Markets
Top Cryptocurrencies To Watch In 2023 – Forbes Advisor Australia
As the cryptocurrency landscape evolves, some projects stand out for their innovative approach and substantial growth potential.
Here are some cryptocurrencies to watch for 2024:
Immutable X (IMX)
Immutable X has quickly gained prominence in the blockchain gaming sector, an area that Baktyary considers “the most funded sector in the crypto space in 2022 and 2023.” The significant funding underscores the sector’s vast potential and investor interest. Immutable X’s strategic partnership with former competitor Polygon has been a game changer. Together, they now dominate approximately 80% of the blockchain gaming market.
“Previously competitors, Polygon and Immutable X now occupy a dominant position, with most crypto games being developed within their combined ecosystem,” Baktyary notes.
This partnership transformed Immutable X into a central hub for blockchain gaming, not just focusing on one game but facilitating the development of over 200 games.
“They don’t just create one game; they become the hub for games built on the blockchain.” This holistic approach increases the likelihood of significant success in the gaming industry,” Baktyary says.
Additionally, Immutable X has partnered with industry leaders such as Amazon Web Services (AWS) and Ubisoft, and offers games on the Epic Games Store. These collaborations demonstrate the project’s strong commercial development and potential for widespread adoption.
Another key feature of Immutable X is its focus on zk-rollup technology, which improves scalability, security, and user experience. This positions Immutable X at the forefront of technological innovation in the crypto space. “They are one of the pioneers of zk technology,” Baktyary adds, “which opens doors to much more than what the market is currently seeing.”
Polygon (MATIC/POL)
Polygon, in partnership with Immutable X in the gaming space, stands out for its broader contributions to blockchain technology. Its widespread adoption of the Chain Development Kit (CDK), more familiarly referred to as the Polygon stack, demonstrates the robustness and versatility of its technology.
“The adoption of the Large Chain Development Kit marks Polygon’s significant presence in blockchain infrastructure,” says Baktyary.
Polygon’s introduction of Polygon 2.0 adds a multi-layered structure to its protocol, with a notable layer being the staking layer. This layer uses Polygon’s native token and allows validators to earn rewards, including transaction fees, from the chains they validate.
“Polygon (Staking Layer) offers validators the potential for additional revenue streams,” Baktyary explains.
Additionally, Polygon is a leader in zero-knowledge technology, with its zkEVM already operational. This technology improves the privacy and scalability of blockchain transactions, making Polygon a pioneer in this field.
Polygon is also making strides in scalability by transforming its PoS chain into Validium, including experimenting with parallel execution. This move further improves the network’s efficiency.
“Polygon’s transition to Validium demonstrates its commitment to advancing blockchain scalability and alignment with Ethereum,” says Baktyary. Its technological advancements and strategic focus underscore Polygon’s role as a pioneer in the blockchain ecosystem.
Optimism (OP)
Optimism (OP) stands out as a significant player in the blockchain space, with several key achievements highlighting its importance in the evolving cryptocurrency landscape.
One of Optimism’s major accomplishments is its success in stack adoption, where it ranks second only to Polygon. In the blockchain world, a “stack” refers to the layered structure of technology solutions and protocols that build on top of each other to create a complete system. In this context, the Optimism stack refers to its core codebase that is used to help bootstrap other Layer 2 blockchains within the Optimism ecosystem.
Baktyary says, “Optimism has the second-highest public stack adoption among Layer 2 stacks, after Polygon, including strong customers such as Coinbase, who are committed to maintaining the integrity of the stack.”
This high level of adoption is a testament to the confidence in Optimism’s technology and its potential for large-scale application and integration across different blockchain platforms.
Another important development for Optimism is its partnership with Coinbase, one of the largest cryptocurrency exchanges. This collaboration, with Coinbase using Optimism’s stack, is a testament to the project’s security and technological robustness, Baktyary notes, and “is huge from a security perspective.” The relationship strengthens Optimism’s credibility and extends its reach to a wider audience, thereby driving further adoption.
In terms of governance and community engagement, Optimism has made notable progress and has received plaudits from the crypto community. The success of Optimism’s governance model was even highlighted in a Stanford Articleindicating a mature and thoughtful approach to community involvement in decision-making processes.
Baktyary adds that the Optimism team appears to be strongly aligned with the Ethereum ecosystem, demonstrating its adherence to the core values of blockchain, which resonate with a significant portion of the market.
Like Polygon and Immutable X, Optimism is also at the forefront of technological innovation with its advancements in zero-knowledge (zk) technology.
