Best 3 altcoins with a catalyst to buy amid the crypto sell-off
- Bitcoin and most altcoins have been in a strong sell-off recently.
- The decline is mostly because of the actions of the Federal Reserve.
- We identify three altcoins to buy and their catalysts.
Cryptocurrency prices have crashed hard this year as worries of a tightening Federal Reserve irk investors. Bitcoin has crashed to about $42,000 while the total market capitalization of most cryptocurrencies has crashed to about $2.1 trillion. So, here are the top cryptocurrencies to buy that have a catalyst.
Ethereum price has crashed by about 35% from its all-time high and is currently trading at the lowest level since October 2.
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The decline is mostly because of the fact that the Fed will continue tightening and implement about 3 rate hikes this year. Also, some investors are worried that many Ethereum-killers like Terra and Solana will start taking market share.
Still, there is a major catalyst that will likely push the ETH price higher. Ethereum developers are currently hard at work as they transition the network from a proof-of-work to a proof-of-stake technology.
This transition will solve some of the biggest challenges that Ethereum faces. For example, it will boost its speed and reduce its carbon footprint. Therefore, there is a likelihood that the ETH/USD pair will do well ahead of the transition.
Historically, Ethereum tends to do well ahead of a major upgrade. For example, in 2021, it rose ahead of the London hard fork. It also rose in 2020 ahead of the ETH 2.0 launch.
NEAR (NEAR/USD) is a fast-growing blockchain project that is gaining popularity. It is an Ethereum-killer whose price has jumped by over 887% from its lowest level in October last year. It has even become one of the biggest cryptocurrencies in the world dispute the fact that its ecosystem is a bit small.
The recent rally of the NEAR protocol happened after the developers launched the Nightshade sharding technology. This is a technology that divides blocks into shards in order to improve speeds.
The key catalyst that will push the NEAR price higher will be the launch of phase 1 of the sharding process.
Cosmos (ATOM/USD) is a blockchain project that enables different cryptocurrencies to co-exist and interact with each other. It is a popular platform that is used by hundreds of cryptocurrencies like Binance USD and LUNA.
Cosmos price has been in an upward trend in the past few months. The catalyst that could push it higher is the upcoming bridge with Ethereum. This bridge will help apps built using Cosmos technology to communicate with those built using Ethereum.
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*Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.