The top seven cryptocurrencies on Robinhood present some opportunities and disappointments. In this article, let’s take a look at analysts’ expectations for the 6 altcoins listed on Robinhood.
Ethereum (ETH)
Ethereum is the second largest cryptocurrency by market cap. DeFi is known as the heart of dApp, metaverse and NFTs. One thing to note about Ethereum is that it often outperforms Bitcoin due to its smaller market cap. But it also has worse crashes. Also, a major upgrade is coming to the Ethereum network called “Merge”. Therefore, analysts predict that ETH will give positive results in the short term. ETH, Binance, OKX, BitCoke and Robinhood are open for trading on exchanges. At the time of writing, it is up 7% to $1,220.82.
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Solana is among the largest cryptocurrencies in the market. It is also one of the fastest and most scalable cryptocurrencies. The project started in mid-2021 due to its scalability. However, it has since declined 86% due to ongoing stability issues on Solana Blockchain.
cryptocoin.com As you follow, Solana Blockchain has been interrupted many times. An acceptable flaw given that the project is in its infancy. Also, we’re seeing more and more Web3 developers switch to Solana. Solana recently pulled out her own phone. It is estimated that the phone will reach a price of $ 1000. However, analysts recommend keeping Solana out of crypto portfolios for a while due to network issues.
Dogecoin (DOGE)
Dogecoin (DOGE) is the most popular and largest meme coin project in the crypto market. DOGE began gaining popularity in late 2020 before peaking in May 2021. However, it has since dropped more than 90% from its peak. Despite its decline, some people are still buying Dogecoin due to Elon Musk’s encouragement. Elon Musk’s tweets about Dogecoin have had less and less of an impact on its price over time. That’s why Dogecoin is associated with Elon Musk.
In addition, DOGE does not have many functional features. The network has a block time of 1 minute with a block reward of 10,000 Dogecoins. This causes a lot of inflation. Moreover, even if Elon Musk allows people to buy all his products with Dogecoin, it is unlikely to help him grow unless there is a big discount. With that in mind, analysts say it’s best not to buy Dogecoin for now.
Shiba Inu (SHIB)
Shiba Inu is one of the most popular meme projects in the Ethereum-based market. Therefore, SHIB transactions are costly. At the same time, it cannot even be used as a medium of exchange outside of central areas. Lack of use and high market cap of $5.7 billion make SHIB a dangerous investment. Nothing particularly remarkable has helped the Shiba Inu maintain such a large market cap. According to analysts, it is destined to decline in the long run and is not worth investing in.
Polygon (MATIC)
Polygon is losing its appeal as Ethereum becomes more scalable. Additionally, since the vast majority of Web3 projects are already on the Ethereum network, MATIC doesn’t shift any significant value for interoperability. Also, the Ethereum network will be significantly faster in the future with sharding. It will reach about 100,000 transactions per second. With this kind of speed, the requirement for a network like Polyon would be minimal. Therefore, it is dangerous to buy Polygon in the long run as it is quite risky according to the analyst.
Litecoin
LTC is a copy of Bitcoin with minor changes in its tokenomics and a different algorithm. Litecoin network is faster and cheaper than Bitcoin. However, it failed to outperform BTC due to lack of demand. Litecoin has only slightly broken its 2017 peak in the current bull market. It currently does not have a unique feature.
monero
Even the latest MimbleWimble upgrade is nothing new, according to analysts, as the latest altcoin Monero (XMR) privacy altcoin projects abound. According to analysts, Bitcoin and Ethereum will continue to outperform LTC in the long run. Therefore, you should prioritize them before making significant investments in LTC.
