Several Altcoins Can Soar Soon Due to Fundamental Factors

Several Altcoins Can Soar Soon Due to Fundamental Factors

Source: Adobe Stock

Altcoins will rise in 2022 if their teams make efforts to increase the capitalization of the business, analysts say.

Institutional investors are watching over the leading altcoins and note positive changes in their market positioning. Strengthening the team with major experts, important partnership agreements or successful mergers and acquisitions lead to positive changes.

Oracle network Chainlink (LINK) last December hired former Google CEO Eric Schmidt as an advisor. A decentralized network of oracles helps to connect cryptocurrency projects with real world objects. According to renowned analyst Benjamin Cowen, Chainlink has been ubiquitous even earlier (“has its fingers in every single pot”). With the advent of a major authority, its position will be further strengthened. This will certainly affect the price of LINK. According to the expert, “nothing but bullish times ahead for Chainlink”.

The Elrond (EGLD) team last week announced the acquisition of the Portuguese payment company Utrast. Utrast immediately added the EGLD token to its system. Elrond is a platform for building productive smart contract applications. The Elrond blockchain is one of the fastest and processes up to 15,000 transactions per second. Experts are confident that the adaptation of the project will be expanded. This means that the EGLD token will also grow. Currently, EGLD correlates with bitcoin. In November 2021, it hit an all-time high above $545.

Tezos (XTZ) is another platform for smart contracts and dApps, which also enables “minting ” non-fungible tokens (NFTs). Gap, the world leader in casual wear, recently released its NFTs on the Tezos blockchain. Other brands are also considering this particular network for launching NFTs. This will ensure the growth of the native XTZ token, despite the fact that the price of the coin has been falling since October 2021, when it reached an all-time high above $9.1.

In general, experts assess the chances of Ethereum to grow in 2022 as very high. Benjamin Cowen believes that “the leading smart contract platform will reign supreme”. It has no serious competitors. Cowen notes:

– Ethereum is slow and steady and it’s rock solid and everything runs on it.

At the beginning of the year, about $30 billion was already locked in the Ethereum blockchain. The catalyst for the growth of ETH is the transition to Ethereum 2.0. As Ethereum founder Vitalik Buterin recently revealed, his project is now halfway to a full transition. By the end of 2022, the transformation will be completed by 80%.