The blockchain and crypto industry has been facing serious problems lately. Analysts know that what’s happening in cryptocurrencies has shaken trust. Also, the crypto winter is expected to get longer. This is one of the situations that puts investors in fear. Along with all this, these altcoin projects are among the promising projects.
When will the declines in altcoin projects end?
Cryptocurrencies appear to be facing selling pressure. However, the FTX crisis was not the first and it will not be the last. Analysts are warning again that investors should invest in altcoins by researching. On the other hand, the decreases are likely to reverse as in the first quarter of 2023. As Kriptokoin.com, we are presenting 8 altcoin projects on the list of crypto money analysts.
Leading altcoin Ethereum tops the list
Like all other cryptocurrencies, Ethereum (ETH) was damaged by the FTX crisis. On November 15, ETH lost about 15 percent of its market value over the following week. Bitcoin declined at almost the same rate. The confidence of both retail and institutional investors in the sector seems to have been damaged. However, analysts say that the leading altcoin Ethereum could evaluate.
Apart from the events, a popular exchange accidentally transferred more than 300,000 ETH (worth $360 million) from their account. As a result, another scandal frightened investors. Crypto analysts explained after the event that there is no logic to invest in ETH right now. Ethereum is currently trading at $1,222. Many analysts are afraid that ETH price may drop to the $750 level.
Stablecoin Tether (USDT)
Under the bullish cycle we saw in 2021, stablecoins like Tether (USDT) have been very sensible investments. Mainstream institutions have slowly adopted cryptocurrencies lately. However, the conversion of fiat coins to cryptocurrencies raises questions. Investors already hold some of your wealth in stablecoins.
According to analysts, due to the current deflationary cycle of the industry, switching from one of the cryptocurrencies to a stablecoin will lead to losses. It is also reiterated that risk needs to be minimized as the crypto winter continues.
ADA, the altcoin of the Cardano ecosystem
Crypto whales are showing interest in Cardano’s ADA, according to a report presenting whale activities. Specifically, the number of new Cardano wallet addresses has increased by 400 percent after the crisis in FTX. Analysts expect Cardano’s native altcoin ADA to experience a bullish run. In the midst of all this, ADA has become one of the least affected cryptocurrencies among the majors. Still, the altcoin dropped 9.7 percent in the week that followed.
Vasil Hard Fork, which was realized recently in the Cardano ecosystem, points to the innovation underlying the project. However, it is worth remembering that there were decreases after The Merge in Ethereum. According to analysts, they think that the general market situation should be taken into account rather than developments.
Solana (SOL), the altcoin most affected by the FTX crisis
Solana (SOL), a potential Ethereum killer, has suffered serious declines. But despite all this, analysts remind us that Solana represents a faster, cheaper and more secure version of Ethereum. After gas fees on the ETH network, Solana offered a much more convenient solution for blockchain developers. Despite the advantages, SOL has been one of the worst losers among major cryptos recently.
SOL lost an astonishing 48 percent of market value in the FTX crisis. Unfortunately, Solana had a very close bond with the SBF, who was a strong supporter of SOL. However, with the boom of FTX, investors quickly began to flee from the project. In other words, it’s possible that Solana’s developers didn’t make a fundamentally wrong move.
Avalanche (AVAX)
Avalanche (AVAX) is on the analysts’ list despite being located outside of the most popular cryptocurrency world. Over the following week, AVAX lost about 20 percent of its market value. It was one of the worst performers among the top 20 cryptocurrencies by market value. Like other blockchain projects, Avalanche is currently looking into the differences between key takeaways and market realities.
According to analysts, investors may think that Avalanche should outperform other cryptocurrencies. A recent report noted that development activity for the AVAX network has increased remarkably. This framework suggests that participation in blockchain is increasing. However, as a result, it is seen that it did not contribute to any increase. AVAX has suffered disproportionately relative to other cryptocurrencies.
Unfortunately, this indicates that you’re better off relying on technical analysis or any other sentiment meter other than basic blockchain analytics.
Shiba Inu (SHIB)
One of the meme coin projects, Shiba Inu (SHIB) is one of the most popular altcoins. Unlike other ambitious blockchain projects, Shiba Inu continues to evolve in a different way. Shiba Inu’s altcoin, SHIB, is heavily supported by the community. We have witnessed that the game and various developments have always helped to grow the project and accelerate adoption.
Still, the Shiba Inu could not avoid the recent crisis and SHIB faced decline. Over the following week, SHIB lost about 16 percent of its value. Currently, SHIB is trading at $0.00000923, down 1.9 percent in the last 24 hours.
Bonfida (FIDA)
Bonfida is a blockchain project in Solana’s ecosystem. As a result, FIDA price was one of the worst performing cryptocurrencies in November. This has happened as most investors abandon Solana and the apps in its ecosystem due to their exposure to FTX and Alameda Research.
Bonfida is one of the oldest platforms in Solana’s ecosystem. It offers blockchain products for Solana. Some of the best practices in its ecosystem are Solana Name Service and Jabber. It also helps to bridge the gap between Solana, Serum and the user. The FIDA price is down more than 80% from its 2022 high. Still, it’s likely to bounce back as concerns over Solana and Alameda risk ease. Indeed, FIDA and SERUM prices have bounced back over 50% in the last 24 hours.
Algorand (ALGO)
Algorand is one of the leading layer-1 networks in the industry. It is an Ethereum competitor used by developers who want to build all kinds of applications in all industries. Algorand price was trading at $0.27 on Tuesday, which means it’s down over 88% from last year’s high.
Algorand is a good penny crypto to watch in November due to its partnership with FIFA. The network signed an agreement with FIFA a few months ago. As part of the agreement, Algorand is now FIFA’s official blockchain partner. It was also used to create all of FIFA’s NFTs. He will also be widely publicized on the upcoming FIFA World Cup. Therefore, there is a possibility that the ALGO price will do well during the event.
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