Four Cryptocurrencies To Watch in June
The first half of 2022 has been a tough time for crypto investors. Bitcoin (BTC) is down more than 50% from its November all-time high, and many altcoins have lost significant value. A project with many developers and a program of rolling upgrades is a good indicator that can survive long term. With this in mind, BigONE believes there are four cryptocurrencies to watch in June 2022.
Cardano is a surprising and controversial cryptocurrency. Some investors like Cardano’s slow-and-steady approach. But others were frustrated that it didn’t produce desired results. However, Cardano is an attractive cryptocurrency from a long-term perspective of cryptocurrency durability.
Also, Cardano is not far off from the Vasil upgrade. This upgrade will add many utilities to the Cardano blockchain by increasing network capacity and overall performance. However, the Vasil upgrade has been postponed in order to resolve a number of outstanding bugs. To confirm, the main objective of the Vasil hard fork is to enhance scaling by including pipelining that will improve block diffusion. Cardano launched the intelligent contract feature last September but developing applications in its ecosystem will take time. The upgrade is another crucial step in its network ecosystem’s progress. “The delay did not cause any negative sentiment among investors, price data suggests. Cardano’s ADA tokens were up 5.6% in the past 24 hours, outperforming Bitcoin’s 3.9% rise,” confirmed CoinDesk.
Cosmos founded in 2014 by Jae Kwon (no relation of Terra’s Do Kwon) is a top 50 cryptocurrency that is upgrading. Cosmos is interoperable blockchain networks that help blockchains communicate. Theta went live in April, and Rho is expected to go live by June. “The future of blockchains is likely a multi-chain future, which means the blockchain that solves interoperability between blockchains has a massive opportunity. Cosmos (ATOM-USD) is in pole position to be the “blockchain of blockchains” in a multi-blockchain world,” according to a review by Seeking Alpha.
According to Cosmos, 49 blockchains have implemented the Cosmos SDK to build their blockchains, totaling $66 billion in market cap. The standout blockchain built using Cosmos SDK was Terra. The recent collapse means a reduced demand for the overall Cosmos hub ecosystem. “Importantly, the LUNA/UST collapse has no structural or security impact relative to ATOM-USD or the Cosmos ecosystem”, confirmed the Seeking Alpha report.
Polygon is a Layer 2 Ethereum solution aggregator, sitting on top of existing blockchains to improve their performance. Ethereum has struggled with high gas fees and network congestion since its launch, and Polygon offers developers a choice of solutions that meet their individual needs.
Ethereum is undergoing a significant upgrade with the ‘merge’, and this upgrade will address some of these issues. But it’s been a slow process, and the next stage that’s going on now is the merger, which is exciting for a lot of people but also worrying for some because the merger has been delayed several times before that. The current Ethereum upgrade is slated for 2023, but it’s worth noting that Polygon will still function even after the upgrade is complete. It will be able to make the Ethereum network faster and work with transaction-intensive protocols like blockchain games and NFTs.
However, as noted in the investment community that price of the MATIC token is set to post its eight straight week of losses. “The descent has been so ferocious that Polygon price is trading in the danger zone and is rapidly nearing its last and final support before becoming questionable of having a future still in cryptocurrencies,” remarked a piece in FX Street.
Polkadot is another interoperable blockchain with a lot of developer activity. Like the other cryptocurrencies listed earlier, Polkadot is available from the BigONE cryptocurrency exchange. It has a thriving ecosystem and several exciting projects in development.
Although the price of DOT has dropped compared to before the slot auction, the activity and progress of its blockchain will not be stalled. For example, Acala, a DeFi hub running on the Polkadot system, recently announced a $250 million fund to support the development of its network. Other Polkadot-based projects also announced some big partnership deals in April. “DOT’s strong support is a healthy sign of prevailing investor sentiment regarding its current price level. It may also provide a ramp on which the price may bounce from. However, this does not guarantee that the market will not experience more sell pressure in the next few days, potentially leading to more downside,” concluded a report in AMBCrypto.
While this is a good approach, the premise is that these cryptocurrencies can perform well over the long term. There is no point in buying a cryptocurrency trading for more than half its all-time high if the price eventually drops to zero. However, if its price eventually recovers and revisits its highs, you’ll get a good return.
On balance BigONE believes that June remains a time for investors to be cautious. In 2018, many cryptocurrencies did survive prolonged price downturns, which could happen again. In the long run, investors should research crypto projects that have the potential to be durable. Despite their faltering prices, the cryptocurrencies listed above continue to make advancements.