In the last 2 years, there have been incredible developments in the cryptocurrency market and the crypto market cap has now reached $2.91 trillion. Meanwhile, the DeFi market in particular has gained popularity among investors and has grown by almost $100 billion since the beginning of 2021, reaching a market cap of $112 billion. Because of these and other factors, according to crypto analyst Mike Ermolaev, there are many altcoins that have a promising chance of gaining momentum next year. The analyst examines seven projects he thinks are promising. we too Cryptocoin. com, we have compiled the analyst’s evaluations for our readers.
Altcoin project at the top of the list Solana (SOL)
According to the analyst, Solana is one of the strongest altcoins that can be expected to grow steadily in 2022 as well as in 2021. The analyst states that the network is built on a Proof of History (PoH) consensus mechanism that makes it more efficient. Standard Blockchain relies on a sequential block generation that requires network-wide confirmation, while PoH allows validators to calculate the state of the network from the ledger itself. Thus, the Solana protocol can be connected to its internal clock and can handle more than 50,000 transactions per second.
Not exactly a new coin, but it has seen an astronomical rise in the past few months. The analyst recalls that this is partly due to several leading dApps operating on the Solana network in DeFi, e-commerce, Non Fungible Tokens (NFTs) and gaming. SOL, which has a market cap of $65 billion and is among the top 10 cryptocurrencies, reached an all-time high of $260.06 in early November and is currently trading at $214.32.
A Proof of Stake (PoS) consensus Waves (WAVES)
Waves is a platform that can be used to create dApps, smart contracts and new tokens. A Proof of Stake (PoS) consensus uses WavesNG and the network’s native token WAVES. The token is used as a reward and incentive for mining, payments and voting. The analyst states that since WAVES is an ERC-20 token, it makes Waves interoperable with the Ethereum network.
With a market capitalization of over $2.3 billion, the WAVES token is in the top 100 among cryptocurrencies. The analyst recalls that prominent projects have been built on the platform, including Cross-chain network Gravity, DeFi platform Neutrino and crypto exchange Waves DEX. The price of the token hit an all-time high of $41.33 in May 2021 and is trading around $21 today. According to the analyst, this means that the price could return to this year’s highs in 2022.
Another altcoin project on the analyst’s list is Terra (LUNA)
This base layer protocol uses stablecoins pegged to popular fiat currencies like TerraUSD. The analyst states that LUNA helps maintain the price of these stablecoins by acting as a segregated asset. In October, Terra went through a Columbus-5 upgrade that enabled the Inter-Blockchain Communications (IBC) standard to allow users to easily transfer LUNA, TerraUSD, and other assets from Terra, making it interoperable with other networks.
Just after this update, the price of the LUNA token hit a record high of $49.43. The following month followed an all-time high of $54.77. Currently, the token is trading at $43.15. The analyst expects positive growth over the next year.
A group of protocols on the Ethereum network yearn. finance (YFI)
yearn. The finance platform offers services such as displaying APY interest rates, determining the highest lending rates, collecting investment strategies in DeFi, and cost and labor-saving trade packaging. The native token (YFI) of the platform is used as yUSDC, yUSDT and yDAI to execute user transactions. With the help of YFI tokens, users can also earn lending and trading fees.
YFI hit an all-time high of $93,435 in May and is currently trading at $32,312. The analyst believes that if there are no unexpected fluctuations in the cryptocurrency markets, YFI will be able to confirm its strong position among the investor community next year.
Part of DeFi market Feed Every Gorilla (FEG)
The FEG token is part of the DeFi market, which is reaching new levels of interest from investors in 2021. The analyst states that FEG is hyper-deflationary, with a 2% transaction tax distributed among token holders and an inaccessible burn wallet, reducing the circulating money supply, making it scarce and more valuable.
The analyst says that the current price of the newly launched altcoin project in 2021 is still cheap at $0.0000000006. In addition, the analyst states that it will only be listed on DEX exchanges, which are centralized exchange listings, as soon as the price and the community can grow.
3D virtual reality platform Decentraland (MANA)
Decentraland is a 3D virtual reality platform built on the Ethereum network. It allows the creation of apps, games, and dynamic 3D scenes, as well as making it possible for creators to monetize their content and apps.
The platform uses MANA and LAND tokens. MANA is an ERC-20 token used to acquire Non Fungible ERC-721 LAND tokens. LAND tokens are basically free NFT slots that can be used to form part of various regions in the Metaverse. In addition to purchasing LAND, MANA tokens can also be used to purchase avatars, wearables and other digital goods on the Decentraland exchange. The MANA token hit an all-time high of $4.69 in October. Currently trading around $3, the altcoin appears to be positioned for further rally as Decentraland Metaverse grows, according to the analyst.
Latest altcoin project SuperFarm (SUPER)
SuperFarm is a DeFi protocol that supports launching new NFTs on the SuperFarm platform without requiring any programming skills. SuperFarm is an NFT marketplace that allows users to create their own NFTs, raise cryptocurrencies for NFTs, create ERC-20 tokens, and connect NFTs to video game items.
SUPER is the utility icon for SuperFarm. It is used for administration, wages, betting and NFT giveaways. Launched in early 2021, the token already has a market cap of over $700 million. SUPER reached its ATH of $4.73 in May and is currently trading at $2.06. The analyst states that its future growth will depend on several factors.