Forget Ethereum: These 3 Altcoins Are Ripe for a Bull Run
Bitcoin and Ethereum are the Apple and Microsoft of the cryptocurrency sector with overlapping features including cult-like followings that have latched onto each project’s unique value propositions.
Comprising nearly 65% of the cryptocurrency market, this duo dominates the scene; but just as Motorola, Samsung, Huawei are siphoning market share from Apple and Microsoft, so are altcoins challenging the market dominance of the current two behemoths.
As blockchain innovations lead to a dizzying array of token-centric projects, one of ProBit Global’s key objectives is to streamline a constant flow of only the most promising and potentially lucrative altcoins to users through a dynamic funnel centered on IEO, listing, and ProBit Exclusive.
ProBit IEOs frequently sell out and have historically rewarded trader’s handsome gains with up to 15% more bonus tokens awarded for purchases completed with PROB. As ProBit facilitates the sale, traders will have access to immediate liquidity once a token is listed.
In fact, IEO on ProBit Global has helped secure over $10M for projects during H1 2021 with token fundraising off to a scorching start to kick off the year with $7M in just Q1 2021 alone.
ProBit Exclusive is a secondary premium listing where the ProBit community can subscribe to and trade highly anticipated tokens with 50% discounts off already listed tokens as well as tokens making their ProBit Global market debut following subscription closure.
ProBit Exclusives are a defining attribute of ProBit Global and enable us to give our community a larger slice of the profit pie off of premium tokens, including BTC, DOT, and MATIC.
MATIC managed to deliver a peak gain of 253.22X following its ATH of 2.66009 on May 18 as the Layer 2 blockchain entered the ranks of the top 20.
ProBit Global has a growing portfolio of exciting projects featuring over 500 tokens from around the globe sporting different, legitimate use cases in a wide variety of industries.
Diversifying your portfolio with burgeoning tokens, especially if your risk tolerance enables you to do so, is a solid way to allocate funds across multiple sectors. It also allows users to spread the wealth across multiple projects with alternative consensus mechanisms and not solely proof-of-work (PoW), which has become inexorably linked to Bitcoin.
Additionally, there exist numerous other cryptocurrency projects arguably technologically superior to Ethereum. Therefore it may not be wise to tunnel vision on one project solely because of their current market share as there is much more out there than just BTC and ETH.
Here are a few you should keep your eye on.
Polkadot
Polkadot has the potential to surge by over 82% by the year’s end as a significant competitor for the layer 1 crown currently held by Ethereum.
Polkadot is still down nearly 50% from previous ATHs and has the potential to become a leading performer when the broader market recovers. Polkadot boasts some standout qualities, including its position in the top 10 crypto market caps as well as having been developed by Ethereum co-founder Gavin Wood alongside its sister network Kusama.
Kusama plays a vital role as PolkaDot’s experimental grounds and is regarded as the wilder, more frenetic, and experimental sister to PolkaDot’s more refined, enterprise-scale solution which is backed by advanced security and stability.
Polkadot employs a PoS consensus mechanism which is a relatively sustainable settlement option relative to PoW. Given the current media climate, where sustainability and green crypto initiatives are the only projects left unscathed by traditional media, this protocol aspect is vital.
Polkadot serves to bridge all types of blockchains. As a result, private, public, and permissionless networks can interact seamlessly, eliciting unheard levels of interoperability. Polkadot appears to be in a similar position to Ethereum in late 2015, inspiring a recent trading surge.
Polkadot has been refining its protocol for quite some time now, and it looks ready to take off with the very first Kusama parachain auction having officially been won by Karura on June 22. Karura’s successful bid will lock the DeFi platform into Kusama’s Relay Chain for a parachain lease duration of 48 weeks to benefit from cross-chain interoperability and shared security from the base protocol.
The crowdloan generated a total of over 500K KSM, equivalent to roughly $110M from contributors bonding KSM tokens. Crowdloans are a capital-efficient method of generating funding needed to bid for a parachain slot, incentivizing users to bond their KSM tokens in return for the native platform’s utility tokens, or in this case, KAR.
