Cryptocurrencies are volatile. But volatility in price does not mean that the linked assets would not be a wealth creator for the investor. Cryptos are all about investing and booking profit at the opportune time.
In the not-so-good 2022 so far, are there any altcoins that have returned well? The fact is most altcoins mirrored the downward slide of Bitcoin in the initial weeks of 2022. But lately, Bitcoin has regained at least some ground, and so have many altcoins.
Let’s know about five top-performing altcoins over the past one week.
1. FTX Token (FTT)
The FTT token ranks among the top 30 altcoins by market cap on CoinMarketCap. It is linked to FTX, a cryptocurrency derivatives platform.
Launched in 2019, the FTX exchange claims to have an edge over other crypto futures trading platforms. It has a mechanism where settlement is done using stablecoins, which is different from the fragmented collateral mechanism in some other derivatives platforms.
The FTT token is one of those altcoins that are trading at a price higher than its price at the start of the year. The market cap of the FTT token is approximately US$6.1 billion, and the price per token is US$44 as of now. Over the last one week, FTT has gained over 20 per cent.
2. Decentraland (MANA)
A popular metaverse token, Decentraland regularly makes news for its virtual real estate. Decentraland, alongside The Sandbox and Axie Infinity, was a token that rallied last year when Mark Zuckerberg announced his Meta move. Samsung recently announced the launch of its virtual reality store on Decentraland metaverse.
The MANA token of Decentraland is up almost 20 per cent over the past one week. It is trading at nearly US$2.70 as of now.
Also read: 5 key crypto predictions for February 2022
3. Tezos (XTZ)
Tezos is a leading blockchain network that allows developers to deploy smart contracts. A rival to not just Ethereum but also Solana, Fantom and other blockchains, the Tezos network claims it does not require a hard fork. XTZ serves the same purpose in Tezos as Ether in Ethereum.
The blockchain claims that XTZ token holders can participate in the governance of the network. Staking of tokens can be done to vote on proposals. XTZ has gained nearly 25 per cent over the past one week, and it is currently trading at nearly US$3.7.
Also read: Crypto Catch: Bitcoin bounces back but has it bottomed out?
4. Solana (SOL)
After a stellar run in 2021, Solana has become a close watch for crypto enthusiasts. Solana’s blockchain is often termed ‘Ethereum killer’, but there are multiple other networks like Fantom and Cardano that are competing with Ethereum dominance in the DeFi and DApps development space.
So far in 2022, the SOL token of Solana has lost value. But a rebound seems to have started. It is up almost 15 per cent over the past one week. SOL is trading at almost US$110 as of now.
Also read: 5 NFT cryptos to watch in February 2022
5. The Sandbox (SAND)
The Sandbox is a metaverse gaming token that boasts of SoftBank as one of its backers. The metaverse made news recently after it announced a partnership with Warner Music. This could be the beginning of a virtual musical universe underpinned by blockchain.
The Sandbox is one of the top metaverse tokens with a market cap of nearly US$3.6 billion. It is trading at nearly US$4 as of now, and the price has gained almost 25 per cent over the past one week.
Also read: Kraken vs Coinbase vs Gemini- What unique features do they have?
Data provided by CoinMarketCap.com
Viewpoint
In cryptos, there is little certainty of what’s coming. Some analysts anticipated Bitcoin breaching a price level of US$100,000 by building on its 2021 price gains. However, Bitcoin and most altcoins are so far trading below their all-time high prices.
Secondly, there are other altcoins that have gained much more than the above five over the past week. However, such altcoins, for example, the DOGEFOOD crypto, have a very low market cap. These altcoins can see prices fluctuating in any direction. The above five are high market cap altcoins. All of these are linked to projects with defined utilities like metaverse or blockchain networks. That said, whether the coming days bring more price appreciation is a wait-and-watch game.