Bitcoin seems to be rallying and when Bitcoin moves upwards the rest of the market typically follows. Investors and traders are speculating whether Bitcoin has bottomed out or not. Is this a short-lived rally to be replaced by lowers lows or will it mark the start of a significant move upwards? Many cryptocurrencies, specifically the altcoins with lower market caps have seen their value slashed dramatically during May. The capitulation in Bitcoin’s price was driven by creeping inflation, increased interest rates, and the collapse of Luna. This drove many of the altcoins down to prices not seen since early 2021 and many investors are looking to profit from this move downwards.
This article features 3 projects that look ready to move.
Algorand (ALGO) is a layer 1 protocol boasting an incredibly high TPS (Transactions Per Second) of roughly 1000. To put this in perspective the Bitcoin network has an average TPS of 5 and Ethereum has an average TPS of 13. ALGO the native token of the Algorand network currently trades at close to $0.40 down from an All-Time High (ATH) of nearly $3. With crucial levels of support at $0.30 and $0.25, it seems ALGO has either reached its bottom or is very close and will soon begin a climb.
Algorand has been incredibly successful in the decentralized finance (DeFi) sphere due to its high performance powered by its distinctive consensus mechanism Pure Proof of Stake (PPoS). And it continues to draw more users daily. This means despite the current price market participants are still betting on this protocol to succeed.
Tronix or TRX is the native token of the Tron network. A layer 1 protocol with smart contract compatibility. The Tron Virtual Machine is compatible with the EVM (Ethereum Virtual Machine) meaning developers can host their applications on the Tron network from Ethereum or any other EVM compatible blockchain.
The Tron network has an outstanding TPS of close to 2000 and has some of the lowest transaction fees available in the crypto space totalling mere fractions of a cent. Currently trading at $0.08 down from its ATH of $0.30.
Gnox marks the first protocol of its type. It is a new reflection token that will reflect stablecoins to token holders. Gnox will launch on the Binance Smart Chain (BSC) in Q2 of 2022. It is currently in its pre-sale phase accepting payments from most of the largest blockchains and has already seen its price soar 52% due to its dynamic pricing model. Gnox is the first protocol to offer a treasury that is designed specifically for the investor. Every Gnox token holder will be exposed to DeFi yield opportunities, the treasury will be utilised in DeFi protocols, and the yields it generates split amongst token holders in stablecoin proportionate to the number of Gnox tokens held. In current market conditions, many investors are drawn to a reflection token paying in stablecoin. Gnox is currently priced at $0.0152, but could potentially climb higher during its pre-sale phase.
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