Cryptocurrencies are highly volatile. The price of an altcoin project can fluctuate drastically within days, hours, and even minutes. This makes it difficult to forecast the market and timing your investments/trades. However, sometimes a crypto project hard forks an update that results in an almost certain price rally. CNBC shared some altcoin projects that have been the subject of such news recently. Here are the details…
First altcoin on the list with Vasil hard fork: Cardano (ADA)
Ethereum killer is one of the most promising cryptocurrencies overall. However, thanks to the Vasil upgrade, Blockchain will become faster, cheaper and more scalable. The update reflected positively on the network’s native cryptocurrency, ADA. It has rallied more than 5.50 percent in the last 24 hours and is trading at $0.4693 at the time of writing.
Even if the upgrade takes place, its features will only be seen after the next “epoch” (period). Considering that a term in Cardano usually lasts five days, we should expect the upgrade to go into effect exactly on September 27. According to CNBC, this could lead to a further increase in the ADA price. Cardano is also working on Hydra, a tier 2 scaling solution that is expected to further increase transaction times and network fees for decentralized applications. Considering all these improvements, Cardano is one to watch out for in the coming weeks.
What to expect for Solana?
Solana uses a unique combination of proof-of-stake (PoS) and proof-of-history consensus mechanisms. This allows for an estimated speed of 50,000 transactions per second (TPS), compared to 15 transactions per second on Ethereum. With its dizzying speed, Solana is seen as a viable base protocol for decentralized applications, DeFi protocols, and even NFT projects. Helium is one of the newest and most important projects that are considering moving to Solana, as we have also reported as Kriptokoin.com.
Helium is a network of hotspot devices aimed at providing decentralized access to the internet. It is currently adding 5G capabilities and its hotspots can reach 200 times further than an ordinary router. Therefore, it is one of the most promising networks in the crypto market today. Helium developers considered Solana for its fast transaction times and low fees. The move to Solana was added to Helium Improvement Proposal (HIP) 70 earlier this month and put to a vote.
This was enough for SOL to experience a 7 percent rise 24 hours after the HIP 70 was announced. According to the poll since then, 80 percent of users support the transition to Solana. Therefore, the eventual merger of the two Blockchains should result in a positive price action for SOL, which has already increased 4.6 percent in the last 24 hours.
Last coin on the list: Cosmos (ATOM)
Cosmos made headlines in August when investment manager VanEck said it was bullish on ATOM over the long term. While the excitement from this announcement has subsided, Cosmos is still a coin to watch out for as the Rho upgrade is scheduled to launch in the second half of 2022. The upgrade will bring better governance, performance and other features. Also, Cosmos worked with Solana to create a gateway between the two Blockchains called Nitro. It will strengthen the future of DeFi for Cosmos and Solana by addressing the interoperability and composability of the two Blockchains.
Cosmos is one of the few coins to capture the bearish trend that has gripped the market recently, with a 10.29 percent increase in the last 24 hours. It’s also worth noting that ATOM is one of the rare projects that has flashed green in the previous seven days. Finally, there is the “Rho” update in Cosmos.
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