3 smart contract cryptocurrencies to buy in December 2021
- The smart contract industry is seeing robust growth.
- It is the technology that powers leading decentralized autonomous organisations.
- We explain why Ethereum, Polygon, and Algorand are good buys.
The smart contract technology is changing all aspects of the global economy. It refers to programs stored on a blockchain and run when predetermined conditions are met. It is the technology that powers programs like decentralized finance (DeFi), Non-Fungible Tokens (NFT), and the metaverse. In this article, we will look at some of the best smart contract cryptocurrencies for December.
Ethereum (ETH/USD) was the first smart contract in the world. Today, it is the most popular platform, one that powers more than 80% of all decentralised autonomous organizations (DAOs). For example, it powers more than 200 DeFi projects that have a total value locked (TVL) of more than $180 billion. Some of the biggest DeFi projects running on Ethereum are Compound, Maker, Uniswap, and Aave.
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Ethereum is a second-generation blockchain project, meaning that it is not perfect. For one, it uses a proof-of-work (PoW) technology that is known for being relatively slow and energy inefficient. Indeed, it handles less than 20 transactions per second and its network is relatively expensive. This explains why it is seeing significant competition from Ethereum-killers.
Ethereum price is approaching its all-time high of $4,855. It has been in a slow bullish trend in the past few weeks. Therefore, I suspect that the price will soar to the key resistance at $5,000 in December 2021.
Polygon (MATIC) is a layer-2 smart contract platform that helps developers optimize their Ethereum applications. The network simply help to solve the problems mentioned above. As such, users experience faster transfer speeds and lower costs.
In the past few months, more developers have been moving to the Polygon ecosystem. Others are even building their apps from scratch using the technology. According to DeFi Llama, DeFi platforms in the network have a total value locked of more than $5 billion.
In the past few weeks, the MATIC price has been in a slow bullish trend and is now approaching its all-time high. I expect that it will blast past this level this month.
Algorand (ALGO) is a smart contract platform that enables developers to build DAOs like those in decentralized finance (DeFi). The platform has become popular among developers. Indeed, the number of ALGO users has jumped and there is a likelihood that this trend will continue.
The main reason I expect that the Algorand price will do well in December is based on technicals. As shown below, the coin has formed a cup and handle pattern. In the past few months, it has been forming the handle section. Therefore, there is a likelihood that the price will bounce back soon.
Where to buy right now
To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use: