The altcoin craze among investors may result in a surge in the values of these digital assets
Bitcoin’s recent surge has taken the cryptocurrency world by storm. It breached the $50,000 mark again a few days ago and has continued to stay over the psychological level since. Bitcoin, the world’s largest and oldest cryptocurrency, has left analysts wondering whether or not it will be able to keep its price intact. There are also speculations over a surge in the prices of altcoins. Altcoins, or Bitcoin alternative cryptocurrencies, are showing a stellar performance on the charts, with some long-time competitors like Ethereum still competing for a growing market cap.
Given that altcoins and NFTs saw hype among investors over July and August, the cryptocurrency scene could witness unexpected surges on these fronts.
Here are some altcoins, whose prices may rise in days to come:
Ethereum (ETH): At the time of writing, Ethereum’s price hovered around $3,732.40. Over the last week, Ethereum or ether rose in value by 12.34 per cent. It has seen steady growth over the months, making the speculations stronger.
Cardano (ADA): Cardano is the other big name that may see a surge in price in the future. It ranks third, with a market cap of $84 billion. The coin witnessed a stark rise this May when Tesla stopped taking payments in Bitcoin due to the large electricity expenditure over its mining. ADA reached new heights as investors found an environmentally sustainable alternative in it. An update this month will bring smart contracts to its blockchain and more investors may get interested in it. A price rise won’t be surprising.
Chainlink (LINK): Chainlink ranks 12 on the charts. But its popularity among investors and on social media is grabbing eyeballs. Over the last 7 days, it has seen a rise by almost 23 per cent in value. Its value rests at around $32 per token currently. Sites like Coin Quora and others suggest a bullish target for LINK and expect it to cross the $50 mark within a year.
Dogecoin (DOGE): The meme currency was made popular by the likes of Tesla CEO Elon Musk. It rose to prominence in the past few months. Now, it’s one of the cryptocurrencies that is considered to be a viable investment option. In 2021, the cryptocurrency returned more than 8,000 per cent.
Avalanche (AVAX): Alongside Cardano and Dogecoin, this altcoin has received a lot of attention in 2021. It has a maximum supply of 720 million. In August 2021, its value tripled. In fact, since its inception in September 2020, the coin has returned a whopping 2,440 per cent.
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