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3 Altcoin Turkeys Being Served for Thanksgiving

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Happy Thanksgiving everyone. Can you believe the holidays are here again? It seems like just yesterday we were readying for the great altcoin bull run of 2017. Last year around this time, Bitcoin (BTC) became a household name as futures contracts permeated the chat rooms on our social media sites. Everyone around the water cooler was discussing their new investments as the topic of cryptocurrency went mainstream. A lot has happened since then. And while many of us are still waiting for our initial investments to catch a break, new and exciting crypto-choices are presenting themselves to a savvier public.

Unfortunately, many newcomers to this wild-west of markets will get caught off guard as their investments are stripped of their packaging and the product behind the fanciful wrapping reveals a lump of crypto-coal. Like a child saddened by yet another pair of socks left under the Christmas tree, investors without experience in the cryptocurrency arena may be disenchanted with their top-picks after the hype that brought them to the table wears thin.

So as the US readies to feast with their loved ones during a well deserved holiday break, it may be a great time for all of us to look a little deeper into our crypto-investments and shake out the poor performers before the new year. After all, none of us want to get caught holding the bag for an overvalued company during the next bull run. So put down the eggnog for a minute and open up your wallets as we explore three turkeys that might just ruin your holiday spirit!

The first turkey on my shortlist of under-achievers this year is Vechain, whose token (VET) sits at just under US $.01 as I write this words. I never have been a fan of sensor tech, but this overcooked bird keeps sinking further as it’s mainnet fails to impress a new investor class.

Vechain has introduced a dual token system recently, though Vechain Thor (VTHO) cannot yet be traded on Binance. Like NEO and the GAS that users are rewarded with for hodling the NEO token, Vechain Thor is rewarded to the bagholders of the VET token. Vechain is down from highs reaching over US $8.00 under the VEN token in early in 2018.

Next on my list of stuffed birds to avoid as we ready for 2019 is ETHLend (LEND). ETHLend (LEND) started the year as an altcoin favorite of mine. Attempting to disrupt traditional banking with peer-to-peer loans based on an expanding list of ERC-20 coins, Ethlend (LEND) stood out from the pack with this interesting and lucrative concept. The dApp developed by the Ethlend (LEND) team failed to excite investors however, and adoption slowed as the market sank.

While this token showed potential at the end of 2017, the current move out of the ERC-20 market will likely intensify in the near future. And as Ethereum killer platforms make headway, Ethlend (LEND) may get caught in a negative feedback loop of their own creation. Ethlend (LEND) now sits at US $.01, down from its high of over US $.40 in January of this year.

Finally, (and I may catch some flack for this one) a top 5 crypto-turkey I am personally avoiding this year is Bitcoin Cash (in any of its derivative forms). Having caused a crypto-panic recently with its hardfork, the resulting fight between awkwardly named products leaves new investors with a difficult choice. BCHABC and BCHSV are now caught in all out brawl being played out on your favorite exchange. The result will likely be a product somewhat less popular than the original Bitcoin Cash (BCH) could have become without the infighting and disruption of the current hard fork.

What will new investors think about the newest Bitcoin Cash derivatives? I’m not sure they will think much about it at all, as more attractive currencies make their way into the forefront of their minds and wallets!

Whatever coins you choose to invest in with your hard-earned fiat is up to you! And luckily, most of the coins available on your favorite exchange have a great chance of making you some gains in the next bull run. Some, however, will need some extra gravy to remain palatable. While the crypto-turkey’s presented here may have been fine holds in the past, the new year will bring new challenges to be solved and new products to catch our eye. Relying on yester-year’s investments might not make as much sense as we once believed. And as we get ready to celebrate our holidays over a fine assortment of fantastic foods, it’s a great time for investors to watch their wallets, before being stuffed!

Follow me, Micah C. Miracle as we blast off into a new year! You can also catch me on You-Tube!

For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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Solana Price Breaches $60 Amid a Symphony of Bullish Indicators

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Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.

SOL’s Bullish Cues

Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.

In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.

Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…

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