Keep an eye on these coins
The crypto market has shown tentative signs of a breakout from the months-long bear market. Several assets are showing price improvements, not the least of which is Ethereum (ETH), which has dominated the news cycle for the past few weeks.
This week, other cryptocurrencies besides Ethereum (ETH) deserve some attention. These include Ethereum Classic (ETC), Cardano (ADA), Axie Infinity (AXIE) and Chainlink (LINK). In selecting these assets, we considered multiple factors including but not limited to positive technical developments, major news events and noticeable price changes.
The central theses
- Ethereum is undergoing The Merge, transforming it into a Proof-of-Stake network.
- Ethereum Classic has seen a surge in hash rate as miners move away from Ethereum.
- Cardano is launching its Vasil hard fork on September 22nd.
- Axie Infinity sees Google Cloud joining as a validator for its Ronin network.
- Chainlink has announced several developments including a new price feed for Web3 projects.
Ethereum (ETH)
The Ethereum blockchain network is undergoing one of its most formative changes in years – The Merge, which will transform the network into a Proof-of-Stake network. The event, which is just days away, has seen ETH price surge by around 11% over the past 7 days.
The merger will also result in ETH becoming a deflationary cryptocurrency, which should result in the asset’s price increasing over time. This may take time, however, as miners are now receiving 5 million ETH annually, with post-merge stakers reward dropping to 1 million ETH annually.
ETH Price: TradingView.
Ethereum Classic (ETC)
Ethereum Classic (ETC) is another network that has made headlines for its association with Ethereum. ETC has seen an even bigger price jump than ETH, with the token up over 20% over the past 7 days.
One of the reasons why this could happen is that many ETH miners are migrating to other networks and ETC has started to be the beneficiary of this migration. Since ETH stopped mining after The Merge, these miners are now looking elsewhere to conduct their operations. The ETC network has broken hashrate records multiple times over the past few weeks.
ETC price: trade view.
Cardano (ADA)
Cardano is seen as a competitor to Ethereum, and the network has broken out of its research and development phase over the past 18 months. ADA market cap is up over 5% in the last 7 days.
But even if the jump wasn’t as strong as its Ethereum counterparts, there is reason to keep an eye on ADA. The network will roll out its Vasil hard fork on September 22, which focuses on network stability and brings improvements to the Plutus smart contract platform.
ADA Price: TradingView.
Axie Infinity (AXS)
A strong name in the crypto market for over a year, Axie Infinity is one of the most popular gaming-oriented projects. AXS market cap has seen an increase of over 5% in the last 7 days.
The Axie Infinity project made headlines this week when it announced that Google Cloud would validate transactions on the Ronin network. Google Cloud will host a validator node on the gaming-focused Ethereum sidechain. The AxieCon event may be another reason for the network to show positive activity.
AXS Price: TradingView.
chain link (LINK)
Chainlink has also received some updates over the past few weeks, which has been good for its token. LINK has seen its price surge 10% in the past 7 days on the back of this news, and it forces one to monitor the token more closely.
Among the news is the fact that it has introduced a new price feed for Web3 projects that will support data manipulation attacks and outlier events like Flash crashes. It also announced updates to its climate initiatives, expressing its support for global carbon credit standards and robust incentive schemes. One of those notable updates is that developers can use the Balancer (BAL)/USD price feed to build secure DeFi markets around the Balancer token. Chainlink’s annual SmartCon is slated for late September, and that could add to the hype surrounding the project as well.
LINK Price: TradingView.
Investing in cryptocurrencies and other Initial Coin Offerings (ICOs) is very risky and speculative, and this article is not a recommendation by Investopedia or the author to invest in cryptocurrencies or other ICOs. Because each individual’s situation is unique, a qualified professional should always be consulted before making any financial decisions. Investopedia makes no representations or warranties as to the accuracy or timeliness of the information contained herein. At the time of writing this article, the author does not own the cryptocurrencies mentioned above.
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