As a seasoned crypto investor who’s seen bull runs and bear markets come and go, I’ve learned to adapt my portfolio to the ever-changing market conditions. In the current market recovery, while Cardano (ADA) is underperforming, I believe it’s wise to explore alternatives like Toncoin (TON), Avalanche (AVAX), Tron (TRX), and Sui (SUI).
The cryptocurrencies such as Toncoin (TON), Avalanche (AVAX), Tron (TRX), and SUI might see a surge in popularity as Cardano (ADA) struggles with underperformance. At the moment, Cardano is trading at $0.39, marking a 33% decline since the start of the year and an 87.3% drop from its all-time high of $3.1.
Until the recent dip in ADA‘s price is verified as a base for recovery, there may be a potential for sellers to extend the downtrend for a while longer.
Cardano Alternatives to Buy As ADA Price May Underperform
The chart on CryptoRank’s monthly returns suggests that the cost of ADA might experience a prolonged decrease for the next two months. Data from 2017-2018 indicates that September typically sees a drop of around 12.5%, followed by a slight increase of 3.2% in October. As such, it might be wise for investors to look into Cardano alternatives during these months since ADA’s price may recover and grow by an average of 48% in November.
Toncoin (TON)
Over the past three weeks, Toncoin, the digital currency associated with the TON blockchain, saw a significant increase of approximately 44%, rising from $4.7 to $6.85. This upward trend in Toncoin’s price can be linked to large investors (whales) buying up the coin and new advancements within the project.
As a researcher, I’ve just learned that the ex-directors of the TON Foundation have established the TON Society – a new entity dedicated to fostering the decentralization of The Open Network. Their goal is to boost community involvement by overseeing official communication platforms and events, thereby amplifying the community’s influence in shaping the TON ecosystem.
Additionally, it has been observed that the number of addresses holding between 100,000 and 1,000,000 Toncoins has been on the rise since May 2024, as per Santiment data. This trend suggests that large investors or ‘whales’ are increasingly buying into this asset, demonstrating their confidence in its long-term growth prospects.
Avalanche (AVAX)
In terms of alternatives to Cardano, the price of AVAX experienced an impressive streak of nine consecutive increases in the daily chart, often referred to as “green candles.” This surge was anticipated by prediction markets and resulted in a significant jump from $17.29 to $27.82, equating to approximately a 40.65% increase.
It’s plausible that the recent recovery is associated with increasing institutional involvement. Specifically, Grayscale Investments has introduced the Grayscale Avalanche Trust, while Franklin has moved its money market fund onto the Avalanche blockchain.
Reflecting the rise in price, the Avalanche network has seen a substantial spike in large-scale transaction activity. According to IntoTheBlock’s data, daily transactions exceeding $100,000 surged from 91 to 427, suggesting that both retail and institutional investors are taking notice of recent advancements within the network. This surge suggests a strong possibility for a significant turnaround ahead.
Tron (TRX)
TRON’s native cryptocurrency, TRX, has demonstrated a robust rebound during the market instability in August. Starting from a low of $0.117 on August 5th, TRX price predictions climbed by approximately 35%, reaching $0.158. This surge also boosted TRON’s market capitalization to an impressive $13.81 billion.
The strong upward trend in the market is primarily driven by an impressive increase in earnings for the Tron Network, reaching a record high of $5.33 million last Wednesday. This revenue boom is linked to SunPump, a tool analogous to Solana’s PumpFun, which empowers users to develop and launch their own meme-based cryptocurrencies on the Tron platform.
As a crypto investor, I’ve been keeping a close eye on TRX, and with continued buying, it seems poised to soar by around 14%. If we manage to break through the April 2021 peak of $0.1, it could trigger a significant surge in bullish momentum. This might lead to an extended rally for this asset, offering exciting opportunities for growth.
Sui ( SUI)
As an analyst, I’m observing a significant surge in the value of the Layer 1 blockchain, Sui. On Friday, its native cryptocurrency successfully breached the $1 mark once again. Amidst the current market upswing, the price of SUI shot up from $0.8 to $1.04, representing a robust 29% growth. This upward trend also boosted the market capitalization of Sui, pushing it to a substantial $2.7 billion.
The stable bullish momentum could be linked to new development in the SUI network— “Shared Custody Objects.” As per the blog post, this mechanism allows multiple parties to jointly control and manage an object on the Sui blockchain, enhancing collaboration and security in decentralized applications.
Moreover, data from Coinglass reveals a substantial surge in SUI’s future open interest, climbing from $51.74 Million to $220.42 million – representing a 326% increase. This significant rise suggests growing investor enthusiasm towards this asset, suggesting robust market involvement and the possibility of additional price fluctuations.
Conclusion
In contrast to the general market upturn in 2024, the price of ADA held steady rather than advancing, failing to break through the $0.8 barrier. This pattern of consolidation since May 2024 has been gradually diminishing investor interest, potentially paving the way for Cardano alternatives to grow as they capitalize on an expected market upswing.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- USD PHP PREDICTION
- USD COP PREDICTION
- EUR ILS PREDICTION
- CKB PREDICTION. CKB cryptocurrency
- TAO PREDICTION. TAO cryptocurrency
- REF PREDICTION. REF cryptocurrency
2024-08-24 22:48