3 Cryptocurrencies Ready To Go Off This Year: Experts
Cryptocurrencies are growing in popularity day by day, making numerous headlines. Even though we just entered the second quarter of the year, there have been several noteworthy developments in the crypto industry.
The turmoil of the sudden market fluctuations in May affected several digital assets. However, most of them are bouncing back and are all set to begin their bullish rally. According to experts, these three cryptocurrencies have shown consistent developments and are ready to go off this year. So let us dig a bit deeper into a few significant factors that fuel their massive rally.
3 Cryptocurrencies Ready To Go Off This Year
#1 Cardano (ADA)
The growing concerns over the sustainable nature of cryptocurrencies have put green coins like Cardano into the spotlight recently. Unlike Bitcoin or Ethereum, Cardano employs a Proof-of-Stake (PoS) model. This consensus method allows only a fraction of people who own Cardano to mine ADA, which dramatically reduces its energy consumption.
Charles Hoskinson designed the Cardano platform to support fast transactions with minimal fees in an eco-friendly manner. It is a viable competitor of the Ethereum platform and strives to provide its compelling features like robust smart contracts.
Cardano is known for its dedicated team, which has almost 100 to 150 developers actively working on the project and pushing around 700 commits per week. This makes ADA one of the most actively developed projects in the blockchain sector today.
The meteoric rise of the ADA token over the past few months has attracted some of the expert investors and celebrities in the market. Gene Simmons, the iconic bass player and popular cryptocurrency investor, is one of the celebrities who have shown interest in Cardano. Through his recent tweet, Simmons announced that he has invested almost $300,000 into Cardano (ADA) and believes in its future.
Yet another celebrity who has shown keen interest in ADA recently is Mark Cuban. He was engaged in a Twitter conversation with Cardano’s CEO, Charles Hoskinson, in May. Cuban was curious to know about the potential features of ADA, for which Hoskinson gave a detailed but brief pitch in just one tweet.
Most crypto experts believe that Cardano is one of the most undervalued cryptocurrencies in 2021. It has also announced a noteworthy partnership with the Ethiopian Ministry of Education recently. Cardano’s efficient blockchain technology is utilized to create a tamper-proof-record for 5 million students and teachers in the sector. Along with offering them a unique identity, this will also give them a verifiable record of their academic achievements, useful for their future endeavours.
Experts say that Cardano is one of the 3 cryptocurrencies ready to go off this year with such a real-world use of blockchain technology and a strong team behind it.
#2 Algorand (ALGO)
Algorand is a unique project in the crypto space that is equally scalable, secure, and a decentralized cryptocurrency and smart contract platform. It was designed to be a payment-focused network that processes rapid transactions and offers a strong focus on achieving near-instant finality. As a result, ALGO processes over 1000 transactions per second (TPS) and achieves finality in less than five seconds.
Algorand has almost no probability of forking. That quality is significant in establishing it as one of the best blockchain networks available today. This is also one of the many reasons why the Algorand blockchain was chosen as the underlying technology for Marshall Island’s first Digital currency.
Jim Wagner, the SFB co-founder, and Chief Technology Officer, said in a statement that “Algorand had been selected following extensive market research among the leading protocol options.”
Moreover, Algorand solves the blockchain trilemma with its unique Pure Proof of Stake (PPoS) protocol. On top of that, PPoS is a carbon-neutral and eco-friendly protocol that does not rely on high energy-consumption needs, unlike Proof of Work (PoW) chains. Therefore, Algorand was designed to be a sustainable green coin and is setting off its carbon footprints in partnership with ClimateTrade.
Francisco Benedito, the CEO of ClimateTrade, said that “Clean energy and addressing climate change are priorities for the United Nations, global organizations and governments alike. Algorand has a very low carbon footprint, to begin with, and we are inspired by the leadership role the organization is taking to ensure the next generation of blockchain adoption is environmentally friendly.”
Algorand also has entered into a unique partnership with Exodus - a company focused on making cryptocurrency accessible and easy for a wider audience. The company has planned to issue its security tokens on the Algorand blockchain, expanding its access to the ever-growing Digital Security Ecosystem.
JP Richardson, Co-founder and CEO of Exodus has stated, “Exodus is ecstatic to partner with the Algorand team since its tech provides a rich Layer-1 with many exciting use-cases to power next-generation decentralized applications for our customers. Even better, the team built a modern marvel in Layer-1 scalability."
Additionally, prominent digital asset management firm, Arrington Capitals, has recently announced the launch of a $100 million fund for bets on projects building on the Algorand blockchain.
Michael Arrington, founder of the TechCrunch blog and Arrington Capitals, opines that “Our LPs (limited partners) include several parties who align with the Algorand vision and want to support the expanding ecosystem, with new offerings.” We may also bring on additional investors. Additionally, I am personally investing in the fund.”
#3 Ethereum (ETH)
There is a ton of money flowing into DeFi projects, one of the hottest trends in the crypto space. This is one of the many reasons for the significant rise in the price of Ethereum recently. Almost all major DeFi projects are built on top of Ethereum, the go-to platform for developers.
Bill Noble, the Chief technical analyst at Token Metrics, said, “Ethereum serves two purposes: One, it acts as money and can be a store of value. But Ethereum is also like a highway for decentralized finance.”
Ethereum investors and enthusiasts opine that there are majorly two reasons for a bullish rally for ETH. One is undoubtedly the increasing popularity of blockchain-based financial services and the second is the major upgrade in its technology, the Ethereum 2.0, which is expected to be released by the end of this year.
Tegan Kline, the co-founder of blockchain software company Edge & Node, reported that “Ethereum will likely exceed Bitcoin at some point in the future, as Ethereum will be superior when it comes to innovation and developer interest.”
ETH 2.0, with its new concept known as sharding, will process faster transactions and make the network more secure, scalable, and energy-efficient. In addition, Ethereum will be able to do a wide rollout of smart contract execution once the update is complete.
Carl Beekhuizen, an Ethereum Foundation researcher, said that with the transition to Proof-of-Stake (PoS) from the Proof-of-Work (PoW) system, Ethereum would consume less energy than Bitcoin.
Also, former Goldman Sachs employee and Vision Group CEO Raoul Pal is expecting big gains from Ethereum and has a highly bullish prediction for ETH coin in 2021. In his tweet, he also mentioned that the fundamentals and growth of Ethereum are the same as Bitcoin 5 years ago, boosting its popularity worldwide.
Therefore, with a significant upgrade in the pipeline and rising interest from investors worldwide, experts believe that ETH is one of the cryptocurrencies ready to go off in 2021.
Don't Miss: Why Ethereum Will Skyrocket
In short, cryptocurrencies are taking over the world of finance with advanced blockchain technology. As a result, several growing companies have also started accepting cryptocurrencies as a legitimate means of payment globally. This phenomenon shows no sign of stopping any time soon. Therefore, according to expert opinions, the 3 cryptocurrencies mentioned above are ready to take off this year and will be a great addition to your investment portfolio.
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