Crypto influencer and trader Tyler Swope is naming ten under-the-radar projects that have the potential to blast off in the current altcoin hype cycle.
First on Swope’s list is blockchain scalability platform Matic Network (MATIC), which he says is hosting a layer-two financial product that is racking up tens of millions of dollars in trading volume.
“On Matic, it’s the number one DApp listed on their website, as we can see it’s Polymarket. This is prediction markets for real-world events and it went live on Matic’s layer two… Of all the open market on Polymarket, it equals up to about $32 million in trading volume. Of the resolved since its October launch, about $22 million. So about $54 million since launch four months ago.”
Number two is xDai, a decentralized platform using a stablecoin to power payments. Swope says xDai is hosting a financial product in Perpetual Protocol which he notes is printing hundreds of millions of dollars in trading volume.
“They are decentralized perpetual contracts. Now the mainnet for Perp, it only launched three weeks ago… Just in two days, January 4th and 3rd, it did $29 million alone in volume and the rest of the day since launch about $80 million. That is nearly $110 million as of January 4th.”
Another project on Swope’s radar is PowerPool (CVP). While the protocol for pooling governance tokens made the list, the crypto influencer highlights that PowerPool’s layer-two integrations are not yet complete.
Fourth is prediction market platform Gnosis which Swope says is building Omen, a product to compete against Matic’s Polymarket. However, the trader highlights that Omen has a lot of catching up to do.
“It’s no Polymarket yet. It only has done over $6 million in total volume since it’s launch.”
Swope is also looking at Optimism, a project that aims to execute cheaper and faster transactions on the Ethereum blockchain by using rollups, which is a scaling method that enables Ethereum to keep compressed transactions on-chain while delegating computations such as contract execution off-chain.
Another project that Swope is keeping tabs on is Fuel Labs after the protocol put up their own rollup on the mainnet.
“It only supports token transfers and swaps right now, no complex smart contracts, but like Optimism PBC, they say soon for hosting those.”
Swope is watching the progress of Arbitrum as well. He says the project is closer to fully implementing rollups than Optimism and Fuel Labs.
The last three projects that Swope is keeping track of are protocols that use zk rollups, which are layer-two solutions that bundle hundreds of transfers in a single transfer while using the zero-knowledge proof approach to record and validate the block on Ethereum. Swope says the leading projects that rely on zk rollups are Loopring, Starkware, and Matter Labs. However, the trader says the protocols are still in development as they lack certain features.
“Loopring has been pushing forward on the mainnet with theirs but again it’s just for token exchanges, and not for the full basket of smart contracts. Then with zk, there’s also Starkware which is also going to scale ERC20 as well as NFTs (non-fungible tokens), and ERC721s. They went live with 2.0 StarkEx on December 2nd but this too, isn’t for the full basket of smart contracts…
But the furthest along with the zk rollup goal of smart contracts is Matter Labs with zksync as they have a testnet and Curve on top of it, launched back in October of last year. But since then, it has been quiet with no word regarding mainnet transfer of Curve yet.”
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Yuganov Konstantin
Experts Take On Cryptocurrencies That Could Upstage Bitcoin
It may seem way too early to predict which cryptocurrency will upstage Bitcoin. However, change is constant, and upstaging Bitcoin could also be the beginning of the mass adoption of cryptocurrencies and their underlying technologies. Here are industry experts’ thoughts on the issue.
Edmund McCormack, Founder, and CEO of DChained predicts OCEAN Protocol (OCEAN) as the potential asset to upstage BTC.
Why? The internet and advanced wireless connectivity have transformed almost all aspects of our daily lives. However, increased access and dependence on connectivity has created a byproduct – data – which has garnered increased scrutiny related to privacy, security, and legality.
Ocean Protocol is a decentralized data exchange that is set to unlock the potential of Web 3.0, Artificial Intelligence, and IoT. Contrary to today’s current centralized model, Ocean is ushering in a new data economy fueled by individuals and businesses who can share and monetize their private data while retaining control, privacy, and security throughout the process.
With this framework in place, Ocean has been routinely announcing partnerships with traditional and blockchain-based companies. For example, AllianceBlock and Ocean announced a partnership where DeFi can access customer information to meet necessary compliance regulations, such as KYC, AML, and KYB.