“Optimism’s Bedrock upgrade enables support for multiple runtime layer clients and an abstraction of the proof system, allowing for a rollup across the OP stack to use either a proof-of-failure or proof-of-validity system,” Baktyary explains.
“This upgrade is Optimism’s first step towards adopting zk technology.”
Clean diaper
Another project that is attracting attention for its pioneering technology is EigenLayer.
The project is bolstered by the prospect of a user reward system, a move that Baktyary says is aimed at rewarding early adopters.
“EigenLayer doesn’t have a token yet, but its points system and the introduction of projects like EigenDA have led the market to speculate that there could be an airdrop in the future,” he says.
The cornerstone of EigenLayer’s innovation is its revolutionary Active Validation Services (AVS) technology.
This technology benefits a variety of applications, from data availability layers to Oracle networks, by allowing them to benefit from external validator sets, thereby reducing the cost of securing and verifying their networks.
“AVS is a huge new primitive that allows the security of a blockchain’s validator to be exported to a whole new set of software and use cases,” Baktyary explains.
EigenLayer’s ability to export validator security can also help improve ecosystem interoperability. Previously siloed networks and ecosystems would have to bootstrap their own validator set, typically with high token incentives, and while running the risk of a somewhat centralized validator set. Now, early-stage networks could simply extract their validator security from another network that has already solved these blockchain issues early on.
By addressing critical issues within the Ethereum ecosystem, particularly around staking providers, EigenLayer offers a solution to bring balance and enhanced security.
“EigenLayer can help encourage a cap system for staking providers with a majority share of validators such as Lido; a topic that has been a hot topic of debate within the Ethereum ecosystem,” Baktyary explains.
Additionally, EigenLayer’s advancements could enable scaling solutions like Validiums and potentially expand the use of Ethereum validators to secure other blockchains, including Solana and Cosmos. This development represents a leap forward in blockchain scalability and security, which Baktyary sees as a crucial step toward the broader application of Ethereum’s technology.
“EigenLayer can help enable Validiums with projects like EigenDA, and can theoretically have blockchains like Ethereum secured on alternative layer 1 blockchains, such as Solana,” he says.
Over the past 24 hours, Jupiter and JasmyCoin emerged as the top gainers among the top 100 crypto assets, while Bittensor and Mantra plunged as the top losers.
Top Winners
Jupiter
Jupiter (JUP) led the charge among the biggest gainers on July 27.
At the time of writing, the crypto asset had surged 12.6% in the past 24 hours and was trading at $1.16. JUP’s daily trading volume was hovering around $282 million, according to data from crypto.news.
JUP Hourly Price Chart, July 26-27 | Source: crypto.news
Additionally, the cryptocurrency’s market cap stood at $1.56 billion, making it the 62nd largest crypto asset, according to CoinGecko. Despite the recent price surge, the token is still down 42.6% from its all-time high of $2 reached on Jan. 31.
Jupiter functions as a decentralized exchange aggregator that allows users to trade Solana-based tokens. The platform also offers users the best routes for direct trades between multiple exchanges and liquidity pools.
In addition to being a DEX aggregator, Jupiter has expanded into a “full stack ecosystem” by launching several new projects, including a dedicated pool to support perpetual trading and plans for a stablecoin.
JasmyCoin
JasmyCoin (JASMI) has increased by 12% in the last 24 hours and is trading at $0.0328 at press time. JASMY’s daily trading volume has increased by 10% in the last 24 hours, reaching $146 million.
JASMY Hourly Price Chart, July 26-27 | Source: crypto.news
The asset’s market cap has surpassed the $1.5 billion mark, making it the 60th largest cryptocurrency at the time of reporting. However, the self-proclaimed “Bitcoin of Japan” is still down 99.3% from its all-time high of $4.79 on February 16, 2021.
JASMY is the native token of Jasmy Corporation, a Japanese Internet of Things provider. The platform seeks to merge the decentralization of blockchain technology with IoT, allowing users to convert their digital information into digital assets.
The initiative was launched by Kunitake Ando, former COO of Sony Corporation, along with Kazumasa Sato, former CEO of Sony Style.com Japan Inc., Hiroshi Harada, executive financial analyst at KPMG, and other senior executives from Japan.
Kaspa
Kaspa (KAS) saw a 100% increase in trading volume and an 8% increase in price over the past 24 hours, trading at $0.19 at the time of publication.
KAS Hourly Price Chart, July 26-27 | Source: crypto.news
According to data from CoinGecko, Kaspa now ranks 27th in the global cryptocurrency list, with a circulating supply of approximately 24.29 billion KAS tokens and a market capitalization of $4.59 billion.
