The cryptocurrency market performed bullish for the first time since March 2022 in July. With Bitcoin and altcoins trading again, investors are looking for opportunities for August. In this article, let’s answer that question from analyst Ajibola Akamo’s list…
Top 4 altcoins to watch in August 2022
Cardan (ADA)
Cardano is one of the largest PoS networks in the market. Ethereum plans to switch to this mechanism in September. So far Cardano has proven to be what it promises. The network currently leads Ethereum in terms of transaction volume over the last 24 hours. Blockchain has been trending for the past 4 months as it is significantly more affordable than Bitcoin and Ethereum.
However, during July, IOHK, the firm behind the Cardano network, announced that the expected Vasil upgrade was delayed. According to Cardano co-founder Charles Hoskinson, the Vasil upgrade is set to provide “a massive performance boost to Cardano” and smart contract capabilities. It was previously scheduled to pass on June 29. It was then scheduled for the last week in July. However, the latest estimate is now set for some time in August.
Ethereum (ETH)
In the cryptocurrency market, Ethereum is known as the heart of DeFi, NFT, metaverse and gaming projects. Ethereum co-founder Vitalik Buterin stated at the annual conference in Paris that there are four additional phases after the tentatively planned “declaration” on September 19, 2022. Upon completion, Ethereum announced that it could handle 100,000 transactions per second (TPS).
To put this in perspective, Ethereum’s current capacity is just 13 TPS. This translates to a 769,000% growth in the network’s transaction speed.
After the Ethereum merge, Vitalik stated that there will be four more phases; The Surge, the Verge, The Purge and The Splurge. Meanwhile, Ethereum experienced a boom in blackcurrency transactions in July. It also outpaced Bitcoin in some key statistics. For the first time in the options market, ETH has surpassed the industry leader Bitcoin at a record level. This is higher than the $4.3 billion locked in open Bitcoin options transactions.
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Solana is an Ethereum competitor that runs on a PoS similar to Cardano. According to data from Messari, Solana’s average daily transaction count fell 17.6% in Q2 compared to the previous quarter. Also, to take into account, Solana’s revenue fell 44.4% quarter-on-quarter (due to recurring network outages). Blockchain earned $6.4 million in the second quarter of 2022, up from $11.6 million in the first quarter.
Looking at the data, Messari researcher James Trautman says Solana continues to evolve:
As seen in 2021 and during Q1 and Q2, poor network performance reduces network usage and reduces the network’s ongoing revenue stream. If Solana continues to experience sustained poor performance for a significant period of time, an emerging drag in core usage could accelerate volatility and drag network value.
XRP
XRP is an institutional cryptocurrency suitable for cross-border transactions associated with the banking industry. Ripple, the company behind the token, is still fighting the SEC-related lawsuit. In December 2020, the SEC accused Ripple of allegations that its executives had sold $1.3 billion worth of XRP in an unregistered security offering. Ripple disputed the allegations, saying that XRP should not be considered a security.
Despite being involved in the lawsuit, enterprise digital payment solution provider FOMO Pay has announced its partnership with Ripple. Ripple’s ODL service has gained immense popularity in the private banking and payments industry. The corporate solution offers affordable and fast transactions over XRP. The technology has proven to be a huge success in Asia, where cross-border transactions are highest.
Meanwhile, Brad Garlighouse and key executives of Ripple are confident of a positive outcome of the case. However, Ripple is seeing a huge demand and acceptance for its crypto-based cross-border remittance and liquidity solution. cryptocoin.comAs you can follow, Ripple has been testing the $0.40 resistance for the past week.
Bitcoin (BTC)
Finally, Bitcoin gave a quick memorial to the Fed’s 75 base decision last week. In this process, BTC closed the week by 5.7%. On-chain analyst William Clemente says in a tweet that the bottom of Bitcoin was set in July:
Puell Multiple remains one of the most reliable macro bottom signals for Bitcoin. This may be because it is deeply rooted in first principles that consider miner profitability.
