Altcoins That Tries to Take on the King

Altcoins That Tries to Take on the King

Source: Shutterstock

With the sluggish dynamics of the leading cryptocurrencies, several altcoins demonstrate aggressive behavior and try to disrupt the market.

Altcoin YFI has risen by more than 20% in a day, by 644% in a month, and in total since its launch by more than 100,000%. The token was launched on exchanges at the end of July with a price of less than $900, now it costs almost 2.5 times more than bitcoin.

It is a DeFi coin on the Ethereum platform. Now YFI is listed on 134 exchanges, the capitalization of the token has exceeded $1 billion, which push it to a high 23rd place in the CMC rating. The explosive rise has not ended, analysts say. BitMEX CEO Arthur Hayes claims that the upside potential of the coin is at least $100K.

Even more optimistic is the forecast for this altcoin, expressed by analyst Tyler Reynolds on Twitter. He believes that in the near future the capitalization of YFI may reach $15 billion. This means that its price will rise to $500K. Analysts state that the fast rise is connected with the limited emission of the YFI token. A total of 30K tokens were launched. Speculative demand in such conditions quickly pushes the price up.

Earlier, for the same reason, the RWS (Robotics Web Services) token rose sharply. Only 100 of these tokens were released. On August 7, RWS began to soar and has risen from $7100 to $116K in a week. Now its price is $107K. Robotics Web Services is a set of tools for robotics, smart cities, and Industry 4.0. Since the supply is very small, the capitalization of the token is also small, its place in the CMC rating is 2521.

There are a few more tokens with the price that is higher than bitcoin. HEM (Hemelios) costs over $15K and is announced as the new bitcoin. The emission was 50K initially, but almost immediately 10K was burned. Capitalization does not exceed $590 million.

The creators of the 42-coin coin claim that this token will have the highest price. Now it costs almost $40K and the rise is possible because 42-coin has a record low emission: only 42 coins. No other characteristics are known to confirm the value of the token. All 42 coins have already been mined and are in circulation.

However, this is not a record. It is easy to guess that the minimum possible emission is one token. And such a coin has been launched. This is Travel2Click. The price of this single coin now exceeds $14 million. The token operates on the Ethereum blockchain and is listed on only one IndoEx exchange.

While such tricks with coins are not prohibited, in fact, this is close to fraud and market manipulation. When the supply is small, even a small amount of capital is enough to raise the price and t to play the market.