Kaspa is a cryptocurrency designed to deliver a high-performance, scalable, and secure blockchain platform. Its unique Layer-1 protocol includes the GhostDAG protocol, a proof-of-work (PoW) consensus mechanism that enables faster block times and higher transaction throughput compared to standard blockchains.
Unlike Bitcoin, GhostDAG allows multiple blocks to be created simultaneously, speeding up transactions and increasing block rewards for miners.
Bonk
Bonk (BONK) is the only one coin meme which made it to this list of biggest gainers and jumped 8.6% in the last 24 hours. Trading at $0.000030, the Solana-based meme coin’s market cap has surpassed $2.1 billion, surpassing Floki (FLOKI), another competing dog-themed coin with a market cap of $1.78 billion.
BONK Hourly Price Chart, July 26-27 | Source: crypto.news
BONK’s daily trading volume hovered around $285 million. However, BONK is still down 33.5% from its all-time high of $0.000045, reached on March 4.
Bonk, a meme coin that rose to prominence in 2023, has contributed significantly to Solana’s value increase amid the meme coin frenzy.
Bonk started out as a simple dog-themed coin. It has since expanded its features to include integration with decentralized finance. The project also partners with cross-chain communication protocols, NFT marketplaces, and various other cryptocurrency ecosystems.
BONK trading pairs are now listed on major exchanges including Binance, Coinbase, OKX, and Bitstamp.
The big losers
Bittensor
Bittensor (TAO) was the biggest loser among the 100 largest crypto assets, according to data from CoinGecko.
At the time of writing, TAO, the native token of decentralized AI project Bittensor, was down 5%, trading around $344. The crypto asset had a daily trading volume of $59 million and a market cap of $2.43 billion.
TAO 24 Hour Price Chart | Source: CoinGecko
Bittensor, created in 2019 by AI researchers Ala Shaabana and Jacob Steeves, initially operated as a parachain on Polkadot before transitioning to its own layer-1 blockchain in March 2023.
Mantra
Mantra (OM) fell 6%, trading at $1.13 at press time. The digital currency’s market cap fell to $938 million. Additionally, the 82nd largest crypto asset has a daily trading volume of $26 million.
OM Price Hourly Chart, July 26-27 | Source: crypto.news
Mantra is a modular blockchain network comprising two chains, Manta Pacific and Manta Atlantic, specialized in zero-knowledge applications.
Coat
Coat (MNT) also saw a 2.4% drop in price, now trading at $0.8413. Currently, Mantle has a market cap of around $2.75 billion, which ranks 36th in the global cryptocurrency rankings by market cap, according to price data from crypto.news.
MNT Hourly Price Chart, July 26-27 | Source: crypto.news
Over the past 24 hours, MNT trading volume also fell by 6%, reaching $240 million.
Mantle, formerly known as BitDAO, is an investment DAO closely associated with Bybit. The MNT token is essential for governance, paying gas fees on the Mantle network, and staking on various platforms.
Built on the Ethereum network, Mantle provides a platform for decentralized application developers to launch their projects. It has become particularly popular for GameFi applications, leading to the formation of an internal Web3 gaming team.
Markets
Bitcoin Price Drops to $67,000 Despite Trump’s Pro-Crypto Comments, Further Correction Ahead?
Pioneer cryptocurrency Bitcoin has registered a 1.13% decline in the past 24 hours to trade at $67,400. Despite a strong pro-crypto stance from US presidential candidate Donald Trump at the Bitcoin 2024 conference, this massive selloff has raised concerns in the market about the asset’s sustainability at a higher price. However, given the recent three-week rally, a slight pullback this weekend is justifiable and necessary to regain the depleted bullish momentum.
Bitcoin Price Flag Formation Hints at Opportunity to Break Beyond $80,000
The medium-term trend Bitcoin Price remains a sideways trend amidst the formation of a bullish flag pattern. This chart pattern is defined by two descending lines that are currently shaping the price trajectory by providing dynamic resistance and support.
On July 5, BTC saw a bullish reversal from the flag pattern at $53,485, increasing its asset by 29.75% to a high of $69,400. This recent spike followed the market’s positive sentiment towards the Donald Trump speech at the Bitcoin 2024 conference in Nashville on Saturday afternoon.
Bitcoin Price | Tradingview
In his speech, Trump outlined several pro-crypto initiatives: he promised to replace SEC Chairman Gary Gensler on his first day in office, to establish a Strategic National Reserve of Bitcoin if elected, to ensure that the U.S. government holds all of its assets. Bitcoin assets and block any attempt to create a central bank digital currency (CBDC) during his presidency.
