The cryptocurrencies market has dropped recently, with Bitcoin leading the way as usual. However, some promising altcoins are worth keeping an eye out for.
Since the beginning of the 4th week of September, cryptocurrencies market capitalization has declined by 10% or around $220 billion, which is quite a hit in just a couple of days. Therefore, the slump has dropped the market cap below $2 trillion again. It was currently around $1.93 trillion at the time of writing this article, according to CoinGecko, its lowest level for more than a month.
Also, Bitcoin led the decline, and altcoins are getting hit harder as usual, but there may be a few buying opportunities in this dip.
Watch out for these Cryptocurrencies
1. Polkadot ($DOT)
Its high-throughput network can provide a serious contender to Ethereum for DeFi, which would be good news for $DOT, currently priced below USD30 with a current market cap of USD31.1 billion and a 24-hour trading volume of USD 3.1 billion.
2. Algorand ($ALGO)
$ALGO could be another one to look out for. At 52% off its ATH, $ALGO is currently trading at USD 1.79. In June 2021, Arrington Capital announced a USD 100 million investment in projects built on the Algorand blockchain. Significant investments and new partnerships could do well when recovery comes.
Currently, $ALGO has a marketcap of USD 9.9 billion with a 24-hour trade volume of USD 1 billion.
3. Elrond ($EGLD)
Elrond is another ecosystem that is often overlooked. $EGLD token is 37% off their peak trading at USD 205 at the moment, so there could soon be an excellent time to boost its value. Earlier this year, Elrond launched its global payments app and digital wallet, Maiar. This year’s momentum has all been about high-throughput blockchains, and Elrond is up there with the rest of them.
Also, cross-chain sharding protocol Harmony has seen massive momentum in 2021, hitting new transaction records. It’s $ONE token has performed equally well and at 42% off ATH, could be one to watch.
Currently, $EGLD has a marketcap of USD 4.1 billion with a 24-hour trade volume of USD 384 million.
4. Polygon ($MATIC)
Last but not least is Layer 2 aggregator, Polygon, which has grown immensely this year. Its token, still called $MATIC, has been relatively lackluster recently and has fallen back towards USD 1. Any dip below this could represent a good entry point. $MATIC is down 56% from ATH, and it is improbable that momentum for Layer 2 will slow down at any time before Ethereum’s chain merge next year.
Currently, $MATIC has a marketcap of USD 7.7 billion with a 24-hour trade volume of USD 1.2 billion.
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