Forget Bitcoin And Keep These Three Altcoins on Your Radar for January
The world’s largest cryptocurrency Bitcoin has been trading under pressure for a while and is currently around $41,500 levels. The recent market correction has sent jitters and dampened investor sentiment, however, these three cryptocurrencies could be a game-changer ahead this month.
Let’s break the ice straight up as we are talking about Terra (LUNA), Polygon (MATIC), as well as Chainlink (LINK).
1. Terra’s LUNA
Terra’s LUNa touched an all-time high of $100 last month and since then it has corrected 30% so far. However, it has changed its trajectory once again over the weekend. As of press time, LUNA is trading 3% up at a price of $72.00 and a market cap of $26 billion.
Terra’s LUNA still seems to have a lot of juice left in it if we look at the rapid growth of its own stablecoin TerraUSD (UST). The UST stablecoin is already among the top 20 cryptocurrencies by market cap. This is because the UST stablecoin has found a lot of applications across DeFi and is used on platforms like Curve Finance, Avalanche, Fantom, etc.
The deflationary mechanism that LUNA shares with UST are pretty interesting. So every time one uses the UST stablecoin, a part of LUNA is burnt. Thus, the more the UST is minted, the lesser the supply of LUNA becomes driving its price higher. Thus, we believe the recent correction could be a good bargain for any fresh entries.
2. Polygon (MATIC)
The Polygon (L2 Ethereum) has been benefitting a lot due to the high gas fee on Ethereum and it will continue to do so ahead. Polygon’s MATIC was one of the top performers in December 2021 last month by hitting an all-time high of $2.84.
Since then, MATIC has corrected by more than 30% and is currently holding just above $2.0. Polygon is undergoing major expansion by implementing strong technology like the zk-Rollups. As per the recent update, the 0xPolygon bridges have also witnessed $500 million of inflows during the last week of December.
During the last week of December 2021, nearly 2 million smart contracts were deployed on Polygon compared to just 105k for Ethereum. This shows Polygon is becoming the preferred network for blockchain enthusiasts. It won’t be a surprise if MATIC shoots all the way to $10 and enters the top ten crypto-list this year or just in the coming months.
3. Chainlink (LINK)
Oracle service provider Chainlink (LINK) has been working hard to defy the market trend. Despite downward market pressure, LINK has been inching upwards. As of press time, LINK is trading 4% up at a price of $27.
The possibility of LINK rallying ahead this year is high due to some key developments. Last year, Chainlink attained a major milestone of $75 billion in Total Value Secured (TVS) which makes it the second most value-securing form of decentralized consensus across the DeFi ecosystem.
Another milestone is that more than 1000+ projects are now a part of the Chainlink ecosystem with more than half of them getting integrated in 2021. We expect LINK to rally higher on the heels of such key developments.Source