We are in the altcoin world where countless cryptocurrencies compete for supremacy. Accordingly, it is very important to distinguish which ones offer suitable investment opportunities. This July, several coins are attracting investors, each with unique potential. Here are this month’s top trending coins and compelling reasons to consider investing in them.
Altcoin XRP
Recent developments in the lawsuit between Ripple and the SEC have brought altcoin XRP into the limelight. The judge stated that Ripple’s sale of XRP to cryptocurrency exchanges does not constitute an offering of securities. This caused an increase in the value of XRP. At the time of writing this article, XRP has seen a 57% increase in the 7-day price change.
Accordingly, crypto became the second best performing cryptocurrency in the top 100. After this rapid gain, it is headed for a price correction. However, altcoin XRP remains one of the most interesting crypto assets at the moment. On the other hand, its performance potentially determines the future of the altcoin market.
Altcoin Aave (AAVE)
Aave DAO has recently launched GHO, a decentralized stablecoin where users will mint in exchange for collateral held in the Aave V3 lending protocol. Users with assets invested in Aave V3 use these assets as collateral to issue GHOs. They can also continue to earn returns by lending these assets.
This makes it much cheaper to borrow GHO. On the other hand, stability is achieved through over-collateralization. Initially, the mintage capacity for the GHO is limited to $100 million. However, this may change through governance. Aave DAO manages the GHO and token holders can vote on mintage capacity, risk parameters, interest rates and more.
Polygon (MATIC)
Polygon has proposed rebranding the altcoin MATIC token to POL and introducing various tokenomic changes. The proposal calls POL a “hyper productive token” that allows holders to serve as validators across multiple blockchains, enjoying protocol rewards, transaction fees, and potential extra rewards offered by various chains in the Polygon ecosystem.
POL emissions will be used to fund protocol development, research, ecosystem grants and a community treasury that will support various incentives to increase Polygon adoption.
Altcoin Ethereum (ETH)
As we get closer to the “Shapella” upgrade, Ethereum becomes an even more interesting possibility. This upgrade will allow holders to withdraw their staked ETH tokens if they wish. While this may lead to increased selling pressure, the market does not seem too worried as ETH’s 7-day price change is +5.8%.
Ethereum has a leading position as the blockchain to refer to for smart contracts and DApps. This makes it a critical component of the crypto market.
Binance Coin (BNB)
BNB Chain users will have the option of tier 2 thanks to the opBNB platform. Currently in the testnet stage, this platform is expected to process more than 4,000 transactions per second while keeping transaction fees low.
However, the SEC’s lawsuit against Binance and Binance.US creates some uncertainty surrounding BNB. Accordingly, recent developments have led to a significant drop in the price of the coin. Therefore, it will be interesting to follow BNB in the coming weeks.
Uniswap (UNI)
Altcoin Uniswap recently hit a record daily trading volume of $11.84 billion. It also nearly doubled its previous record. Users flocked to buy and sell the key stablecoin USDC, which came under pressure after the failure of Silicon Valley Bank.
This increase in volume indicates that Uniswap is a critical part of the crypto market infrastructure. It also highlights that it can handle large volumes even during market chaos.
Cosmos (ATOM)
On March 15, the Cosmos network will receive the v9-Lambda upgrade. It will also bring multiple security (RS) to the network. This will allow blockchains in the Altcoin Cosmos network to lease security from the Cosmos Hub. This upgrade is part of the broader cross-chain security (ICS) concept that has been gradually implemented under the Cosmos project. Cosmos-based projects can focus on their unique strengths rather than worrying about their validators and security, while ATOM stakers can also get some extra return.
cryptocoin.com Overall, these cryptocurrencies showed significant potential. Worth watching in July 2023. Each has unique advantages. Accordingly, it is very important to understand the risks involved and conduct a thorough research before investing. Always remember to approach crypto investments with a clear understanding of market dynamics and your financial goals.
