8 Altcoins to Watch While FED Fights Inflation!

Investors need to be prepared for all possibilities when it comes to cryptocurrencies. While the Federal Reserve’s efforts to deal with historically hyperinflation have been noble on some levels, some of the most proficient altcoin projects are a nightmare to follow. Crypto expert Josh Enomoto shares 5 altcoin projects to watch. Additionally, crypto analyst Milko Trajcevski analyzes Cardano (ADA), Ethereum (ETH), and Algorand (ALGO) on his list.

5 altcoin projects to watch

Tether (USDT)

Tether (USDT), a stablecoin pegged to the US dollar, seemingly offers stability compared to many other cryptos. Of course, Tether has provided many conveniences during bullish cycles. It is possible for investors to convert large modules of their portfolios into stablecoins such as USDT, rather than always converting prestige from money to crypto. Then, when opportunities arise, market participants can react instantly.

However, under the fall cycle, this narrative doesn’t work out so nicely. As opportunities are few and far between, it’s better to have your portfolio cashed in. After all, auditing Tether has been a long and frustrating process. What’s more, the Fed probably has the biggest word on the viability of USDT. For example, in the middle of June and August this year, the purchasing power of the dollar increased by about 0.3%. Depending on Fed policy, this metric is likely to go much higher. If Tether can’t keep up, keeping your money in dollars is probably much more adequate than digital alternatives that can evaporate overnight.

USD Coin (USDC)

Another recognized stablecoin, USD Coin (USDC), is also pegged to the dollar on a 1:1 basis. That is, each unit of this circulating cryptocurrency is backed by $1 held in reserve in a mix of cash and short-term US Treasury bills. The Center consortium behind this asset says USDC is issued by regulated financial institutions.

With traders currently liquidating their crypto over industry sustainability concerns, stablecoins have lost their primary reason for existence. Additionally, if the dollar’s purchasing power goes up, investing in USDC wouldn’t make much sense. I mean, who are you going to trust anyway? A blockchain project or the US federal government?

Dogecoin (DOGE)

Representing a class of crypto called meme coins, Dogecoin (DOGE) sparked a craze. The emphasis here is on building community engagement rather than illustrious goals to address global hunger. In this form, DOGE occasionally walks to its own rhythm. Therefore, it may be of interest to those looking for digital assets that do not always correspond to the fluctuations of Bitcoin. However, even Dogecoin could not prevent the FTX drop.

Also, Dogecoin may face pressure from Elon Musk’s takeover of Twitter. According to the Washington Post, Musk is trying to tackle crypto-related scams while promoting Dogecoin. However, opening the doors to free speech absolutism also opens the door to behaviors such as fraud and swindling. In other words, Musk is probably biting off more than he can chew. Also, FTX could negatively impact Dogecoin amid the bankruptcy rumor.

Polygon (MATIC)

One of the new generation alternative altcoin projects is Polygon (MATIC). Ethereum is the first neatly structured, easy-to-use platform for scaling and infrastructure development. Its core component is the Polygon SDK, a modular, flexible framework that supports building multiple application variants.

Enthusiasm focuses on Polygon’s network expansion. In addition, the Blockchain project has significantly increased its subsidiary portfolio. In the midst of Polygon’s partners are mainstream giants such as Disney, Starbucks, and Robinhood. While admittedly tempting, investors should still keep their minds on them. Although MATIC has been popping out of the doors lately, it’s still down about 54% for the year. Therefore, I wouldn’t get too excited until the MATIC breaks the $1.50 resistance level in a stable form.

Toncoin (TON)

Toncoin (TON) in the midst of newer altcoin projects. However, it currently ranks 31st in terms of market capitalization. It currently has a market cap of just under $2 billion. Recently, Toncoin has been on the move. Also, TON has increased by almost 12% in the last week and has moved against many of the other cryptocurrencies.

Toncoin’s mission is to provide ‘a next generation network to unify all Blockchains and the existing internet’. Since hitting bottom on June 18, TON has surpassed 106% of market cap. Still, TON has dropped by about 56% since the beginning of the year. The next upside goal for risk takers is to break through the $2 resistance level decisively.

ADA, ETH and ALGO analysis and forecasts

Cardano (ADA)

ADA hit an all-time high of $3.09 on September 2, 2021. Here, we can see that the price of the token is $2,7036 higher on its ATH. In other words, it is 699% higher.

In terms of 7-day performance, its lowest point is $0.381090. Its highest point was $0.433695. Here we see a difference in value of $0.052605, or 14%. In terms of 24-hour performance, its lowest point was $0.377999 and its highest point was $0.415941. This marks an increase of $0.037942, or 10%. It is possible for ADA to climb to $0.42 by the end of November 2022.

Ethereum (ETH)

Koindeks.com As you can follow, Ethereum (ETH) reached its all-time high of $4,878.26 on November 10, 2021. Here, we see that ETH is $3,388.36 in price, or 227% higher on its ATH. However, in its 7-day performance, the lowest point was at $1,470.10 and the highest point was at $1,659.61. Here is an increase of $189.51, or 13%.

The lowest point of the 24-hour performance of the altcoin price is at $1,454.95. However, its highest point is $1,606.76. There’s a difference of $151.81, or 10%. With that in mind, it’s possible that it could hit $1,550 by the end of November 2022.

Algorand (ALGO)

Algorand (ALGO) hit an all-time high of $3.56 on June 20, 2019. Here, altcoin 3 was trading $1699 higher, or 812% higher. In terms of 7-day performance, the altcoin had a low of $0.346179 while the high was $0.445237. This marks a bullish outlook for the token, with an increase of $0.099058, or 28%.

In its 24-hour performance, Algorand had its lowest point at $0.375713 while its high point was at $0.446960. ALGO continued to grow by $0.071247, or 19%. There is potential to climb to $0.45 by the end of November 2022.

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