Bitcoin is now in the spotlight for nearing its all-time high, yet altcoins are still attractive. Of course, many retail and institutional traders and investors are now flocking to the crypto sector. But as Bitcoin, Ethereum and other altcoins are chasing new all-time highs, many beginners would like to know which altcoins are the best and what lies ahead.
But there are other alternative coins worth paying attention to. In general, altcoins are useful for their profitability and for diversifying a trader’s portfolio.
We will talk about the prospects for altcoins and how you can successfully buy, hold and trade them.
What are altcoins?
Altcoins are called alternative coins built on the basis of the basic bitcoin framework. Altcoins are needed to prevent the restrictions that Bitcoin faces, as well as to eradicate its monopolization in the market.
While bitcoin remains popular and dominant at 62% of the market cap, altcoins are also on the rise. Among them, 12% is in Ethereum, and 5.2% is in Ripple.
There are thousands of altcoins, some more famous than others, and many of them have great potential. This is because it provides real value and utility to the world.
The rise of altcoins began in 2017 with the popularization of the Initial Coin Offering (ICO) model, at that time many startups released their tokens based on ERC-20 and various blockchain standards.
After the exponential growth of the crypto sector in recent years, some of them have achieved an optimal result with an investment return of more than 20,000%.
Currently, many traditional banking and investment organizations have begun to acquire vast holdings of billions of altcoins. An example is Grayscale Investments, one of the largest digital asset management firms in the world, it has nearly $10 billion worth of crypto assets, of which almost $2 billion is in altcoins.
An analysis of past performance, current growth trajectory, and future projections shows that the altcoin market cap is in poised mode for a full blown breakout.
The previous peak was recorded at $142 billion on June 26, 2019, and the last peak occurred a month ago at $169 billion. For many analysts, this is a strong indicator that altcoin season is about to hit.
Looking at the predictions for altcoins in general, it becomes clear that some of them are doing better than others. So they are ranked according to their market capitalization (how much coins in circulation are worth in real money like dollars).
Despite the fact that bitcoin still maintains its leadership position among cryptocurrencies, altcoins are showing phenomenal growth and bringing significant profits.
Cardano is another platform for building DApps with its native ADA currency. It focuses on solving three of the most pressing issues that older blockchain projects face – scalability, interoperability, and sustainability.
Cardano price analytics
Cardano is a relatively new altcoin that has quickly managed to grow its market cap to $5.2 billion.
Cardano has grown from around $0.020 at launch in October 2017 to $1.20 in January 2018. This is a yield of about 500% in 3 months. Currently, ADA is trading steadily around $0.14.
Future Cardano Projects
Cardano is one of the most famous blockchains successfully using the Proof-of-Stake mechanism. So far, Cardano is not preparing any major updates, but it’s only a matter of time before it shows itself.
Cardano Price Prediction
The price of Cardano has started to rise significantly after breaking through key resistance at $0.1250 against the US dollar. The ADA/USD pair has gained over 25% and has overcome many hurdles near the $0.1500 resistance.
During the year, the price for it increased by about 498.5%, and during the last month – by about 27%. On average, LINK trades around $13 and its market capitalization revolves around $3.2 billion. Although LINK fluctuates, it performs well on daily candles.
Future Chainlink Projects
Chainlink cooperates with all types of projects, but the biggest interest is in the Oracle network. Chainlink is aptly positioning itself as a vehicle for DeFi demand spikes.
More recently, Chainlink has also become Oracle’s supplier to big, growing DeFi blue chips like Synthetix and Aave.
Chainlink Price Prediction
The growing trend of adding new addresses to the network is very clear here: on average, it was four times higher in October, and 10 times higher in August.
Chainlink price prediction is highly dependent on the entire cryptocurrency market. All in all, this is one of the best altcoins to invest or trade. Chainlink cryptocurrency will remain bullish if market sentiment remains at the same level. The LINK token is predicted to be worth $30 by the end of 2021. However, this is a rather conservative forecast, many predict that we can hope for even higher numbers.
What about Cosmos?
Cosmos was launched in 2017 by Tendermint Inc, and the project itself was developed back in 2014.
ATOM price analysis
Cosmos’ ATOM, 4.93%, surged last week, managing a total price increase of 36% to $5.54. At the moment, ATOM is up another 10%, which could eventually lead to a new 2020 price record above $7.00 before it falls.
Future Cosmos projects
In 2019, the project began supporting the creation and voting on governance proposals that change parameters within the blockchain without stopping and splitting the network. The Cosmos team will continue to develop their project. The team is working on updating Tendermint Core 0.34 and releasing Cosmos SDK 0.40 and IBC 1.0.
ATOM price forecast
In September 2020, the Cosmos price was able to reach a high of $4.41421 (+5.60%), while the average price was around $3.53857 (-15.41%) per coin. Trading Beats predicts that by the end of 2020, the average price of ATOM will be $3.52784 (-15.60%).