Anyone out there making money? Bear markets are nothing new to us in the crypto market. But the current bear market seems to be about to be the hardest. As “Mad Money” host Jim Cramer said, “There’s always a bull market somewhere.” Crypto analyst Lawrence Mike Woriji shares two altcoin projects he thinks are worth his time in the current market today.
First altcoin project Algorand (ALGO)
Algorand is the greenest Blockchain network in the crypto industry. At the same time, it has a unique value proposition. Many processes work quickly. They claim that they carry out the processes as fast as Visa or Mastercard. Algorand competes with some of the most competent guys in the ecosystem. And like Cosmos, it can host other cryptos and blockchains. Compared to other blockchains, Algorand has more potential in the financial system than any other project. This is because Algorand uses Pure Proof of Stake (PPoS).
First, let’s look at Algorand’s price action on CoinGecko. Koindeks.com As you follow, the bear market has rocked every token. Each token has left them far from all-time highs. But ALGO has survived better than other most viable projects. In the last 6 months (180 days), ALGO has dropped more than 40% from its high. This is about to go down a lot. However, you will feel much more suitable when you realize that it is more suitable than many other projects on the market.
Algorand has a maximum supply of 10,000,000,000 tokens with a total and circulating supply of 7,233,614,827 and 7,003,098,555 tokens, respectively. More than 90% of the total supply is already exhausted. Therefore, tons of new tokens cannot enter the market. Therefore, there should be no unforeseen drop in altcoin price. But this is on the condition that market conditions remain relatively stable.
Second project Elrond (EGLD)
Then, Elrond’s EGLD is another investment opportunity. Elrond is a scalable, fast and reliable Blockchain platform for distributed applications, enterprise use cases and new internet economics. So Elrond is mostly a smart contract network. They have an EVM and their virtual machine is built into WASM. WASM is the 2nd largest VM after Ethereum. It is possible for the blockchain platform to process thousands of processes per second. What’s more, all this happens at an average cost of around $0.001.
Elrond is a pretty cool project with good potential. It tries to solve three key challenges:
- Immediate and cost-effective processes.
- Low power and computational needs.
- Strong decentralized community. Because it makes a one-point failure difficult.
There is huge potential in this project. Smart contracts enable DeFi and NFTs. Elrond is ready for the most recognizable virtual machines on the market. You don’t need to choose one. The altcoin has the scalability, utility, and usability of any suitable cryptocurrency. The EGLD token has a real purpose beyond just keeping it normal. Scalability means it has benefits in the DeFi space. By usability, we mean that there is a highly defined use case.
Everyone was affected by the bear market. It is possible to say that EGLD has taken a big hit. As of November 23, 2021, EGLD traded at an all-time high of $542.58. It is currently trading at $53.43 with a huge decline from its ATH. But again, there are some reasons to believe in his resurrection.
Koindeks.com This article, which we have prepared as , contains the views of the analyst. Also, it is not necessarily trade or investment advice. Definitely do your own research before buying or investing in a random cryptocurrency.