Anyone out there making money? Bear markets are nothing new to us in the crypto market. But the current bear market seems to be the hardest. As “Mad Money” host Jim Cramer said, “There’s always a bull market somewhere.” Crypto analyst Lawrence Mike Woriji shares two altcoin projects he thinks are worth your time in the current market today.
First altcoin project Algorand (ALGO)
Algorand is the greenest Blockchain network in the crypto industry. It also has a unique value proposition. It processes many transactions quickly. They claim to process transactions as fast as Visa or Mastercard. Algorand competes with some of the best guys in the ecosystem. And like Cosmos, it can host other cryptos and Blockchains. Compared to other Blockchains, Algorand has more potential in the financial system than any other project. This is because Algorand uses Pure Proof of Stake (PPoS).
First, let’s look at Algorand’s price action on CoinGecko. As you follow on Kriptokoin.com, the bear market has shaken every token. Every token has left them far from all-time highs. But ALGO has survived better than other top projects. In the last 6 months (180 days), ALGO has dropped more than 40% from its high. It’s like a huge drop. However, you will feel much better when you realize that it is better than many other projects in this market.
Algorand has a maximum supply of 10,000,000,000 tokens with a total and circulating supply of 7,233,614,827 and 7,003,098,555 tokens, respectively. More than 90% of the total supply is already exhausted. Therefore, tons of new tokens cannot enter the market. Therefore, there should be no unforeseen drop in altcoin price. But this is provided that market conditions remain relatively stable.
Second project Elrond (EGLD)
Then, Elrond’s EGLD is another investment opportunity. Elrond is a scalable, fast and secure Blockchain platform for distributed applications, enterprise use cases and the new internet economy. So Elrond is mostly a smart contract network. They have an EVM and their virtual machine is built into WASM. WASM is the 2nd largest VM after Ethereum. It is possible for the blockchain platform to process thousands of transactions per second. What’s more, all this happens at an average cost of around $0.001.
Elrond is a pretty cool project with good potential. It tries to solve three key challenges:
- Instant and cost-effective transactions.
- Low energy and computational requirements.
- Strong decentralized community. Because it makes a one-point failure harder.
There is huge potential in this project. Smart contracts enable DeFi and NFTs. Elrond is ready for the most popular virtual machines on the market. You don’t need to choose one. Altcoin has scalability, utility, and usability like any good cryptocurrency. The EGLD token has a real purpose beyond normal holding. Scalability means it has benefits in the DeFi space. By usability, we mean that there is a highly defined use case.
Everyone was affected by the bear market. It is possible to say that EGLD has taken a big hit. As of November 23, 2021, EGLD was trading at an all-time high of $542.58. It is currently trading at $53.43 with a huge decline from its ATH. But there are some reasons to believe in his resurrection.
This article, which we prepared as Kriptokoin.com, contains the views of the analyst. Also, it is definitely not trading or investment advice. Make sure to do your own research before buying or investing in any cryptocurrency.
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