The 5 ‘Lesser Known’ Cryptos Made Headlines In The 1st Week Of January - Our Picks
- Algorand (ALGO)
- Cardano (ADA)
- Near Protocol (NEAR)
- Solana (SOL)
- OKB (OKB)
A Closer Look At The 5 ‘Lesser Known’ Cryptos Made Headlines In The 1st Week Of January
As the first week of 2023 ends, most cryptocurrencies have traded in the green zone after massive sell-offs over the past year. Notably, some assets aim to build on the fuel that has inspired a mini-rally as a foundation for sustained gains.
In particular, several digital currencies are already standing out. Below are the top cryptocurrencies that made headlines in the first week of January.
Algorand (ALGO) is a decentralized crypto platform that is used to develop decentralized software and entertainment. The Algorand (ALGO) network is recognized as self-sustaining due to its innovative technology, and since its launch, its user base has significantly increased.
The native currency of the network, ALGO, is intended to reward operators while safeguarding the network. Pure proof-of-stake (PoS) is the initial consensus algorithm that Algorand employs. In contrast to traditional PoS, where several tokens must be staked at a considerable cost, customers just need one ALGO coin.
With competitive advantages being key to standing out in the digital currency arena, Algorand doesn't skimp on speed. If you thought Avalanche was impressive with 4,500-plus TPS, you're going to love Algorand, which boasts a throughput of approximately 6,000 TPS and a block finality of a few seconds.
Maybe the biggest differentiator for Algorand is the project's focus on interoperability. Algorand's developers recognize that there are a lot of different blockchain networks, and many of these blockchains won't work with each other. Within the financial space, Algorand is using its layer-1 blockchain to act as a bridge between these projects.
Additionally, Algorand has shunned the traditional proof-of-stake consensus mechanism in favor of pure proof of stake (PPoS). With PPoS, people who hold ALGO tokens are chosen at random to vote on various proposals and create new blocks. PPoS is designed with security in mind while maintaining scalability and decentralization.
Across 2022, Cardano (ADA) attained several milestones, with the network recording sustained development activity that is considered a key catalyst for a possible price rally. Consequently, in the first week of 2023, ADA’s price has gained double digits. It is worth noting that Cardano’s value has mainly followed the general market sentiment in its price trajectory.
Interestingly, ADA has rallied despite the Cardano network being embroiled in an NFT controversy. In particular, founder Charles Hoskison was at the center of attention after initially declining to buy an NFT that he had used for his profile picture on Twitter.
Although the rally trigger cannot be instantly identified, ADA’s gains can partly be linked to the Cardano DeFi ecosystem expansion. In this line, ADA’s total locked value has recently witnessed minor gains.
At the same time, investors’ interest in ADA might be increasingly triggered by sustained whale activity in the token. In the meantime, Cardano continues to rank among cryptocurrencies with the highest development activity on GitHub. Overall, ADA is the center of attention and made headlines in the first week of January.
NEAR Protocol (NEAR)
Near Protocol (NEAR) is a tier-one decentralized application (dApp) platform that validates transactions on its blockchain using a proof-of-stake (PoS) process. According to its whitepaper, it is a community-run cloud infrastructure for delivering and maintaining decentralized apps. It combines aspects of a decentralized database with a serverless computing platform.
Additionally, the protocol has released several improvements to its network, including NFT Marketplaces and a music streaming service. Numerous artists and developers are using the protocol, utilizing its network to construct dApps.
The NEAR token may be valued 10x soon after a series of rallies as whales continue to drive higher prices. Given its unique features and price history, experts believe NEAR is likely to surge in value soon, making it one of the top cryptos that made headlines in the first week of Jan. At the time of writing, it is valued at $1.62.
One of the booming digital assets in the cryptocurrency industry is Solana (SOL), and it has been around for some time. A wide spectrum of consumers will be delighted with the platform’s service and products thanks to the proof-of-stake (PoS) protocol.
In order to replace Ethereum, the most popular cryptocurrency token, which was already having issues with its blockchain operations, Solana (SOL) was introduced. Despite Ethereum’s numerous DeFi tools and applications, blockchain problems overloaded consumers. Gas prices were greater, and user traffic frequently caused the network to slow.
Solana (SOL) overcame the issue of high transaction fees by using less energy. This is one of the main differences between proof-of-stake (PoS) and proof-of-work (PoW) protocols. Additionally, the Solana blockchain provides scalability features that enable it can handle additional processes and network traffic.
The Solana (SOL) network’s ability to host numerous DApps on its servers and, later, NFTs after the developers added an NFT marketplace to the existing protocol was another significant selling point.
OKB is the brainchild of the OK Blockchain Foundation and a Maltese cryptocurrency exchange known as OKEx. OKB was launched in 2017 and is currently third in terms of liquidity and ranks fourth in trading volume globally. Users can choose from a wide variety of trading pairs.
OKB is similar to Binance, although it boasts a cloud mining solution, unlike Binance. The utility token, OKB, grants users direct access to the platform’s special attributes. Holding the token gives users governance rights, which means they can vote for or against proposals put forth by developers. It is currently one of the cryptos making headlines.