The best for April:
Terra (LUNA) witnessed a couple of magnificent spikes that showed the asset trending towards $100. Currently, the asset that shot up more than 26% in the week is trading at $112.
LUNA price maintains a notable uptrend, reaching the required resistance levels. Once the asset experiences a significant rise, the chance of it exploding is imminent. Therefore, the possibility of the asset lighting up a significant high season for the year 2022 as well.
The rise of Bitcoin is related to Terra. This is Terra founder Do Kwon’s ambitious plan to turn Bitcoin into Terra’s own reserve currency. How exactly does he do it? buying bitcoins.
Luna Foundation Guard (LFG), a non-profit organization primarily focused on all things Terra and led by Kwon, plans to purchase up to $10 billion worth of Bitcoin. This will be used primarily as a reserve to help keep the value of UST stable. LFG has already bought $1.4 billion worth of Bitcoin since January. “After Satoshi, we will be the largest single Bitcoin holder in the world,” Kwon said during a recent interview. In March, it was up 15% and was the third fastest growing cryptocurrency for the month.
This cryptocurrency is in its best moments, it has very exciting results within the week and even during the month, without a doubt a good investment.
While the broader market has been showing some slow signs of recovery, some coins have bucked that trend. XRP, Zilliqa, and Dogecoin seemed poised for a price correction in the future, at press time.
On the contrary, Polkadot appears to be following the general market trend and steadily moving north. Polkadot price has risen 20% in the last two weeks, setting a new high of $23.33. It was forecast on March 15 that a triangle formation could project a 38% rally for Polkadot price.
Polkadot price could ensure that early investors join the uptrend as the digital asset is currently above the 100-day moving average. If the bulls can establish firm support in this area, prices could continue to rally an additional 20% towards $26. In March, it was the second cryptocurrency with the highest rise of 14%.
Cardano was pushed down the crypto top 10 by market cap as LUNA and XRP took their previous spot. However, the price of ADA has been rising in the last month and could recapture previous highs as the general sentiment turns bullish. ADA is the best performing cryptocurrency by market capitalization in recent days.
The ADA price has been recovering from a multi-month slump that saw its price drop from an all-time high of around $3 to below $1 in 2022. There are several factors contributing to the current rally.
This includes the full implementation of smart contract capabilities, the increase in developer activity recorded by the network, the improvement of Cardano to make it more decentralized and scalable, according to its main developer IOG.
Most importantly, the above factors have resulted in an ecosystem explosion. There are hundreds of Cardano-based projects that could bring Cardano back to prominence as an Ethereum replacement.
In the midst of the cryptocurrency market in 2021, Solana became one of the most attractive digital currencies for investors. Throughout 2021, it registered a valuation of almost 10,0000%, becoming a safe bet. But in 2022, Solana has plummeted from $259 to $40 and is on the mend.
OpenSea’s decision to integrate Solana NFTs into its marketplace on March 29 could have increased the price of SOL. The rally also coincided with Solana-based NFT markets posting their best day ever in terms of volumes and transactions on March 29, according to data from Dune Analytics. In the last seven days Solana soared 39% to $138.73.
Solana’s price is now trading at $135. Investors should approach the current SOL price with caution. Overzealous bulls are likely to target $150, and the target may still be hit.
Solana has received many accolades for its speed and performance and has even been cited as a legitimate competitor to cryptocurrency industry leaders like Ethereum. So how is Solana different from Ethereum?
In terms of processing speed, Solana is able to challenge the dominant smart contract platform as it is reportedly capable of speeds of over 50,000 TPS. Solana uses different consensus algorithms to avoid slow transaction confirmations. This feature makes Solana one of the fastest blockchains in the industry to compete with other industries outside of the cryptocurrency space.
Compared to this huge figure, the current poorly scalable Ethereum proof-of-work model can only handle 15 TPS. Therefore, Solana is thousands of times faster than Ethereum. Another advantage of Solana is the extreme profitability of the network, since the project implements new tokenomics to obtain lower fees.
That is why Solana has a future in the short and long term. This cryptocurrency climbed +26.8% and became one of the best investments of last month.
Source: Ambito
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