- Despite facing strong resistance at $50K, Bitcoin (BTC) remains one of top picks for analysts.
- Some lesser-known altcoins have delivered solid growth and will continue in September.
The cryptocurrency market has seen a strong start to the month of September. The overall crypto market cap has surged all the way to $2.26 trillion driven by a rally in Bitcoin (BTC) and the altcoin space. Altcoin Daily has come up with top cryptocurrencies that have the potential to outperform further this month.
1. Bitcoin (BTC)
A large part of the market remains bullish on Bitcoin. As of now, BTC is facing strong resistance at $50,000 levels retesting these levels for the second time in just 10 days. Bitcoin has faced strong rejection at $50,000 and is currently trading at $49,948 with a market cap of $939 billion.
Recently, the Coinbase crypto exchange registered major outflows happening. The Bitcoin balance on Coinbase now stands at a four-year low.
After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins.
This brings total balance to just over 700k $BTC.
The last time the Coinbase #Bitcoin balance was at this level was December 2017.
— glassnode (@glassnode) September 1, 2021
Furthermore, the Bitcoin address activity has seen a strong uptick in the market. For the first time in the last two months there were 1 million addresses interacting on the Bitcoin blockchain, reports Santiment. Thus, Bitcoin remains among the top choice for a majority of investors.
2. Cardano (ADA)
The world’s third-largest cryptocurrency Cardano (ADA) touched a new all-time high of $3 on Thursday, September 2. Cardano has had a steady bull run this year.
Cardano is all set to undergo a major network upgrade ahead of this month on September 12. The Cardano blockchain will undergo the Alonzo hard fork upgrade next week. This will bring the much-awaited smart contract functionality to the network. Thus, this euphoria can further drive ADA prices even higher.
3. Polkadot (DOT)
The Polkadot (DOT) cryptocurrency has also been in a strong rally moving past $30 levels recently. The recent price rally comes just ahead of the second round of parachain auctions. Its canary network Kusama has also registered a similar rally recently.
Parachains are the major USPs of the Polkadot blockchain as they allow user customizations as per the use cases while feeding them into the main blockchain later on. Furthermore, DeFi lending platform CREAM Finance recently announced that they will be integrating with the Polkadot blockchain network via Moonbeam.
This will allow CREAM Finance to bring its lending and borrowing services to Moonbeam, a smart contract platform on the Polkadot blockchain. Thus, Polkadot and Kusama users will be able to access CREAM’s services and participate in the crypto lending ecosystem. This is certainly one such promising project to watch for this month.
4. Solana (SOL)
When we are talking about some of the top-performing cryptocurrencies, we cannot forget Solana. Just at the time of writing this article, Solana (SOL) has made another 24 percent rise, trading at its all-time high of $145. With this Solana climbs to become the seventh-largest cryptocurrency by market cap toppling Dogecoin (DOGE).
Dubbed as the Ethereum-killer, Solana has the proof-of-stake consensus model offering high scalability. The platform has gained massive popularity in recent times. The massive price rally in SOL comes amid strong trading volumes in the Defi protocols hosted on the Solana blockchain.
As per the data from DeFi Llama, the total value locked (TVL) on Solana has touched $4 billion. Creators of the Solana blockchain claim that its system is the fastest in the world. Besides, its native stablecoin UXD has recently raised a massive $3 million.
5. Polygon (MATIC)
Amid strong development activity, the Polygon blockchain network has been in the news throughout 2021. The Polygon protocol serves as a Layer-2 solution on Ethereum offering a framework for building and connecting multiple Ethereum-compatible blockchain networks.
The major news is that the world’s largest public-listed Coinbase (NASDAQ: COIN) exchange is integrating Polygon into its platform. Coinbase will be integrating Polygon to the Coinbase Wallet App as well as the Coinbase Wallet Extension. The recent Polygon integration will also help Coinbase users get easy access to decentralized finance (DeFi) and non-fungible tokens (NFTs).
Polygon’s native cryptocurrency MATIC is currently trading around $1.50. The MATIC price is up 150 times since the beginning of 2021.
6. Arbitrum (ARB)
This is yet another Etheruem scaling solution making solid moves in the DeFi space. In a very short time, the Arbitrum network has already crossed $20 million in total. With its recent public release, there’s a ton of money flowing into Arbitrum.
As a result, Arbitrum (ARB) has registered a hockey stick growth with the ARB price skyrocketing 300 percent over the last week. Arbitrum is a product of Offchain Labs built using the optimistic rollups technology to bring scalability to the Ethereum blockchain network.
7. VeChain (VET)
The Thor mainnet on the VeChain blockchain has attained a major milestone of 10 million blocks without any major downtime.
Today, the #VeChainThor mainnet has just reached 10,000,000 blocks without downtime – a major milestone that is testament to our public blockchain's scalability, security, and rock solid stability.https://t.co/tCEOR0rzzL
— VeChain Foundation (@vechainofficial) September 1, 2021
The supply chain platform VeChain has seen consistent enterprise usage by some of the top commerce giants like Walmart. Last year in June 2020, Vechain partnered with a Walmart subsidiary in China. Besides, it has also seen strong government adoption from counties like China and San Marino.
VeChain has some major infrastructural updates ahead in its roadmap. This includes introducing the Proof-of-Authority (PoA) 2.0 along with more partnerships, use-cases, community DApps, and much more.
Well, the altcoin space has been really doing pretty well in recent times. Stellar Lumens (XLM) has recently given a crucial break above $0.35 and could possibly surge further all the way to $0.43. On the other hand, Ripple’s XRP is also riding the altcoin bull run despite being late in the game. XRP price is up by 15 percent over the last week and is currently trading at $1.28.