- Bitcoin has dragged the entire market cap down leading to over $250 billion being wiped out in just a couple of hours.
- The Altcoin Daily team notes that the drop offers investors a chance to reaccumulate and diversify their portfolio with some less notable digital assets.
Bitcoin has sunk below $50,000 in the last 24 hours. A wide market sell-off by small to mid-size whales was triggered by fears that the Biden administration is preparing harsh crypto regulation. With it, Bitcoin has dragged a majority of the top altcoins. But there is some good news for altcoin holders – Bitcoin dominance has this week dropped below 50 percent signifying a shift in investment.
Investors are increasingly backing altcoins over Bitcoin. Large-cap altcoins are closely correlated with Bitcoin, largely following the direction set by the market leader. But what are some hidden gems with the potential to gain big in the wake of a Bitcoin clearance sale?
The Altcoin Daily team has shared its view on some of the coins with solid potential in the coming months.
Injective Protocol (INJ)
Injective Protocol (INJ) currently ranks at 169 and going for around $13. The coin has been on the team’s radar for months now. In fact, when the team first floated it, prices were under $5. It has in recent months gained major attention most recently being backed by Pantera Capital and Mark Cuban. In a fresh round of funding, the project raised more than $10 million to be used to develop more features and expand the team. The notable investors recognize that the project aims to be a decentralized derivatives market at a time when demand for such products is at a record high. The project hopes to lure users with its Layer-2 speed, zero gas fees and unlimited markets.
In the video, Altcoin Daily founder Austin admits that Celo is not a small-cap coin and is in fact bleeding with the rest of the market. However, recent developments indicate that it has great potential in the coming months. This week, German telecommunications company Deutsche Telekom, announced it is investing in the Celo Network. While most companies’ first investment in crypto is directed at Bitcoin, Deutsche has chosen Celo. The telecommunication giant has identified that digital assets hold great potential putting them in line with Celo which aims to increase cryptocurrency adoption among smartphone users.
Think of Celo as aiming to be a decentralized Venmo.
Yield App (YLD)
This is a low cap coin ranking in the mid 400 with prices just above $0.50.The Altcoin Daily team notes that two things have stood out with the project. For starters, it is a fully licensed fintech company that allows anyone to invest in DeFi. The second is the Yield App launching an Ethereum fund recently. Users can get up to 20% annual percentage yield (APY). Those interested in the interest have the option of ETH, USDC, USDT and the native token YLD.
The mid-30s ranked coin has notably been heavily accumulated by Coinbase Ventures. It is viewed as a social platform token, commonly referred to as creator coins. It allows influencers to create fan coins which gives the holders access to limited goods, access, or services. On Coinlist, the platform recently raised $22 million with over 40,000 investors participating.
Origin Protocol (OGN)
The NFT market is growing rapidly, with competing platforms fighting for dominance. Origin Protocol has scored a big win as it partnered with Google to launch an NFT marketplace. Users can now create and sell NFTs on the Google Cloud marketplace. This announcement follows a collaboration with hip hop artist Lupe Fiasco and professional boxer Jake Paul.