Picking the Right Altcoin in Anticipation of a Bullish Market
The cryptocurrency market, after reaching all-time highs last year, came crashing down throughout most of 2018. The downward spiral resulted in some cryptocurrencies losing anywhere between 90-100% of the gains made during the previous year. The scene has since then changed, and the market has stabilized to a great extent.
As we inch closer towards the end of the year, the community is waiting for the much-anticipated bullish market run that has occurred in the previous years. Historic trends show many of the virtual currencies performing well towards the last quarter of the year. The cryptocurrency industry as a whole has undergone transformation and the growth of assets is no longer dependent on promising ICOs and their whitepapers, but real-world applications of the blockchain platforms and their respective cryptos.
In this new phase, in order to make profits during the bull-run, the community has to conduct sufficient due-diligence while purchasing the tokens.
Choosing the Right Altcoin
The flagship cryptocurrency, Bitcoin is no longer the preferred investment option for traders, unless looking for long-term storage of value. Bitcoin has become the epitome of stability in the cryptocurrency market (excluding stablecoins), as its price is least affected by day to day developments in the crypto sector. This leaves altcoins as the preferred investment option, and there are a few things one has to consider before picking the right altcoins.
A Few Options
Investors should consider actual use cases of altcoins in real-world scenarios, market cap, the reputation of the team behind it and historic trends. Currently, there are three altcoins, Stellar Lumen (XLM), Lisk (LSK) and NAGA Coin (NGC), showcasing huge potential which makes them worth looking into.
Stellar
Stellar is designed as a decentralized financial protocol fueled by its native lumen (XLM) tokens. The platform is positioned as a competitor of Ripple (XRP) and has gained significant ground as of late. Stellar recently announced the official mainnet launch of StellarX – a zero-fee decentralized crypto exchange based on its own protocol.
Lisk
Similarly, Lisk is a blockchain platform that enables developers to create dApps. In recent days, Lisk has relaunched itself and migrated to the mainnet. The Lisk Ecosystem includes components like Lisk Core, Lisk Elements, Lisk Commander and Lisk Hub, which will all be updated.
NAGA COIN
NAGA Coin (NGC) backed by The NAGA Group AG, a publicly traded company, is the preferred currency of the entire NAGA Ecosystem which provides a suite of products and services for the community. NAGA Coin works seamlessly with the predominant fiat ecosystem by enabling users to access funds in three different currencies via USD, GBP, and EUR. NAGA Wallet handles multiple fiat and cryptocurrencies, acts as one application to manage a user’s entire finances within the NAGA Ecosystem. NAGA Card complements the wallet, by providing an easy way to spend the funds, just like any other credit or debit card, all over the globe.
And then there is NAGA Trader – a platform to trade a wide range of instruments including commodities, futures, cryptocurrencies, forex, stocks etc., while NAGA Virtual – provides the necessary trading and marketplace infrastructure for traders, gaming enthusiasts and even game studios to list, sell, purchase and trade virtual products.
Market Cap and Price Trend
When it comes to the use cases, NGC tops both XLM and LSK which signifies a potential rise in demand in the future and hence value. However, XLM tops the charts with a market cap of over $5.5 billion, followed by LSK at $362 million and NAGA at $17 million. XLM is well established and has gained recognition from mainstream financial institutions, and it has been around for a long time. LSK has been through its ups and downs but developers are gradually starting to accept it. NGC being the recent entrant to the segment will still take some time to achieve higher market caps, but signs show that it is sure to get there.
And finally, when the price trend of all the three altcoins over the past few months is considered, NAGA has shown great stability even at times of distress in the market, which certainly works in its favor.
Taking all the factors into consideration, one can pick their favorite altcoin and prepare themselves to make the most out of the upcoming, inevitable bull-run.
The post Picking the Right Altcoin in Anticipation of a Bullish Market appeared first on NewsBTC.
by Guest Author on November 12, 2018 at 10:52PM