Today, the market has taken a hit again, and altcoins have retraced significantly. If Bitcoin (BTC) breaches the $5000 – $4900 support level within the week, then altcoins could bleed even more. With this trend of market-wide pump and dumps, crypto could easily end up trading sideways all through the year. Nonetheless, there are coins that hold lots of potential in spite of the lack of sustained momentum in the market. Three of them are Litecoin (LTC), Binance coin (BNB) and Cardano (ADA).
Litecoin may be dumping right now, but there is a high probability that it could start gaining in the short to medium term. That’s because, as the Litecoin (LTC) halving in August approaches, LTC will start to draw in investors looking to take advantage of the possible FOMO that will come with it. Unlike other financial news where it’s usually a case of buy the rumor and sell the news, Litecoin (LTC)’s halving will have a lasting positive impact on its value. That’s because, when the block rewards are reduced, the number of coins entering the market will be lower, and affect the demand-supply equilibrium of this crypto. On this basis, there is a high probability that LTC will see a significant jump in price this year, irrespective of how the whole crypto market performs.
Binance coin (BNB) may not be the best representation of the crypto market, but from a purely financial perspective, it makes lots of sense. BNB is the product of Binance, the world’s largest exchange. This exchange has positioned BNB in such a way that it can hold value even in a down market. Binance recently launched the Binance launch pad, a platform for launching ICOs. For investors to participate in these ICOs, they have to first buy BNB. This is an ingenious way to support the value of BNB and it’s working. All the ICOs that have listed through this platform have led to a pump in the price of BNB. This assures Binance coin investors of gains irrespective of how the market plays out.
Cardano (ADA) is in the middle of some major technical developments. The Shelley release is in progress, and the investing community has taken note of it, as evident in Cardano’s price action in the last few weeks. Once Cardano staking becomes a reality, this crypto will draw in lots of investors, out of the allure of a passive income. This makes it almost certain that Cardano will see a significant increase in price this year, even if the market ends up trading sideways throughout the year.