Ocean’s data tokens are the heart of Ocean’s data marketplace by offering access and a source of valuation for listed data sets. Data owners are rewarded with Ocean for delivering high-quality data while participants can earn through staking and farming to add liquidity to data token pools (and govern community funding, such as OceanDAO).
Michael Terpin, Founder of Transform Group and Co-founder of BitAngels and Aspire Technology
At present, no cryptocurrency has much of a chance to beat bitcoin as a store of value. Ethereum’s current advantages in programmability, particularly in the fast-growing markets of decentralized finance (DeFi), stablecoins, and NFTs may bring it close to the market cap of bitcoin, but it’s more equivalent to “digital oil” instead of “digital gold”…
Greg Magarshak, Founder and CEO of Intercoin and Qbix
Intercoin is a project that picks up where Bitcoin left off. Its protocol is designed to be as secure as Bitcoin’s blockchain, but far more scalable, able to handle unlimited numbers of transactions. In order to attract capital away from Bitcoin, a network has to do three things:
1. Replicate all its capabilities of secure storage, but then create capabilities for people and communities to actually use it in everyday transactions. Then people holding BTC will eventually deposit their holdings into that network, similarly to how people deposited money from banks into PayPal.
2. Be much more user friendly and build applications for entire communities, not just peer-to-peer. Applications like contests, elections, payouts, and universal basic income. The new currencies will have a social impact like helping end food insecurity and poverty in communities.
3. Create a synthetic (crypto-collateralized) version of Bitcoin, Ethereum, etc., that represents a Bitcoin that was deposited, so people who deposit BTC or ETH don’t want to withdraw it back. Instead, they will ask friends to install wallets to accept the new synthetic versions. This is similar to Tethers digitally representing dollars that were deposited, or people asking friends to get accounts with PayPal or Venmo to accept payments, so they keep balances inside the new network.
Mark Sgambelluri Co-founder of xBTC
The most likely cryptocurrency to upstage Bitcoin as a currency is Nano. Nano has nearly instant and free transactions and runs on a different technology.
Nano also had a decentralized founding, is highly distributed, and has a set supply. If Bitcoin replaces gold’s valuation of around $10 trillion, Nano is set to replace currencies’ valuations which are in the dozens of trillions (the Euro, Dollar, and renminbi combine for over 30 trillion dollars). It is one of the few digital assets that can be used for quickly buying and selling goods while being global and decentralized.
Litecoin Price Analysis: 22 January
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
The Bitcoin market registered an important price drop recently, one wherein the value of the digital asset dipped briefly under $30k on the charts. Although the cryptocurrency’s value later bounced back above the $30k-level, the said drop in price also contributed to major altcoins like Litecoin plunging on the charts.
Litecoin briefly breached the support at $125, following which it managed to recover from its sudden fall on the charts. At the time of writing, Litecoin was valued at $137.27, with the cryptocurrency trading close to its immediate resistance levels.
Litecoin one-hour chart
From the attached chart, Litecoin’s price can be seen falling within a descending channel and hitting a low of $121.97. This low was followed by an immediate retracement as the market tried to stabilize. In fact, later, the price of the digital silver immediately pushed higher, which was why LTC was trading above $130, at press time.
Given the aforementioned drop, the digital asset may breach the resistance at $138 and be priced higher on the charts.
The 50 moving average moved above the price bars and acted as a resistance level for the price of LTC. The said fall pushed LTC into the oversold zone, with Bitcoin’s own depreciation on the charts contributing to growing selling pressure. However, as the price recovered, the Relative Strength Index also moved into the equilibrium zone. As this level looked like a consolidating range for LTC’s price, the emergence of bullish pressure may push it higher on the price scale.
Further, the Awesome Oscillator highlighted the momentum shifting towards the sellers’ side. The AO dipped under zero a couple of days back, and a short position of traders must have realized here as the market went on a downtrend. With the downtrend sustaining itself, all momentum in the market was lost.
Crucial levels to look out for
The press time price level looked like a consolidating level for Litecoin. However, a northbound push for the digital asset may result in traders benefiting from a long position as they realize a profit at $144.88.
Asia Is Responsible for Half of the World’s Crypto Trading
Asia represents practically 50% of all advanced resource exchanging and is home to six of the 10 biggest crypto unicorns, as per a report by Messari, an online information base for the crypto business.
