• What Is The Current Altcoin Situation?

    What Is The Current Altcoin Situation?

    The term “altcoin” refers to any cryptocurrency that has launched since Bitcoin (BTC). In the early stages of Bitcoin, developers forked the open-source code to create new currencies. Over time, these Bitcoin alternatives began to diverge further from their parent with different privacy features and supply. These include Litecoin (LTC) and Zcash (ZEC), among others.

    Current market situation…

    As we all know, cryptocurrencies have had a turbulent first half of the year. Many digital currencies, including Bitcoin (BTC), reached all-time highs in March and April, but those gains had significantly reduced in the past months of May and June.

    As the world begins to reopen, crypto investors are expecting a return to April’s highs. But the pace at which that recovery will happen, depends mainly on regulatory concerns being issued by financial authorities and regulators from different countries, including the US, Canada and Japan, just to name a few.

    Binance Coin (BNB)

    The Binance coin (BNB) is interesting and could have potential. But the company is having regulatory issues in several countries, and we should see how those play out before adding more to the portfolio.

    Regulation is top of mind as the U.S. and other countries move forward with attempts to control the sprawling crypto industry. The IRS is clamping down on crypto tax evasion, Thailand’s Securities and Exchange Commission filed a criminal complaint against Binance, alleging the firm was operating in the country without authorization, Japan’s Financial Services Agency said the crypto exchange was operating in the country without its permission, while Canada’s Ontario Securities Commission accused it of failing to comply with local regulations.

    Cardano (ADA) & Ethereum (ETH)

    Also Cardano (ADA) and Ethereum (ETH) are solid cryptocurrencies to keep under the radar. Cardano is hoping to launch its smart contract capability soon. These small pieces of self-executing code would increase Cardano’s functionality and appeal to developers. Plus, Ethereum is still working on its Ethereum 2.0 upgrade, which will make it faster and more environmentally friendly.

    Other innovative altcoins to have in mind…

    Aave (AAVE)

    Aave is a DeFi lender that’s built on the Ethereum network and is one of a number of emerging DeFi cryptocurrencies, decentralized lending system that allows users to lend, borrow and earn interest on crypto assets, all without middlemen.

    Borrowers can get extremely competitive rates with Aave and crypto investors can lend out their assets for higher returns than they would get with a bank. It can also introduce additional features, such as instant loans, and other forms of issuing debt and credit that take advantage of the unique design properties of blockchains.

    Solana (SOL)

    Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers – (touted to support 50,000 transactions per second).

    At the moment of writing this article, Solana is the 12th biggest cryptocurrency by market cap. It’s one of a handful of crypto ecosystems people believe could compete with Ethereum, as it can host applications and other digital currencies.

    The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

    Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution. With exceptionally fast processing times, it has attracted institutional interest as well. A significant focus for the Solana Foundation is to make decentralized finance (DeFi)* accessible on a larger scale.

    Always remember to do your own research, it’s very important to know your investment strategy and risk tolerance.

    * In its simplest form, decentralized finance (DeFi) is a system by which financial products become available on a public decentralized blockchain network, making them open to anyone to use, rather than going through middlemen like banks or brokerages.

    Chart. ETH Daily Chart, Critical Support Areas

    Ethereum critical supports

    Chart. BTC Daily Chart.

    Bitcoin Daily Chart Supports

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