With four more parachain slots being rolled out to the highest bidders in the coming weeks, Moonriver and Shiden have already taken early leads in the competition for the next parachain slot.
This is a project you want to keep on your watchlist this year.
Solana
Solana has a unique distributed ledger framework that synchronizes time across nodes and enables the network to cap out at a theoretical peak capacity of 65,000 transactions per second. Although this volume level has yet to be reached in practice, processing volume records would still be surpassed even at 50% of this anticipated peak capacity.
To put this into perspective, let’s compare Solana’s processing speed to Bitcoin, Ethereum, and Ripple. Considering Solanas theoretical peak capacity of 65,000 transactions per second, Solana is 10,000 times faster than Bitcoin, over 4000 times faster than the Ethereum protocol, and nearly 40 times faster than Ripple.
Solana leverages a Proof of History (PoH) consensus modality adding the crucial element of time to the ledger. This blockchain protocol was created to offer a verifiable ledger of time while preserving its decentralized characteristics and lack of adherence to a central clock for a trusted source of time.
What is significant about PoH?
The PoH consensus method cryptographically verifies the time between two events. This is accomplished through chaining messages from nodes, ensuring reliable and chronological ordering, not reliant on local clocks or timestamps.
First, a leader node is selected and tasked with generating a PoH sequence. The leader subsequently determines the series of messages to ensure the most efficient throughput, which is then sent to validator nodes that verify its correctness.
Ultimately this complicated process elicits a system that reduces latency significantly and helps enable the pre-eminent processing speeds Solana is known for.
If the network speed has industry-leading processing speeds, doesn’t that mean network security takes a hit?
Unlike Ethereum, where traders with small holdings will have to vouch for pools to become a validator node, Solana enables traders to delegate their SOL to larger validators. This incentivizes holders to stake as they will earn validator rewards despite not holding enough SOL to make a validator node for themselves.
Furthermore, this employed incentivization structure enhances security as a higher percentage of holders are invested in SOL running smoothly and deters malicious actors from attacking the chain because of the staking requirements.
Solana has a full pipe of Solana-based apps that could drive substantial growth this year, including Star Atlas, Solstarter, Raydium, and more. Despite the project’s recent conception, Solana has made ambitious moves with ripples felt across the entirety of the crypto sphere.
Its current developments and future integrations and advancements could eventually position Solana in a neck and neck race with Ethereum.
Chainlink
Chainlink is recognized for its potential to bring an unprecedented level of interoperability to blockchain technology so it is probably no surprise that interest in Chainlink has gone through the roof.
Chainlink is what is known as a blockchain oracle. These are third-party services that offer smart contracts with external information. They act as a bridge between blockchains and real-world databases.
Blockchains and smart contracts cannot access off-chain data, which is necessary for most contractual agreements. This is where blockchain oracles come in. Blockchain oracles are a crucial part of this ecosystem as they broaden smart contract accessibility, catalyzing cryptocurrency adoption at scale.
Chainlink serves this function, and then some as its technology was instrumental in Ethereum’s rapid growth over the last few years.
The fact that Chainlink’s platform is not reserved for the Ethereum blockchain is one driving reason for a bull thesis. LINK, Chainlinks native token, could see rapid growth as DeFi grows less ETH-centric such as through wBTC.
How would this occur?
Hypothetically, if an increasing number of blockchain platforms began leveraging Chainlink technology in the next iteration of their smart contract technology, LINK could explode. To date, this has played out in this way, with network adoption leading to increased token values.
Despite a solid historical correlation between network adoption and LINK value, it remains unclear how value will accrue over time.
If LINKs value is relatively low and there is a large amount of economic activity on the Chainlink protocol, high token velocity would likely result. Similarly, If the token boasts a high value, it will have a lower velocity. With expected growth for the oracle market, Seeking Alpha Contributor believes LINK could reach upwards of 65 USD.
Cryptocurrency market share is in constant flux and which networks will dominate the space years from now is still up in the air. However, these are a few exciting projects poised to grow and further saturate the crypto space with their unique selling points and defining characteristics.
Diversify across various tokens with different value propositions and target markets, and you will set yourself up nicely for the next bull run.
