You have several hundred dollars and want to turn thousands of dollars even in this bear market, but you don’t know which altcoin project to choose, so what should you do? Analyst of crypto Youtube channel Altcoin Daily shares the top 4 altcoins for this bear market.
The first altcoin project on the list Chainlink (LINK)
Chainlink is a Blockchain abstraction layer that enables universally connected smart contracts. Through a decentralized oracle network, Chainlink enables Blockchain to securely interact with external data streams, events, and payment methods, providing the critical off-chain information that complex smart contracts need to become the dominant digital contract form.
The analyst also states that Chainlink is one of the best performers so far, especially in the Bitcoin bear market among all altcoins. Chainlink has a lot going for it, with more than 5.8 million all-time high-performed transactions, according to the analyst.
Chainlink VRF (verified random function) is the industry standard for on-chain secure randomness. Developers are rapidly adopting highly scalable, gas-efficient VRF version 2 to create the next wave of NFT and web 3 games.
Chainlink oracle networks have reached the point of self-sustainability from dApp fees only. The analyst says DApp fee revenues are crucial to sustaining a crypto protocol. According to Chainlink’s Twitter post, this economic efficiency represents the way forward in how Chainlink fuels operations in the long run:
Blockchains like BNB Chain and Polygon, multiple Chainlink oracles network has reached the point of self-sustainability from dApp fees only. This economic efficiency represents the way forward in how Chainlink feeds work in the long run.
1/ On blockchains such as BNB Chain and Polygon, multiple #Chainlink oracle networks have reached a point of self-sustainability from dApp fees alone.
This economic efficiency represents the path forward for how Chainlink feeds operate in the long term. https://t.co/4mR4Wz3atu pic.twitter.com/2p1PFCgJ47
— Chainlink (@chainlink) May 26, 2022
Second pick for this bear market Avalanche (AVAX)
Considered one of the top Ethereum competitors, Avalanche (AVAX) is the fastest smart contract platform in the blockchain industry, as measured by time to precision, according to the analyst. The analyst says Avalanche is incredibly fast, cost-effective and environmentally friendly. Any smart contract-enabled app can kick in on Avalanche, outpacing its competition.
Avalanche orients itself towards maximum scalability and maximum users at the cheapest rates. “Avalanche has a very large ecosystem. They are well funded, have great strategic partners and have 478 projects in 20 months.” From a tokenomics perspective, 66% of all AVAX is locked to 1470 validators. Avalanche claims to be the fastest, most decentralized Proof-of-Stake (PoS) crypto platform:
66% of all AVAX locked to 1470 validators. Avalanche is the fastest, most decentralized PoS crypto platform. AVAX is coming
66% of all #AVAX is locked on 1470 validators#Avalanche is the fastest, most decentralized PoS crypto platform$AVAX is the future 🚀🚀🚀
— AVAX TOrtillas! 🔺 (@avaxto) May 28, 2022
One of the most important metric charts to look at, according to the analyst. monthly active users for Avalanche, including c-chain only. Monthly active users remain very high at around 75% from January’s ATH. The analyst states that the small decline over the past few months is in line with the overall market downtrend, with subnets just starting to come online. So, according to the analyst, we are in the early stages of Avalanche adoption.
The next best altcoin for the bear market Cardano (ADA)
Cardano is a company that says its aim is to allow ‘changemakers, innovators and visionaries’ to create positive global change. PoS Blockchain platform. Printed Cardano local assets reached 5 million, with ADA up 12%. According to Pool.pm data, the Cardano network has now seen more than 5 million NFTs minted. The number of local assets issued on Cardona Blockchain is currently more than 5 million with 54,000 plus different mining policies.
Cardano Blockchain is able to interact with and delete private tokens locally. “Native” indicates that users will be able to interact with these private assets right out of the box, without having to use smart contracts in 2020.
Kriptokoin.com Cardano creator Charles Hoskinson predicts that the Cardano ecosystem will witness growth as it will generate hundreds of assets, thousands of dApps, tons of interesting projects, and lots of uniqueness and benefits. According to Messari’s data, Cardano records the highest 24 hours. Adjusted trading volume remains a good way to isolate only the most important trade.
The latest altcoin, Litecoin (LTC)
Litecoin (LTC), a cryptocurrency designed to provide fast, secure and low-cost payments by taking advantage of the unique features of Blockchain technology . Litecoin recently went through a major protocol upgrade. Litecoin holds this rising meme line on a monthly basis. According to crypto analyst Luci0, any monthly close below will likely revisit the 2018 lows of the 20s.
The analyst predicts a massive rally for Litecoin especially as the upgrade is only one week away. But this major upgrade is not fully implemented. Mimblewimble is the biggest upgrade of the Litecoin network ever and has been successfully launched. Essentially, Mimblewimble is an optional feature that provides changeability and privacy improvements for day-to-day transactions along with the inability to view address balances. Luci0 gives the following assessment:
LTC is the last hope of Litecoins, which is keeping this rising meme line monthly. Any monthly closes below will likely revisit 2018 lows in the 20s. There’s too much confluence that the low is already in. We may find out soon.
#LTC $LTC holding this uprising meme line on monthly is litecoins last hope imo. Any monthly close below we probably revisit 2018 lows in the 20s. I do have a lot of confluence that the low is already in though. We should find out soon. pic.twitter.com/rv03t7ySFv
— Luci0 (@lucioTS3) May 28, 2022
