Investing is a great way to ensure financial stability now and in the future, and in the current world, cryptocurrencies are the trending investment option. Since the emergence of the first cryptocurrency, the crypto market has grown tremendously. Many investors are trying to follow the blockchain-focused cryptos that are likely to explode in the future. Some who make the right decisions are making good profits with their altcoin investments during volatile market times.
10 altcoins that look strong in the bear market
Although the cryptocurrency market has grown steadily in recent years, 2022 has not brought much good for the market. Bitcoin and, accordingly, altcoin prices have dropped drastically. However, some altcoins can quickly recover as these dark days pass. In this article, we have compiled 10 altcoin projects that the analyst says look strong in the bear market.
Uniswap (UNI)
Uniswap (UNI) is one of the largest DeFi altcoin projects in the industry. It is basically an automated market maker that facilitates trading of DeFi tokens. The project is among the main players among decentralized exchanges. It also automates the trading of DeFi tokens among cryptocurrency holders. Thus, it allows anyone who owns cryptocurrencies to create a liquidity pool for the token parity of their choice.
But Uniswap is more than just a decentralized exchange aimed at solving liquidity problems. In addition to the stock market, its core value and great reputation in the decentralized foreign exchange market gives confidence to its investors. Despite being very volatile, Uniswap has the advantage as it is an early player in the decentralized exchange space. According to Coinbase, Uniswap is still gaining momentum despite industry changes and new players entering the industry.
Chainlink (LINK)
Chainlink is a cheap cryptocurrency compared to other cryptocurrencies like Ethereum or Bitcoin. Basically, the project is an open-source altcoin project that allows globally connected smart contracts. Moreover, it provides a secure connection between Blockchain networks and various off-chain data sources. For this, it uses a decentralized oracle network.
Chainlink maintains the benefits of blockchain technology, including reliability and security guarantees. It also leverages real-world data and off-chain computation to augment the capabilities of smart contracts. According to CoinDesk, the price of LINK is currently $6.40. The token has dropped about 64% over the year. Therefore, the analyst says, it provides investors with a buying opportunity.
NEAR Protocol (NEAR)
NEAR Protocol is one of the top 30 cryptocurrencies worldwide by market cap. It runs as a community-run cloud computing service. The altcoin aims to solve problems such as Blockchain limitations, throughput, slow speed, and poor interoperability. NEAR Protocol also includes a number of dApps such as Mintbase. Many developers choose NEAR because of its user-friendly interface, usability features such as human-readable account names.
Blockchain’s throughput of up to 100,000 TPS is also attracting users and developers. NEAR does not have the historical background of some of the Blockchains in the list. However, it effectively manages high-value assets such as identity and cash while offering functionality. That’s why it makes the list, creating an extremely secure platform.
Sandbox
Sandbox is a popular veteran who has been in the crypto industry since 2011. Pixowl developed Sandbox to promote Blockchain in mainstream gaming with investors like Helix, Atari, and CryptoKitties. Altcoin allows users to create, buy and sell digital assets. For this, it works as a Blockchain-based virtual platform that uses games. This Metaverse allows users to develop, buy, trade and collect digital assets as NFTs.
In Sandbox, which is based on the play-to-win model, users can also earn income through NFTs. They can also create their own games and earn SAND from them. For now, the future of the project depends on how it manages the upcoming challenges. However, SAND is currently a promising Metaverse with a long history.
Decentraland (MANA)
Decentraland enables users to try, build and monetize decentralized applications. It works as a virtual reality focused Metaverse project powered by the Ethereum Blockchain. Since its inception, Decentraland users have developed a wide variety of experiences, including 3D scenes. The platform caters to content developers, creators and people looking for artistic entertainment.
There is some competition in Decentraland’s crypto gamification frenzy. It will have to fight to attract new users and secure partnerships. However, despite its recent decline, the altcoin project has room to grow. Decentraland was signed by Versus Entertainment to help develop the film adaptation. MANA dropped from $5.48 in 2021 and is currently trading at $0.82.
Cardano (ADA)
Cardano is a Blockchain platform known as Ouroboros built on a Proof-of-Stake consensus that can verify transactions without huge energy costs. Ouroboros ensures the decentralization of the Cardano network. It also offers the ability to scale the network sustainably without sacrificing security. According to InvestorPlace, the altcoin has processed more than 20 million transactions so far. It also recently launched ADACash, a reward token that has reached 10,000 users in one month.
Other upcoming projects include a swap and NFT marketplace for DeFi transactions. Also, the next upgrade, known as Hydra, is expected to gradually increase processing feeds. Overall, ADA seems to have unquestionably high potential. However, its future will depend on its adoption of Blockchain technology and the partnerships it will form.
Polygon (MATIC)
Polygon is an Ethereum layer-2 scaling solution. This means that Polygon has turned Ethereum into a full-fledged multi-chain network. MATIC is Polygon’s native token. It serves as an ERC-20 token on Ethereum. It secures the platform and allows its owners to vote on governance proposals. The altcoin is currently traded on major exchanges such as Binance and Coinbase.
Polygon enables developers to deploy dApps faster, cost-effectively and efficiently. Ethereum, on the other hand, is the largest altcoin project in the market with its connection to Polygon. As cryptocurrencies become mainstream, multi-chain functionality will become increasingly necessary. So MATIC has more potential. According to the analyst, Polygon’s MATIC has a strong team and technology that makes it a good long-term bet.
Ripple (XRP)
XRP was created by Ripple, an enterprise blockchain used for global transactions. At its core, the altcoin is an open source cryptocurrency that uses a distributed and decentralized order book. XRP was developed literally for payments. Accordingly, it has the potential to make transactions faster, safer and less costly than the standard global payment infrastructure. Currently, Ripple is involved in a lawsuit by the US SEC alleging that it was trading unregistered securities.
However, another lawsuit filed by a government watchdog group alleges that SEC officials are biased against XRP. This will play an important role in helping Ripple settle the case in their favor. Despite this uncertainty about the lawsuits, Ripple’s on-demand liquidity payment product has grown 9x in the past year. Therefore, the analyst says that XRP is a good bet. The XRP unit price, on the other hand, is quite low compared to last year and is trading under $ 1.
Stellar (XLM)
Stellar is a payment network. It has been enabling everyone to access Blockchain services since 2014. It works as an open-source decentralized protocol for transferring money domestically and across borders. Although anyone can use the crypto network, it was originally intended to connect financial institutions with large transactions. Unlike competing altcoin networks, Stellar excels by making these transactions almost instantaneously and at low cost.
One of the things that makes the Stellar network unique from other blockchain projects is its fee structure. Each transaction costs 0.00001 XLM, regardless of size. XLM costs less than a dollar. That’s why Stellar transactions are unprecedentedly affordable. The price of cryptocurrency has been extremely volatile from last year to today. However, the analyst expects XLM to post big gains in 2022.
Dogecoin (DOGE)
Dogecoin is one of the most famous cryptocurrencies available. It basically uses the Proof-of-Work mechanism like Bitcoin. In this mechanism, DOGE miners have to solve complex formulas with powerful computers to perform transactions on the network. However, Dogecoin also has an advantage over Bitcoin. This is because it is faster and cheaper to process transactions.
Unlike most cryptocurrencies that serve real functions, Dogecoin was developed as a cynical approach to Bitcoin. The altcoin saw a steep rise last year due to Elon Musk’s tweets. However, it has been affected by the heavy selling that has emerged in the crypto market in the past months. Accordingly, whether it will emerge from the current price recession will depend on the future. But many investors see them as a chance to buy rather than a sign of doom.
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