently the coin has withdrawn. Therefore, you have to wait until it retests the support at $38.1 to get it. After doing that, it is possible to continue the uptrend.
Zcash (ZEC)
Zcash is another popular privacy coin. It uses sophisticated technology that gives users the ability to choose their level of privacy. In 2022, developers introduced composite addresses created from multiple sets of Zcash address types, such as transparent, sapling, and orchard. As a result, transactions will default to the latest protection pool supported by the wallet.
The four-hour chart shows that Zcash price has recently recovered a bit. It rose to its highest point of $44.22 on Nov. It has now retested the important support at $42, the 14th November high. Therefore, the altcoin will likely continue its uptrend as it forms a breakout and retest pattern.
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