China, Japan, Korea, Hong Kong, and Singapore are market pioneers with profound pools of liquidity, adding that other Asian nations likewise can possibly scale. Messari analyst Mira Christanto expressed,
“With Asia accounting for 60% of the world population, infrastructure companies across the world are interested in tapping the growing market.”
“East Asia (mostly China) is dominated by larger trades with 90% of all volumes above $10,000. East Asia engages in more short-term trades over a wider variety of assets, compared to North America where the focus is more on long-term holdings of bitcoin.”
Referring to Chainalysis information, the report said that over the year to June 2020, Asia represented 43% of worldwide digital money action, or nearly $300 billion in exchanges. Crypto action in Asia alone is comparable to the US and Europe joined, Christanto added.
The report found that of the best 20 symbolic tasks, over 40% of the market capitalization is situated in Asia. Organizations in the area represent 94% of bitcoin fates volumes.
“By the end of 2019, six of the top 10 largest crypto firms in the world were located in Asia,” the report said.
These were Binance, Bitmain, Canaan, Block.one, Ebang, and Liquid – with half of those straightforwardly identified with bitcoin mining. China right now controls 65% of the bitcoin hash rate, yet Malaysia has likewise entered the main five, representing 4.33% of the worldwide hash rate because of its low power costs.
In spite of steady administrative pressing factors from the state, China has situated itself as a blockchain center and is set to be the primary nation to reveal a Central Bank Digital Currency (or Digital Currency/Electronic Payment as it is called there). Crypto web-based media has unquestionably seen the impact of Chinese brokers specifically, with the Chinese Lunar New Year impact foreseen every year.
It can cause wild variances in Bitcoin costs and markets have recently unloaded because of the gigantic occasion. In 2021, the festival falls on February 12 however Covid-19 limitations may affect its impact.
Get the latest in Asian Bitcoin news here at Coin News Asia.
Ethereum Price Can Skyrocket to $10,500 According to Fundstrat
Charted: Chainlink (LINK) Remains In Strong Uptrend, Why It Could Test $25
TradingView Launches ‘Bitcoin Timeline’ to Show BTC Price Changes With Events
Analyst: Hodlers will be this year’s biggest Bitcoin gainers
Over 31% of People in Latin America Want to Invest in Bitcoin
Biden Appointed SEC Chair Gary Gensler is not Going to Save Ripple’s XRP Token
Tether’s General Counsel: iFinex v. NYAG Case Continues with a Court Meeting in 30 Days
After alleged hack, Russian crypto exchange Livecoin shuts down
2020 Crypto-In-Review: The Year of The ₿ull
Crypto exchange Bitpanda opens pre-orders for Visa debit card
Litecoin, Dash, FTX Token Price Analysis: 21 January
Bitcoin And Tesla Stock The Biggest Market Bubbles According to a Deutsche Bank Survey
Former Ripple CTO may have lost much more than $220M in Bitcoin
The Brilliant Minds Behind the BTC Ultimatum Project, and Their New CEO, Eric Ma
Monero Price Analysis: 17 January
Rick and Morty crypto art sells for $150,000 on Gemini-owned platform
Treasury Secretary nominee Janet Yellen warns of crypto crime
Bitcoin Price Analysis: 20 January
Palit GeForce RTX 3070 GameRock Ethereum Mining Rig
Digital euro to face review by 2 institutions, before possible launch in mid-2021
Blockchain6 days ago
Will exchanges run out of Ethereum?
Blockchain1 week ago
‘Crypto is exactly like dot com bubble; Bitcoin, Ethereum can survive it’
Blockchain1 week ago
Brian Brooks, Crypto-Friendly OCC Leader, Steps Down
Blockchain5 days ago
Bitcoin Cash, Zcash, Decred Price Analysis: 17 January
Blockchain1 week ago
Consob Blocks 6 New Illegal FX Websites
Blockchain5 days ago
Ethereum, Monero, Algorand Price Analysis: 17 January
Blockchain5 days ago
Decred co-founder explains the possible effects of a CBDC takeover
Blockchain5 days ago
Cardano “Working On Something” That Could Solve Twitter’s Decentralization Dilemma