These three altcoins are rallying – Will it last?

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Last Updated on 13 November 2023 by CryptoTips.eu

Crypto is turning positive. Now that the price of Bitcoin is increasing, now that there are rumors about a possible Ethereum ETF, and now that the market capitalization of crypto is also getting back to record levels, digital coins are once again making positive headlines.

In recent weeks we have therefore seen a rally in some lesser known altcoins. These three may seem interesting for an investment, but pay particular attention to the last one.

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Solana

Together with Cardano, Solana was long seen as the only possible ‘Ethereum killer’. By this is are meant crypto projects that can develop and improve themselves to compete with Ethereum.

The original Bitcoin cannot adapt itself as no one knows who or where Satoshi Nakamoto is. Ethereum can do that thanks to Vitalik Buterin and his team. So at some point, crypto fans expect Ethereum’s market cap to overtake Bitcoin’s. This moment in the future is called the ‘flippening’.

And so Ethereum is seen as a more modern cryptocurrency, which has become extremely popular with institutional investors in recent years, also thanks to their switch to proof of stake instead of proof of work, which is seen as much ‘greener.

Along with Ethereum, Cardano and Solana were also introduced, both projects that could compete with Vitalik’s team.

Solana became so popular in 2020 and 2021 that its largest investor became Sam Bankman-Fried, the founder of the back then still very popular platform FTX. Both FTX and Alameda (the investment firm run by his ex, Caroline Ellison) bought hundreds of millions of Solana cryptocurrencies. When FTX went bankrupt in November 2022, Solana’s price also collapsed as people thought all those Solana coins were worthless.

But now that it appears that Solana has no problem with the demise of FTX, the coin is climbing again. In addition, Wall Street companies that want to diversify are increasingly purchasing Solana.

In the past month Solana increased by 170%.

Chainlink

When DeFi coins first hit the news in the summer of 2020, Chainlink was often found in the top 20 of CoinMarketcap. 2021 was a mediocre year for the Link Marines (the group of hardcore fans of Chainlink on social media), and 2022 wasn’t exactly great either (although it started well).

However, in the last month, the trading volume and also the price have increased rapidly for Chainlink, with a profit of about 110%.

FTT

FTT, the coin of the FTX crypto platform, gained about 200% in the last week after the former president of the New York Stock Exchange, Tom Farley, planned to restart the site.

The news was reported by the influential Wall Street Journal and since then millions of FTT coins have returned to circulation. Please note, these are only plans and nothing is concrete yet, so officially FTX is still bankrupt.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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