Generally, when it comes to crypto investing, especially with altcoins, higher risk often comes with higher rewards. When Bitcoin is being bearish, altcoins go into hibernation, and when the market is bull-headed, altcoins charge ahead.
While the broad crypto market might continue to see some downside this summer, many analysts expect the charts to turn back up and to the right before the end of the year. And when they do, here are three altcoins to keep a close eye on.
Cardano (ADA) – slow and steady
Cardano is the #8 blockchain by market cap. Although some analysts are frustrated with the slow pace of development, Cardano continues to rack up the milestones. For example, Cardano recently opened its architecture up for 3rd party application development. And soon the Vasil hard fork will greatly increase the blockchain’s scalability.
A large part of Cardano’s success should be attributed to its founder, Charles Hoskinson, who also is the co-founder of Ethereum. Hoskinson is a big-time social media hound and has been very vocal within the crypto community. Earlier this year, Hoskinson promised that by the end of 2022, Cardano will match the performance of Solana.
ADA fell below 50 cents this week implying that there might still be some downside in the short term. However, this is the lowest price ADA fans have seen in over a year possibly making this a good time to start dollar-cost averaging into this top-ten altcoin. Because let’s face it, it’s not going away.
TRON (TRX) – getting into the stablecoin game
Tron is another smart contract-enable blockchain built to offer highly efficient decentralized file storage and content distribution. Interestingly, just as TerraLUNA is being carried out on a stretcher, Tron (TRX) is shifting its focus to a new algorithmic stablecoin ecosystem called USDD.
Arbitrageurs who buy USDD with TRX receive one USDD when the price is higher than one US dollar. And when the price of USDD is below a dollar, they receive more of it. This helps to maintain USDD’s dollar peg. Although this is considered an algorithmic stablecoin like Terra’s ill-fated UST, Tron creator Justin Sun, recently claimed on Twitter that USDD is backed by a Tron DAO Reserve of $10 billion.
Keep an eye on this coin for two reasons. First, TRX has a history of outperforming other altcoins during bear markets. Second, TRX tends to outperform Bitcoin and Ethereum in a bull market.
Gnox (GNOX) – DeFi as a service
Gnox is a new DeFi platform with some refreshing ideas that make crypto investing frictionless and far less risky. In fact, it’s so new that it hasn’t launched yet. The project is still in ICO mode with a presale currently running until the platform launches in Q3.
Gnox’s native token, appropriately named GNOX token is a cryptocurrency with DeFi utility. It’s designed to level the playing field for crypto investors. It intends to do this by employing a team of experienced DeFi analysts to do the grunt work of researching all of the best DeFi offerings in search of low-risk, high-reward assets, and investments.
The Gnox team will invest its treasury assets into liquidity pools and staking platforms to generate consistent, passive, monthly income. Increases in the treasury’s assets are then shared with everyone who holds the GNOX token. Thus, every investor on the platform earns the same rewards.
GNOX token ICO presale started on May 12 and the platform is scheduled to launch in Q3. Given its powerful but simple utility, GNOX is definitely an altcoin to keep an eye on in 2022.
Learn more about Gnox:
Join Presale: https://presale.gnox.io/register
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