Altcoins
3 Coins to Follow Closely in February
January has almost ended, and the rally everyone was waiting for in the new year has yet to arrive. However, most coins have been relatively stable in the last month, even though they are currently experiencing a slight drop once again.
While the bear market still has an influence, there are several coins that are expected to make several significant moves in the near future. As such, they should be closely followed, as there is no telling when the bear grip will loosen. When it happens, it is more than possible that these coins will start seeing significant gains.
Three coins are especially worth investors’ attention, and those are TRON (TRX), Binance Coin (BNB), and Cardano (ADA).
TRON (TRX)
TRON is a coin that has kept making headlines throughout 2018, and its success, even within the bear market, is quite impressive. TRX even managed to climb one place higher on the list of largest cryptocurrencies by market cap, and it currently sits at the 8th spot, with a current market cap of $1,87 billion and a price of $0.027998.
While one of the reasons for this ascension is the fact that TRX is not affected by the new price drop as strongly as other coins, there are other reasons for it too. One of them is the recent announcement of a new token, BTT, which will be closely tied to BitTorrent while operating on TRON’s own blockchain.
In fact, a significant portion of BTT will be offered in a public token sale today, January 28th. Later on, in February, there will also be a BTT airdrop, targeting those users who hold some amount of TRX at the time. In other words, TRON has entered this year with plans to be just as active, innovative, and successful as it was in the previous one, which makes it worthy of keeping an eye on in February 2019.
Binance Coin (BNB)
Next, there is Binance Coin, which is currently ranked as 12th largest coin by market cap. Its price is currently at $6.79, while its market cap is below $1 billion, sitting at $877 million at the time of writing. BNB is a coin developed by the crypto exchange Binance, which has caused the coin to immediately receive not only attention but a certain dose of trust as well.
BNB serves as Binance’s native coin, and using it comes with a significant discount, which is why it is one of the most used coins on this platform. In addition, Binance Coin has recently experienced quite a boost to its market cap and price, due to the launch of Binance Jersey.
This is a new crypto exchange dedicated to serving customers from the US and Europe, and it received additional attention because it added trading pairs for crypto against EUR and GBP. Not only that, but BNB also received a lot of support from other platforms recently, which allows the coin to receive new use cases and even more usage around the world. While BNB is currently losing value due to another price drop that has affected the entire market, things are likely to improve in February.
Cardano (ADA)
Finally, there is Cardano. Similarly to TRON, Cardano is becoming quite a popular project, and it is among the best blockchains for smart contracts out there. Cardano’s creator, who is also the CEO of IOHK, Charles Hoskinson, believes that investors will not see a rally such as the one in 2017 anytime soon. That was a period of hype which has passed, and the following correction is the bear market of 2018.
While this may be true, it does not prevent cryptocurrencies from continuing their development and growing further, which is exactly what Cardano is doing. ADA is a coin which is known for its tendency to take its time, and its technology is advancing slowly but surely. Only a month ago, Hoskinson announced Cardano’s version 1.4, as well as updates for project Shelley, which aims to bring larger levels of decentralization of the coin.
All of this is scheduled to happen in Q1 of this year, meaning that Cardano is a coin that will see a significant amount of activity in February and the following months.
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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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Charts courtesy of TradingView
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…
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…
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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