5 Best Altcoins to Watch Out In July 2021
Thinking about investing beyond Bitcoin? Have a look at these coins.
Not so long ago, Bitcoin dropped to lowest since January and has caused a market-wide downturn and many selloffs. Even though it has rebounded as the day went on, some are still hesitant to enter the market while some are looking ahead and investing in promising altcoins like Ether, ADA, etc., that have shown attractive growth prospects.
With prices beginning to show signs of recovery, here are a few altcoins to watch in July. *Note that the tokens are not necessarily in any particular order.
1) Ethereum (ETH)
Ethereum definitely deserves a spot on the list as not only it is the second-largest cryptocurrency that outperformed Ripple’s XRP and ADA, but it is also a decentralised software platform that works on smart contracts and decentralised applications like decentralised finance (DeFi).
Ethereum’s token, Ether (ETH) has an instance growth from $125.63 to $729.65 last year, which is a 480% increase before reaching an all-time high of $4,356 on 12 May 2021, a 500% gain from January 2021. ETH takes the lead in DeFi and has a market capitalization of $306 billion on 25 May 2021.
With Ethereum’s plan on changing from proof-of-work to proof-of-stake in 2021, investors are looking at Ethereum as an alternative to Bitcoin’s proof-of-work mechanism.
Ether’s current value in USD — $2,180.98
2) Dogecoin (DOGE)
While many have questions about the legitimacy of this memecoin, Degecoin has also skyrocketed from $0.004 per coin at the beginning of 2021 to its all-time high of $0.678 on 5 May 2021, which has risen over 14,000% in 2021 alone.
With market capitalisation going above $50 billion and even higher than several popular altcoins in the crypto market, the legendary Dogecoin which Elon Musk bought and backed by Reddit and Twitter started as a joke online and has surged up over 11,000% in value in the past 12-months. While Elon Musk’s Space X has said to accept Dogecoin as payment, we might continue to see a spike in price in the future.
Dogecoin’s price today in USD: $0.2666
3) Cardano (ADA)
Cardano (ADA) is ranked as the fourth-largest token by market capitalization as it has been one of the fastest-growing assets ever since its inception in 2015.
Cardano’s ADA has one of the most significant percentage rise in 2021 so far. ADA has gone from $0.181 last year to an all-time high of $2.47 just before the May 19 crash, which is almost a 1000% surge in value. In May, Cardano’s highest market cap was $71.55 billion.
Cardano is also known as the “Japanese Ethereum” as it uses proof-of-stake algorithm and is the first successful proof-of-stake protocol, which Ethereum still has not achieved. Cardano’s Ouroboros blockchain runs on two blockchains, with one managing general transactions while the other manage smart contracts.
Cardano’s price today in USD: $1.379
4) Uniswap (UNI)
Uniswap’s UNI is a native cryptocurrency of Uniswap launched in 2018 and it is the first native DeFi to reach the top 10 list of largest cryptocurrencies by market capitalisation.
Uniswap is a decentralised exchange offering guaranteed APY, efficient protocol and an anonymous way to trade cryptocurrencies. Its full potential may still be unknown, yet it has become one of the largest DeFi coins and exchanges.
Uniswap price has been transacted in an ascending channel from February 21 to May 18 this year despite volatile swings. UNI’s market cap has also grown by 350%, as on January 1st its market cap was around $1 billion, and now it is $13.64 billion at the time of writing.
Uniswap’s coin current value in USD — $19.99
5) Polygon (MATIC)
Formerly known as MATIC, Polygon is a scaling solution that runs on Ethereum using Layer 2 sidechains. The proof-of-stake algorithm is used to pay transaction fees and as compared to Ether, Polygon offers low transaction fees. The Indian origin cryptocurrency has swiftly risen in popularity and has managed to become the 18th largest cryptocurrency within a short span of time with a market capitalisation of $9.487 billion. MATIC has rallied 20% even when Bitcoin fell by 35% this May, hitting an all-time high of $2.72 before the May 19 meltdown.
Polygon (MATIC)’s coin current value in USD — $1.354
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Disclaimer: Opinions expressed in Altimates are not intended to be a forecast of future events, a guarantee of future results, and investment advice. All investing is subject to risk, including the possible loss of the money you invest. Please do not invest in cryptocurrency without understanding its fundamentals.