A Deep Look Into Altcoins.
Altcoins are a term commonly used to refer to any cryptocurrency that is not Bitcoin. “Alt” stands for alternative, so altcoins are essentially alternative digital currencies.
Bitcoin was the first and most well-known cryptocurrency, but since its introduction, thousands of other cryptocurrencies have been created, each with its unique features, purposes, and technologies.
Altcoins can serve different purposes. In this article, we will discuss all that.
The Nuances Of The Altcoins Market
The cryptocurrency market is currently in a tailspin and no one can predict which crypto will go where. Crypto analysts are grappling with predictions concerning changes in cryptocurrency prices, such as the clasp of a bear market. At this moment, you can only look at the fundamental aspects of a crypto coin to determine whether to buy it or not. Coins with only sound fundamentals will survive the bear market or fall in line for a correction in the long run. Well, who knows!
Everything booms in a bull market even meme coins (those that originated from a meme). The bear market is where the real deal is. Coins that survive bear markets or undergo market corrections are usually the best coins to invest in – an indication of their ability to survive during downturns. As a result, 90% of the coins will get destroyed during a bear market and will be replaced by new coins.
A significant dip in prices is considered the best time to buy. But you have to consider this – We don’t know when the markets will recover, it may take months maybe even years. With the current geopolitical scenario, it can be said with certainty that markets won’t recover shortly future.
The Altcoins In The Cryptocurrency Market
In the meantime what can be done? – Speculation based on research.
Determine where you’d like to invest. If you don’t know where to start. In this blog, we take a deeper look at some of the coins you could look out for. Many of these coins that are listed here are termed Altcoins (coins apart from Bitcoin and Ethereum).
Vulcan Forged (PYR) – Popular Altcoins
Vulcan Forged is a blockchain-based NFT game studio and NFT marketplace. One of Vulcan Forged’s top games is Vulcan Verse, a Play-to-Earn fantasy game. This allows players to own and manage properties while earning NFTs.
Its NFT engine “Anvil” is an unencrypted gas-free (no fees) engine for easy play and onboarding dApps (dApps or decentralized apps) are found on any smartphone and employ blockchain technology to keep users’ data secure and restricted). Its NFT Marketplace “Vulcan Market” is a gas-free marketplace that supports all Vulcan Forged games.
PYR is the native utility token that can be used for staking in VulcanVerse land, upgrading game levels, paying fees for marketplace settlement, earning rewards, and more.
Its floor price is $4.38. It enjoys a market cap of $100 mn.
Axie Infinity (AXS)
Axie Infinity is a Play-to-Earn gaming platform with a digital avatar called “Axies”. Players can own and breed Axies and fightAxesr Axies to earn rewards.
The game has two main tokens – Smooth Love Potion (SLP) and Axie Infinity Shard (AXS). Both can be used to buy land, buy farms, and breed Axies. AXS also acts as a governance token for the Axie platform.
The floor price of Axie as of today is $19.90. The market cap of the coin is $1,128,804,698.
Avalanche is a blockchain system that tackles scalability, security, and decentralization. It was launched in September 2020. Its speed, adaptability, affordability, and accessibility have addressed key concerns in the cryptocurrency industry.
By deploying Avalanche, any smart contract-enabled Decentralized Application (dApp) may surpass its competitors. Avalanche works similarly to Ethereum in terms of functionality. It uses the Proof of Stake (PoS) consensus process, similar to what Ethereum is currently migrating.
Avalanche has recently been plummeting because of its association with LUNA (LUNA is the native token of Terra, a blockchain by Terraform Labs)
which faced a crash as well. AVAX is also going down as a result of the bearish sentiment in the market but the coin has immense potential when it comes to De-Fi (Decentralized Finance). De-Fi is an emerging financial technology based on secure distributed ledgers.
AVAX is currently priced at around $27.
Gala Games (GALA)
Gala is a decentralized game and metaverse project built on the Ethereum blockchain. This project aims to bring control back into the hands of the community. Gala wants users to determine the direction offavoritevourite games, rather than letting the developers guide them. All games are immersive and comprehensive, so anyone can play them. It also includes the use of NFTs, as players own all the items they receive. This means that players can exchange and sell items at any time inside and outside the GALA platform.
Gala uses the Founder Node voting mechanism to encourage the community to make decisions to plan the game. Gala has released its groundbreaking game Town Star and NFTs undcollectiblesctables.
Gala Games is currently valued at $.80 per coin.
Elrond is a blockchain platform focusing on improved blockchain speed, scale, cost, and user experience. Its in-house token is called Elrond eGold or EGLD.
It uses a SPoS, Secure Proof of Stake consensus mechanism. Not only is it an energy-eff nutrient, but it also guarantees long-term security and distributed equity. It helps eGold staking verifiers protect their networks and earn rewards. By supporting the most popular programming languages and flexible tools, the smart contract platform features an easy-to-integrate blockchain with unmatched scalability, speed, and low transaction costs.
The price of the EGLD is currently $83.85. About 22 million EGLD coins are in circulation, and the maximum supply is about 31.4 million.
Finally, How To Buy And Trade Altcoins?
- Now that you have an understanding of various altcoins, let us see how to buy and trade them –
- Get on an exchange. Exchanges Binance and Coin DCX are a gateway to buying cryptos.
- Once you have the exchange App on your smartphone or laptop, complete the process that involves KYC.
- After your account has been made you can transfer fiat currency, whose value is backed by the government, to your exchange wallet. There are many options to transfer fiat currency, for example, UPI, Net, banking, etc. Different exchanges facilitate a different variety of transfer methods.
- Once you have fiat in your wallet you can now start buying the coins that you desire and also trade them.
Cryptocurrency is a new and volatile investment, and investors must have a long-term view, and avoid any rash decisions each time there is a price swing.