BigONE View: 3 cryptocurrencies to watch in August
Despite the fact that new cryptocurrency projects appear regularly, you should approach cryptocurrencies with caution as investors. When looking at new cryptocurrencies, you should also look at previous coins that have stabilized. Ideally, your crypto-asset investment should amount to 5% to 10% of your whole investment. BigONE recommends that investors invest most of their crypto assets (60 percent or more) in safer and more mature cryptocurrencies such as BTC, ETH, or ADA within this range.
If you want to diversify and explore lower-value cryptocurrencies, although you may get higher returns, you also need to take greater risks. There are risks in cryptocurrency itself, and many cryptocurrencies have ceased to exist, so it makes sense to weigh your portfolio proportion accordingly.
The following are three cryptocurrencies that BigONE believes to be worth watching in August:
August is an important month for Ethereum, which is why it is at the top of the list of cryptocurrencies to be watched by BigONE this month. Ethereum will launch its long-awaited and controversial hard fork on August 4, the London upgrade. The hard fork is a major change in network programming, and its appearance will completely make the old version.
It is important to differentiate the London upgrade from the major Eth2 upgrade, which will address some of the token’s scalability and sustainability difficulties. Vitalik Buterin, co-founder and developer of Ethereum, recently claimed that the full deployment of Eth2 might not be completed until 2022. Nonetheless, the hard fork remains critical for Ethereum. According to relevant information, these improvements can lower the amount of Ethereum in the market, shorten transaction times, and normalize fees without involving technology. Ethereum transaction fees fluctuate depending on how busy the network is, and excessive fees have caused some developers to switch to other cryptocurrencies.
There are benefits and drawbacks. These modifications will cut the fees charged by miners and may dampen their enthusiasm. On the contrary, it may lengthen transaction times and introduce security issues. Furthermore, any large upgrade carries the possibility of technological failure. If a malfunction happens, the entire ALT currency market may go to sleep and eat. Many tokens, in particular, are built on the Ethereum platform, resulting in extremely complicated stakes. As a result, in August, all eyes will be on Ethereum.
After learning that Ethereum will not be fully upgraded to Eth2 until next year, focus on other programmable blockchains. Algorand is one of several interesting cryptocurrencies in this industry. It is faster, cheaper, and more environmentally friendly than Ethereum, with average transaction costs of less than a cent. According to its official website, Algorand can now perform 1,000 transactions per second (TPS), with a capacity of 46,000 planned later this year. Ethereum’s current processing speed is at 15 TPS, and it could reach 100,000 TPS when Eth2 is eventually released.
Silvio Micali, an MIT professor and Turing Award recipient created Algorand. Its team is made up of academics and business experts who have created their own proof-of-stake blockchain. Proof of equity is a more ecologically friendly approach for investors to maintain network security, which means that all boys can obtain pledge rewards through pledges.
There are significant similarities between Algorand and Cardano. Cardano is a public blockchain platform that is open source and decentralized, and it has attained consensus through proof of equity. Through its own cryptocurrency Ada, it can support peer-to-peer transactions. Charles Hoskinson, the co-founder of Ethereum, established Cardano in 2015. However, Algorand differs from Cardano because it has been released and is operating its smart contract function. A smart contract is a small code that exists on the blockchain and makes it programmable, allowing developers to create applications and new cryptocurrencies. Cardano is set to release this feature in September of this year.
Since the recent price increase of Axie Infinity (AXS) is crazy, many investors think that now is a good time to pay attention to other games and NFTs. NFTs are digital collectibles that Enjin users can build, own, and use. For example, Enjin collaborated with Microsoft and the video game Minecraft earlier this year to create unique NFT heroes that players can use in the game.
Another interesting aspect of Enjin is its commitment to sustainability. It has signed a cryptocurrency climate agreement and plans to launch a carbon-neutral NFT by 2030. Last month, it announced the first NFT company to join the United Nations Global Compact. According to BigONE’s knowledge, this may be the world’s largest corporate sustainability initiative. The environmental cost of Bitcoin is still a problem that many investors and NFT creators need to face, so eco-friendly cryptocurrencies deserve attention.
Gaming is a promising blockchain field, especially because players may have NFTs as game assets. In the past, if the player bought something in the game, then it only belonged to the game. The magic of NFT is that the player can also own them in the real world and trade them for revenue. However, it should be noted that the game is unpredictable and subject to trends. So far, when running complex games, the relatively slow transaction speed of the blockchain may hinder its development.
BigONE global cryptocurrency exchange is always interested in cryptocurrencies that have a clear purpose and are kind. We recommend that you carefully examine the cryptocurrencies that BigONE is paying attention to in August. They can give you a better understanding of interesting cryptocurrencies and some of the things going on in the cryptocurrency world.
BigONE reminds investors that it is critical to conduct thorough research and study before purchasing cryptocurrency. After you understand your interests, risk tolerance, and financial situation, you can make sound decisions and reap the benefits of cryptocurrency.
BigONE is a global cryptocurrency exchange that provides a platform for trading various cryptocurrencies. It was founded in 2017 and registered in the Netherlands. The group operates in Russia, Brazil, Vietnam, Seychelles, Singapore, Japan, and Indonesia, providing marketing, investment, and blockchain technology research & development.