In my previous blog post, I shared my opinions about the top 50 coins by market value. In this article, I want to express my views about the 50 coins that follow the top 50. Knowing the coins in the top 100 will be helpful for us to understand the general crypto world. Also, we could find coins that are still undervalued.
Using a network or application creates a clearer picture of it in our minds. I was delighted with AAVE, the highest volume lending application. AAVE will be among the first options that come to mind in a possible DEFI hype.
Algorand reduced the block time by 20% with its recent upgrade. However, we have yet to witness the widespread use of Algorand, which has a 5-year history. Therefore, the blockchain is off my agenda.
Thorchain is a decentralized exchange that allows swapping cryptocurrencies in their native form. We witnessed a strong rally in Thorswap in October-November. Thorchain price has been declining since December. It is a project that I can invest in if it comes to an appropriate price level.
ORDI provides the opportunity to define NFT and tokens on the Bitcoin network. Similar to Thorchain, it has received intense investor interest. Nowadays the price is decreasing. Before I include it in my portfolio, I will wait for the technology to mature.
Quant was founded in 2018 to implement the first blockchain operating system. They have made significant progress towards this goal over the years. Due to limited adaptation, it is outside my interest for now.
MultiversX enables fast and low-fee transactions thanks to sharding. They are ranked 19th in DEFI adaptation. How will MultiversX differ from other sharding-based blockchains? Which collaborations will be implemented? Investing may be considered based on the answers to these questions.
Sui has become one of the coins that has created FOMO in investors lately. Its price doubled last week. In the DEFI TVL rankings, Sui currently ranks 14th. Sui price is presently in a downward trend. Since it is fast and scalable, it is a coin that can be invested if the appropriate price level occurs.
Mina is a blockchain designed to operate in payment systems. There is no widespread use in this area. That's why Mina doesn't interest me for now.
SATS is a meme coin produced on the Bitcoin network. It was launched last month to capitalize on the popularity of BRC-20 tokens. Its price is still at a level similar to the initial offering date. It is not a coin I would want to invest in.
Helium, one of the critical web3 projects, is a project that aims to increase the effectiveness of IoT devices through a decentralized network. Helium price has grown many times in the last three months. Since it is a project based on physical devices, it is missing from my list.
Axie Infinity is the first successful example of the play-to-earn category. However, during the bear season, the AXS price declined dramatically. Because of its long history, it may become popular again. Still, my priority is Splinterland's digital assets.
Astar, whose price has increased four times in the last three months, is a parachain included in the Polkadot ecosystem. Astar aims to unite Polkadot with the Ethereum and Cosmos ecosystems. Polkadot 2.0, which is expected to be implemented this year, may also support the Astar price. I see Cosmos ahead in terms of interoperability. I suggest giving priority to Cosmos coins in this area.
The Sandbox benefited greatly from the metaverse theme that emerged in the fall of 2021. Sandbox price is down 94% from its peak. It is too early to invest in metaverse coins.
Fantom gained significant momentum during the 2021 bull market due to being EVM-compatible. DEFI transaction volumes increased significantly and became the shining star of the period. Nowadays, Ethereum Layer 2 projects are on the agenda instead of EVM-compatible blockchains. It doesn't seem very easy for Fantom to regain its former popularity.
Theta Network, one of the critical web3 projects, operates in decentralized video streaming. If the Web3 category becomes popular again, Theta may also gain investor interest.
Layer 1 blockchain Tezos brought innovations to blockchain governance. However, after more than five years, the level of adaptation has yet to reach the desired level.
Kucoin, a central exchange coin, has doubled in value in the last three months. Centralized exchange coins suffer fewer losses during bear markets but are not suitable for bull markets.
Beam, a game infrastructure project, has recently encountered high investor interest. Beam operates as a subnet on the Avalanche network. It is a Merit Circle DAO project. There has yet to be a popular Beam game, but they may become a hit over time.
Decentraland was one of the favorite coins of the previous bull market. Decentraland, a metaverse project, lost a lot of value during the bear market. I prefer games over Metaverse projects.
BitTorrent, a Tron ecosystem coin, operates in the field of peer-to-peer file sharing. Prices do not occur organically in the Tron ecosystem. That's why I stay away from BitTorrent.
Bitget, a centralized exchange coin, offers exchange users like BNB discounts. Centralized exchange tokens are not my area of interest.
Surprisingly, FTX Token can find a place in the top 100. After what happened in 2022, it is difficult for investors to trust this exchange.
The EOS blockchain was one of the stars of the 2017-2018 period. However, it was never able to gain the desired momentum afterward. Being a DPoS blockchain allows for low transaction fees. That is an advantage for applications aimed at large audiences. On the other hand, transaction fees for EVM-compatible Layer 2 blockchains are decreasing rapidly. EOS needs to create a new narrative.
Kava is included in Cosmos, one of the popular ecosystems of recent times. The core value proposition is to bring the Ethereum Virtual Machine (EVM) to the Cosmos ecosystem. Kava ranks 16th among DEFI networks with a TVL of 230 million USD. Kava apps support major DEFI categories such as stablecoins, lending, liquid staking, and DEX. Interest in Cosmos may also benefit KAVA.
Chiliz produces fan tokens for sports organizations. Fan tokens of clubs such as Barcelona, Manchester City, Juventus, and PSG were issued by Chiliz. The price of the Chiliz coin will move in parallel with the crypto in general.
