Three Altcoins to Watch: SOL, GALAX & JUP
Bitcoin continued its upward trend this week as it surged past the $40,000 mark after back-to-back price drops in recent weeks. This gave crypto enthusiasts a reason to believe that the market should be on its way to recovery. After the price of bitcoin for several trading days with no end in sight, the glimmer of hope appeared as analysts pointed to its near-bottom price as a sign of possible price recovery. With several shorts liquidated during the week, this provided added momentum for the price bounce, which saw bitcoin go past $42,000.
Ethereum also followed the recovery trajectory with its approach towards a 20 percent price surge to approach the $3,000 mark as trading progressed on Sunday, 6th February. Just like BTC, it was reported that several Ether short-sellers liquidated millions of USD in open positions to avoid losses with the price recovery. If the mood this past weekend is anything to go by, the market seems to have come cheers for optimists.
With the momentum loss by metaverse tokens like SAND and Axie, even though momentarily, ruffling some feathers with some wondering if the loss of nearly $10 billion in value by META during the week, could have played a role. The crypto market is proving its dynamism and as DeFi lending appears over-collateralized according to analysts, other options to explore could yet be on the horizon. Tokenized assets, NFTs and the likes are still on the upswing too.
We can now look at how Solana, Galax and Jupiter took the top places in this week’s rankings.
Solana opened the week at $94.99 and closed at $112.69 to take a good position as one of the leading gainers by market price among the Top 10 cryptocurrencies. Despite a little glitch reported in its speed of transactions in recent weeks, Solana moved ahead of other altcoins to be the top performer for the week. The increase in NFTs using the platform has created a new buzz around the project that could have given rise to the surge in price.
Solana was heralded for its utilization of the permissionless nature of blockchains to drive DeFi solutions. Its speed of transactions and lower cost compared to Ethereum blockchain charges gave it a headstart that is working in its favor so far. The project has also developed compatibility chains with Ethereum, making it possible for cross-chain transactions. This lone feature has given it a boost with NFT developers turning to the network in droves.
With the future-proof slant of Solana, enthusiasts can expect that more innovations will come to the fore in the coming months and years to cement its comparative advantages. Again, other competitors are in the game and no winner can be called just yet as new developments are unfolding.
Gala Games (GALAX)
Gala Games recorded a price leap from $0.1997 at the middle of the week to close at 0.2617 for a 7-days period. The focus of GALAX is on making it possible for gamers to take control of the games they play and how it is governed. The project is working on turning out games that real gamers will love to play and promote.
The design of games that GALAX promotes is such that it gives back to the players so that a gamer can own gaming NFTs for their exploits and prowess, so that no one can remove the fulfillment of playing and earning from any gamer. With the assistance of blockchain technology, gamers would be able to own in-game assets with real value, which can be owned and monetized when the need arises with no restrictions.
Town star is the leading game on the ecosystem right now and it is also anchored by a collectible NFT series called VOX. The project is an ode to the days of non-valuable tokens in games with its NFTs having a market price and a global market.
JUP accelerated from a low of $0.01165 at the beginning of the week to a peak at $0.02987 to end the 7-days period. It raced past the $0.03000 mark at the time of this report. Jupiter earned a place of mention among the leading altcoins for its price performance during the period under review.
Jupiter uses military-grade encryption on its blockchain to safeguard data access and avoid any intrusion. The project has optimized some of its functionalities in recent months and is now able to secure dApps across private and public networks as might be required by specific clients. The security of decentralized apps is a niche that the project has targeted so that it can win this segment and earn the desired plaudits.
With the signals showing that the cryptocurrency market is in recovery mode, it might be worthwhile to look out for a further price surge for several tokens and coins in the days ahead. The market trend is not static so far, and this requires that traders and investors keep an eye on KuCoin projects and reports for the best insights.
With the boom in NFTs not ready to go away anytime soon, projects that provide a unique advantage will also share in the limelight. What's your top altcoins this week?