He also claimed that under his leadership, Bitcoin and cryptocurrencies will skyrocket like never before.
Despite Donald Trump’s optimistic promises, the BTC price failed to reach $70,000 and is currently trading at $67,400. As a result, Bitcoin’s market cap has dipped slightly to hover at $1.335 trillion.
However, this pullback is justified, as Bitcoin price has recently seen significant growth over the past three weeks, which has significantly improved market sentiment. Thus, price action over the weekend could replenish the depleted bullish momentum, potentially strengthening an attempt to break out from the flag pattern at $70,130.
A successful breakout will signal the continuation of the uptrend and extend the Bitcoin price forecast target at $78,000, followed by $84,000.
On the other hand, if the supply pressure on the upper trendline persists, the asset price could trigger further corrections for a few weeks or months.
Technical indicator:
- Pivot levels: The traditional pivot indicator suggests that the price pullback could see immediate support at $64,400, followed by a correction floor at $56,700.
- Moving average convergence-divergence: A bullish crossover state between the MACD (blue) and the signal (orange) ensure that the recovery dynamics are intact.
Related Articles
Frequently Asked Questions
A CBDC is a digital form of fiat currency issued and regulated by a country’s central bank. It aims to provide a digital alternative to traditional banknotes.
The proposal for a strategic national Bitcoin reserve is a major confirmation of Bitcoin’s legitimacy and potential as a reserve asset. Such a move could position Bitcoin in a similar way to gold, potentially stabilizing its price and encouraging other countries to adopt similar strategies.
Conferences like Bitcoin 2024 serve as essential platforms for networking, knowledge sharing, and showcasing new technologies within the cryptocurrency industry.
Markets
Swiss crypto bank Sygnum reports profitability after surge in first-half trading volumes – DL News
- Sygnum says it has reached profitability after increasing transaction volumes.
- The Swiss crypto bank does not disclose specific profit figures.
Sygnum, a Swiss global crypto banking group with approximately $4.5 billion in client assets, announced that it has achieved profitability after a strong first half, with key metrics showing year-to-date growth.
The company said in a Press release Compared to the same period last year, cryptocurrency spot trading volumes doubled, cryptocurrency derivatives trading increased by 500%, and lending volumes increased by 360%. The exact figures for the first half of the year were not disclosed.
Sygnum said its staking service has also grown, with the percentage of Ethereum staked by customers increasing to 42%. For institutional clients, staking Ethereum has a benefit that goes beyond the limitations of the ETF framework, which excludes staking returns, Sygnum noted.
“The approval and launch of Bitcoin and Ethereum ETFs was a turning point for the crypto industry this year, leading to a major increase in demand for trusted, regulated exposure to digital assets,” said Martin Burgherr, Chief Client Officer of Sygnum.
He added: “This is also reflected in Sygnum’s own growth, with our core business segments recording significant year-to-date growth in the first half of the year.”
Sygnum, which has also been licensed in Luxembourg since 2022, plans to expand into European and Asian markets, the statement said.
Markets
Former White House official Anthony Scaramucci says cryptocurrency bull market could be sparked by regulatory clarity
Anthony Scaramucci, founder of Skybridge Capital, says the next cryptocurrency bull market could be sparked by a new wave of clear cryptocurrency regulations.
In a new interview On CNBC’s Squawk Box, the former White House communications director said he and two other prominent industry figures traveled to Washington, D.C. to speak to officials about the dangers of Sen. Elizabeth Warren and U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler’s hardline approach to cryptocurrency regulation.
“Mark Cuban, myself, and Michael Novogratz were in Washington a few weeks ago to speak with White House officials and explain the dangers of Gary Gensler and Elizabeth Warren’s anti-crypto approach. I hope that message gets through…
“Overall, if we can get regulatory policy around Bitcoin and crypto assets in sync, we will have a bull market next year for these assets.”
Scaramucci then compares crypto assets to ride-hailing company Uber, saying regulators were initially wary of the service but eventually decided to adopt clear guidelines due to public demand.
“Remember Uber: Nobody wanted Uber. A lot of regulators didn’t want it. Mayors and deputy mayors didn’t want it, but citizens wanted Uber and eventually accepted the idea of regulating it fairly. I think we’re there now.”
The CEO also says young Democratic voters believe their leaders are making the wrong choices when it comes to digital assets.
“I think President Trump’s move toward Bitcoin and crypto assets has shaken Democrats to their core, and I think very smart, younger Democrats are recognizing that they are completely off base with their positions, completely off base with these SEC lawsuits and regulation by law enforcement, and now they need to get back to the center.”
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