When it comes to cryptocurrencies, the long-term returns are always satisfactory. However, the situation is different in the short term. News, market trends, and various other factors are the dynamics of the crypto market. In this article, let’s take a look at projects such as Solana, Avalanche and Polygon to follow for the short term from analyst Ali Rıza’s list.
Are Solana, Avalanche, Ethereum and Polygon suitable for short-term investment?
Ethereum is in the first place. Analysts are confident that Ethereum will do almost as well as Bitcoin. Although its behavior in the short term depends on volatile factors, its market cap is always moving upwards. Ethereum is also the heart of smart contracts, dApps, DeFi, metaverse. So it’s safe to assume that future products and trends will likely start on its own network as well. At the time of writing, Ethereum was rising over 4%.
Left (LEFT)
LEFT is next. According to the developers, Solana is probably the most scalable Blockchain available today, scaling up to 400,000 TPS. The project seeks solutions to the speed and cost aspects that Ethereum lacks. To the extent that it succeeds, Solana is one of the first candidates to become the next biggest development platform. At the same time, it has already become the primary choice for dApps and smart contracts.
Polygon (MATIC)
Polygon emerged as an easy-to-use platform for Ethereum scaling and infrastructure development. It has a Polygon SDK that acts as its core component and a modular, flexible framework that allows many different types of applications to be built. This includes optimistic pick chains, standalone chains, ZK roll-up chains, and more. Polygon’s goal is to effectively transform Ethereum into a full-fledged multi-chain system intended to act as the internet of Blockchains.
Axie Infinity (AXS)
Next up is Axi Infinity, an NFT-connected metaverse game known as Axies. Players can challenge the Axies they have. They can also participate in tournaments with creatures they develop in the game. Awards are won as AXS and SLP from these welcomes. You can think of Axie Infinity as a pokemon-like game.
Decentraland (MANA)
Halfway down the list is Decentraland, one of the oldest if not the oldest metaverse project. Decentraland offers a digital world where users can purchase a digital plot in the form of NFT. Once they get their hands on that land, they can use it however they want. This can include using it for software development, starting an online business, leasing to others, creating games, arranging VR meetings and even events, and more. Decentraland is the Bitcoin of the metaverse industry and is therefore the leading project in this field, according to analysts.
Dogecoin (DOGE)
In eighth place is Dogecoin, the first meme coin born in 2013. Originally created as a joke, DOGE aimed to bring some humor and fun in the increasingly serious market. Thus, Dogecoin helped to soften the air. At the same time, although it was not intended to survive, it managed to remain the most beloved cryptocurrency in the entire industry for almost a decade. The past year has even inspired a meme coin trend that has seen the launch of many new memecoins, some of which now have the potential to see even greater popularity.
Chainlink (LINK)
Chainlink is a well-known altcoin project that creates a decentralized oracle network in the market. Essentially, the blockchain industry has smart contracts that require information from the outside world to execute themselves when the terms of the contracts are met. However, since they are connected to Blockchain, it is not possible for them to access that information.
Chainlink’s decentralized oracles can use this data from multiple sources. As a result, Chainlink enables the entire Blockchain industry by allowing its contracts to reach their full potential.
Avalanche (AVAX)
Avalanche is another Ethereum competitor. The altcoin project is a chain for executing smart contracts and is actually dedicated to this task. Also, Avalanche is an extremely eco-friendly altcoin project. It’s especially useful after the criticism of Bitcoin that arose last year after Tesla decided to stop accepting BTC payments due to the coin’s huge size.
Binance Coin (BNB)
Next up is BNB, the native cryptocurrency of the world’s largest crypto exchange Binance. Binance Coin (BNB) is a cryptocurrency that serves two networks, the original Binance Chain and the exchange’s secondary Blockchain, the BNB Smart Chain. BSC emerged in 2020 after the rise of DeFi, when Binance realized the potential of its products. He developed BSC as his own, more scalable version of Ethereum. And thanks to the exchange’s reputation, this chain has become one of Ethereum’s biggest competitors.
Uniswap (UNI)
As we near the end of our altcoin list, we see Uniswap. UNI is an Ethereum-based DeFi token. As a DEX, Uniswap does not require users to deposit funds into their own wallets. Thus making these funds much safer. They can be transferred directly from users’ wallets to the platform to be used for trading and investment.
In addition, Uniswap is also an automated market maker (AMM). It is a more efficient platform for transactions than centralized exchanges. The project also allows its users to use UNI as a management token.
Shiba Inu (SHIB)
Finally, Shiba Inu is second only to another meme coin and Dogecoin by market cap. However, it is one of the cryptos that has the potential to be even bigger than DOGE. In fact, it managed to outperform DOGE last year in terms of market cap, Twitter mentions, and even rankings. However, it did not surpass Dogecoin. Still, SHIB has seen an impressive price increase in its time, and the next bullish market could potentially allow it to outperform DOGE again, potentially permanently.
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