The altcoin market has been going through tough times for the past 6 months. July was initially green, but before the US inflation data were released, we saw sales resulting in losses of 3%. In this article, let’s list 5 altcoins from veteran analyst Mark R. Hake’s list that can be watchlisted at current levels.
Here are 5 altcoins for bottom hunting
Ethereum (ETH)
Although Ethereum is the second largest crypto, it has taken a bigger hit than other altcoins. As of July 11, it has lost 71% of its value from last year and 26% in the last 30 days. Ethereum is the leading Blockchain platform where smart contracts started. However, its cost, speed of transactions is plagued with serious problems such as congestion.
Moreover, Ethereum has yet to complete its transition from PoW to PoS. Merhe, or merger, was supposed to take place in July. However, it is now scheduled for September. As a result, interest in stake pools with Ethereum 2.0 (PoS) has reached its lowest point in recent times. Thus, as every opposition investor knows, this is the perfect time to start accumulating Ethereum. Yes, there are risks. However, according to analysts, Ethereum is an altcoin that will overcome all these negativities.
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Solana (SOL) has lost 81% of its value in the last year. However, it has gained about 10% in the last 30 days. However, the transaction verification platform is doing things in the NFT market as it is faster than Ethereum. It also costs less to verify transactions on Solana than on Ethereum. Solana is one of the strongest Ethereum competitors. NFT outperforms Ethereum for trading. Solana performs faster and cheaper validation than Ethereum.
However, Solana suffered a loss of confidence due to a series of network outages. One reason for such a large drop in Solana may be due to this. The other problem is that many investors sell their NFTs. Investors think NFTs are peaking and sales are hurting Solana’s value. However, Solana comes up with crazy news like producing smartphones.
Polygon (MATIC)
Polygon is the 18th largest cryptocurrency by market cap. It is a Layer 2 protocol built on top of Ethereum. In a nutshell, Polygon “allows developers to build and deploy their own blockchain compatible with the Ethereum blockchain in one click”.
Dogecoin (DOGE)
Dogecoin is an increasingly functional meme coin. Like other cryptos, it develops new features for everyday transactions. Meanwhile, Dogecoin is backed by Elon Musk, one of the richest people in the world. Musk recently announced that SpaceX, after Tesla, will also accept payments with DOGE. Apart from that, many companies and institutions already accept payments with Dogecoin.
Tezos (XTZ)
Tezos (XTZ) is the 36th largest cryptocurrency. However, it has dropped over 67% since last year. However, it has made a name for itself as one of the NFT-focused cryptos. He is known for sponsoring many NFT projects. Tezos is seen as a greener alternative to Ethereum as it uses PoS authentication technology i.e. no mining. It also costs less to complete a transaction than Ethereum NFTs and uses less electricity in the process.
According to the analyst, when the market recovers, Tezos will be a key player for the NFT market. cryptocoin.comYou can find the what is Tezos guide that we have prepared here.
