Thursday, July 25, 2024

Cryptocurrencies Making Heads Turn In the Nascent Market

After a rough month, the crypto market has lost nearly 50% of its all-time highs. The popular bitcoin lost over $7,500 or nearly 17% plunging from $46,300 to $38,500. But it has taken the daunting task of moving uphill without sweat and has rallied almost 16% from the January lows. Similar moves can be seen in other cryptocurrencies.

Here is our list of cryptocurrencies to look out for this February:

Bitcoin (BTC)

The world’s most popular crypto will not stop winning hearts even if it slumps to the lows of $30,000. Investors know that it will pick up and the sky’s not the limit either. In recent months, BTC has been compared to gold as a hedge against rising inflation. George Milling-Stanley, the chief gold strategist at State Street’s SPDR ETFs, believes it’s possible for the two assets to coexist happily in the market because they do completely different jobs. He highlighted that gold has a track record of improving risk-adjusted returns over long-term periods, while the increasing volatility of digital coins, especially bitcoin, makes returns often drastic short-term swings. Milling-Stanley acknowledged that BTC and other cryptocurrencies are siphoning capital away from gold. But only time will tell whether BTC is a successful hedge against inflation. The market capitalization of cryptocurrencies is attracting capital.

Sandbox (SAND)

This altcoin has been gaining popularity ever since it successfully broke resistance on September 31, 2021. SAND followed it up by increasing the most over a seven-day period from October 29 to November 5. After four years of development, the platform opened part of its metaverse on November 29 and went onto The Sandbox Alpha a multi-week, play-to-earn event of 5,000 players. Since then, the platform has been roping in partnerships. The most talked-about partnerships are rapper Snoop Dogg and Warner Music. Sandbox has also collaborated with the Warner Music Group to create a musical theme park for the metaverse gaming space.

XRP

Popularly known as the banker’s coin, XRP is the native token of the XRP Ledger Ripple network. The network has been in the limelight ever since the SEC charged Ripple with allegations that its executives sold $1.3 billion worth of XRP in an unregistered securities offering. However, Ripple has taken the market and regulators by storm saying that XRP should not be considered a security.

Floki Inu (FLOKI)

This falls under the category of meme coins than altcoins. Floki Inu has been named after Tesla CEO Elon Musk’s dog! This is an ERC-20 token based on the Ethereum blockchain. The meme coin has shown consistent performance and as of December 2021, it has a market cap of $1.06 billion. Floki Inu is supported by a huge token supply, with developers confirming that there are about 10 trillion tokens in supply. Currently, the Floki Inu team is keen to venture off into the play-to-earn NFT metaverse gaming space. Moreover, there are plans for it to be used for an NFT marketplace FlokiPlace. Website: https://www.Floki.com

The Graph (GRT)

Since its launch in 2020, the platform has found ranking among the first decentralized indexing and querying software. Developers turn to The Graph for easy-to-use, cost-efficient, and secure API. Its network allows decentralized applications to add data to the Ethereum blockchain through smart contracts. Moreover, The Graph has a powerful toolset that helps drive innovation. GRT, the ERC-20 token is used to transfer value globally and GRT holders gain rights in the network.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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