Wemix A blockchain operating in the Play-to-earn and DEFI spaces. It recently came to the fore with its collaboration with Ubisoft, one of the important actors in the gaming field. There has yet to be a widely played Wemix network game.
Blur, an Ethereum-based NFT marketplace, highlights transaction speed. Blur could also gain significant value if there is renewed interest in NFTs.
Collateralizing stablecoins with algorithms and money has different advantages and disadvantages. Frax Share is a stablecoin platform that supports stablecoins partly with algorithms and partly with cash. The Frax stablecoin, created due to a Terra Luna-like setup supported by cash collateral, has always retained its $1 peg in the last three years. It can provide high returns during the heat of a bull market.
Neo, like EOS, is one of the popular coins of the 2017-2018 period. However, the hoped-for adaptation was never achieved. According to total value-locked data, Neo Defillama is currently ranked 49th among DEFI networks.
Manta Network is a modular blockchain that enables layer two blockchains to conduct transactions with low transaction fees. Although a new technology, it has risen to third place among Layer 2 blockchains on Defillama. Manta applications enable low-cost transactions in the EVM environment because the data is kept on Manta. Thus, there is less load on Ethereum. It is a coin that can be invested at an affordable price level.
USDD, the algorithmic coin of the Tron network, has retained its peg to date. On the other hand, the Tron ecosystem does not inspire confidence in me due to Justin Sun's history with Hive.
Osmosis includes the most widely used DEX of the Cosmos network. Osmosis also has the highest liquidity among the Cosmos blockchains. The investor interest that Celestia and Injective have received in recent months also positively affected Osmosis, and its price increased five times. It is a coin that can be invested at an affordable price level.
Siacoin represents the decentralized cloud storage platform Sia. Sia aims to compete with technology giants such as Amazon, Google, and Microsoft with the advantage of decentralization. Siacoin has quadrupled in value since September. The platform must become more user-friendly to appeal to a widespread user base.
Ronin is a sidechain operating on Ethereum EVM. The legendary play-to-earn game Axie Infinity operates on the Ronin network. The Pixels game, played by many users, also serves on the Ronin network. Ronin's price has increased six times since September. It may be an alternative for those who want to invest in the Gamefi field.
IOTA was one of the promising coins of the 2017-2018. It benefited greatly from the popularity of the Internet of Things (IoT) concept. However, IOTA use has yet to become widespread. Tracking real-world items via blockchain is a critical use case. Concrete developments in this regard will cause the IOTA price to move.
The ripple-backed layer-1 blockchain Flare is EVM-compatible. It has a DEFI TVL of $6.4 million on the Flare network, which became operational in the first quarter of 2023. Flare ranks 88th among all DEFI networks. The Ripple ecosystem is not attractive.
Korean-based Layer 1 network Klaytn was launched in June 2019 to make crypto applications available to the masses. According to the Defillama TVL ranking, Klaytn is ranked 39th. Dappradar ranks 20th according to the number of users. I have a neutral opinion about Klaytn.
The Shiba Inu of the last era was the Solana network meme coin Bonk. Bonk has made its users earn 32 times in the previous three months. Bonk's earnings multiplier was close to 100x at one point. 50% of Bonk, a dog-themed coin, was distributed to the Solana community via airdrop. Bonk is missing from my investment list due to high price volatility.
Layer 1 blockchain OASIS is a multi-purpose and scalable network. It was implemented during the 2021 bull season to support use cases like DEFI, GameFi, NFTs, and metaverse. The use of the OASIS ecosystem has yet to become widespread.
Gala was one of the most popular coins of the 2021 bull season. The Gala price dropped dramatically with the bear season. The gala games received little attention from the players. This year, ambitious games will be launched on the Gala network. If the games attract a wide range of players, the Gala price may increase.
Pancakeswap One of the most used applications of the Binance innovative network. Pancakeswap is also the most used DEFI application. The problems Binance experienced in the USA negatively affected Pancakeswap. On the other hand, Pancakeswap also operates on Ethereum Layer 2 networks. The large user base is one of the essential advantages of Pancakeswap.
eCash is a rebranded version of a Bitcoin/Bitcoin Cash fork. I'm not interested in Bitcoin forks or their versions. PoS networks are my primary choice.
Pyth Network is a decentralized oracle network. Pyth coin started trading in November 2023. Pyth provides real-time market data to over 40 blockchains. Currently, Pyth price is in an uptrend.
Pendle A yield application operating on EVM networks. It promises fixed returns for investors, keeping the yielding tokens in the protocol for a certain period. Returns can be collected during the maturity period. Pendle ranks third among yield applications with 399 million TVL. Pendle price is in an upward trend and may rise as interest in the application increases.
Rocket Pool Ethereum ranks second after Lido in the liquid staking category. Unlike Lido, it operates only on the Ethereum network. The liquid staking market is well established. Rocket Pool's pricing will likely be in line with the market.
TL;DR
Among the coins listed by Coinmarketcap in the second 50 according to total market value, those with questionable futures have a higher weight. Some altcoins enter a "slow death" phase after shining during a bull season. Development and marketing activities continue in some of these networks but cannot appeal to a broad user base.
GameFi, Layer 2, fast, modular blockchains, meme coins, and the Bitcoin ecosystem will be popular in the next bull season. It is necessary to pay particular attention to the Bitcoin, Ethereum, Solana, and Cosmos ecosystems. There are still undervalued coins, especially in the Cosmos ecosystem.
Thank you for reading.
Image Source: Midjourney App
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