The new year is here, but the cryptocurrency market doesn’t seem to have the energy to save itself from the recession yet. However, the crypto market comes with a rapid wealth shift. It is therefore possible for investors to find themselves in a better position in 2023 than they expected. Crypto expert Rahul Nambiampurath evaluates 5 potential altcoin projects, taking into account positive technical developments, important news and visible changes in price.
Altcoin projects to watch for the first week of the new year
One of the biggest winners this week was BitDAO, the Web3-focused platform. The project has announced a $100 million BIT token buyback after a successful vote on a proposal. After that, the altcoin price took a huge leap of around 30%. BitDAO has also revealed a Layer-2 scaling solution called Mantle, which will be released in January. This solution will enable fast and inexpensive transactions on the Ethereum network. BitDAO started at around $0.28 last week. In recent transactions, it is worth about $ 0.37.
OKB announced a partnership with NEST Protocol. After that, the altcoin price took another big gain this week, up around 30%. The partnership will allow OKX wallet users to directly use NEST Protocol’s Futures, Options, Swap and Non-Fungible Token (NFT) functions. So OCD had a relatively good few weeks, which bodes well for the stock market. At the beginning of the first month of 2023, the price of the token continues to rise. OKB is currently trading at around $30.
Litecoin (LTC) has made a surprising gain this week. In this move, it increased by about 7% to reach around $75 on January 2. Meanwhile, whales or major crypto market players are flocking to cryptocurrencies. Whales accumulate a particularly high volume. Litecoin had an eventful 2022 with over 50 million unique wallet addresses registered. The ecosystem seems to be growing for this Bitcoin alternative. So it is possible to enjoy a strong 2023.
Lido DAO (LDO)
Lido DAO is the project behind the liquid staking solution for Ethereum. The LDO token has seen a nearly 5% increase in market capitalization. The altcoin suffered a bounty distribution issue between November 9 and 11 causing a ‘slight hitch’. However, he said the issue was fully resolved on November 13 and that “neither user funds nor accrued rewards were at risk or otherwise affected.”
Major crypto exchange FTX crashed and filed for Chapter 11 bankruptcy on Nov. This has had repercussions on many crypto platforms. Liquid staking allows users to stake tokens as well as redeem them before transactions are activated. Lido DAO has emerged as the leading liquid staking option over the past 18 months. LDO was worth $0.98 last week and is currently hovering near $1.25.
Algorand (ALGO) also saw a nearly 4% increase in market capitalization after announcing Algorand Ventures. The altcoin said in a tweet on Dec. 30 that it is an incubator “dedicated to funding and providing startup support to the best builders and investors in the Algorand ecosystem.” cryptocoin.com As you follow, Algorand gained a lot of visibility in December as the official Blockchain partner for the FIFA World Cup. This sponsorship and technical partnership, first announced in May 2022, increased interest in the project. ALGO is currently trading at around $0.1818.