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The crypto market is going through a mixed phase, as indicated by the Fear & Greed Index, which currently shows a reading of 54, reflecting a sense of uncertainty among investors. However, the market cap has increased by over 2% over the previous day. Therefore, choosing the best altcoins to invest in today is quite challenging.
Amidst this mixed environment, 60% of cryptocurrencies have declined in value over the past 24 hours, highlighting the tough market conditions. However, amidst this downturn, a few tokens have emerged as one of the best altcoins to invest in today. Our primary aim is to point out the tokens showing potential and provide useful insights to investors.
6 Best Altcoin To Invest In Today
Our analysis for today covers some of the best altcoins investors can look into to get massive returns on their investments. These tokens stand out despite the recent bearish trend in the market. So, what’s driving these gains? In this article, we explore the factors behind each cryptocurrency’s performance.
We will evaluate the unique features of Threshold Network’s security and privacy features, Ravencoin assets creation capacity, and Golem peer-to-peer efficiency. By carefully analyzing these tokens, we provide insights into their profitability and potential for future uptick. Get ready to uncover the reasons behind these impressive gains and see what lies ahead for these top gainers.
1. Threshold (T)
The Threshold Network offers advanced cryptographic primitives for dApps. This unique functionality addresses privacy, security, and interoperability issues. Specifically, these include proxy re-encryption (PRE), threshold signatures (TSS), random beacon (RB), and distributed key generation (DKG). Together, they enable cross-chain interactions, secure data sharing, safe access and control of user data.
One important application Threshold is tBTC, a tokenized version of Bitcoin that functions without relying on custodians. This enables Bitcoin holders to participate in DeFi while preserving their privacy and minimizing the risk of censorship. Additionally, the T token plays a crucial role in staking and node operations, which are vital for maintaining the network’s efficiency and security.
Furthermore, Threshold’s security is built on threshold cryptography and signature schemes, which distribute trust among several parties. It also facilitates cross-chain projects on networks like Sepolia, enabling smooth interactions between blockchains. In addition to tBTC, Threshold supports applications like RandomBeacon and Threshold Autonomous Credentials (TACo) apps.
tBTC just became the most important asset in DeFi.
You can swap from wBTC to tBTC: https://t.co/ikKhyyyrtk
And redeem it back to native BTC for safekeeping (or continue to use tBTC as DeFi collateral): https://t.co/WTaHt0PmOc https://t.co/pWu5JkYijV
— Threshold Network ✜ (@TheTNetwork) August 10, 2024
Notably, Threshold shows promising short-term potential, with a 14.58% increase over the past 24 hours and a favourable RSI of 53.61. While its long-term performance has been relatively neutral, the token trades above its 200-day SMA, signalling positive momentum. Besides, it has recorded 18 green days in the last 30 days, making it a potentially profitable investment option.
2. Ravencoin (RVN)
Ravencoin is named after the fictional bird in “Game of Thrones” and is known for delivering truth. The project focuses on asset creation and comprehensive awareness within its protocol. This feature allows users to create and trade real-world assets like commodities and digital assets like virtual goods on the network.
Ravencoin stands out from other cryptocurrencies due to its specific asset creation and transfer design. This unique functionality makes it well-suited for the growing trend of tokenization. Another distinctive feature is its use of the X16R algorithm, which was developed to address the growing centralization of mining—a common issue in many cryptocurrencies.
Although Ravencoin is a relatively new player in the cryptocurrency market, its developers have successfully established promising partnerships. Strategic collaborations with organizations such as Medici Ventures and Tzero have strengthened its ecosystem and driven adoption. Medici Ventures, a subsidiary of the well-known e-commerce platform Overstock, provides Ravencoin with a built-in user base, further supporting its growth.
When you create an Asset of any kind on @Ravencoin, you must burn $RVN.
Assets can be anything from #NFTs, to meme coins, to Security Tokens using Restricted Assets.
Below is the burn rate for each, effectively reducing the #RVN supply. pic.twitter.com/7t01xFYkep
— RÀ ¹³³⁷ NFT (@RavencoinAssets) August 4, 2024
At the time of writing, Ravencoin is priced at $0.0169. In the past 24 hours, its price has risen by 6.98%. This positive trend is further supported by an RSI indicating that Ravencoin has entered the overbought territory.
Overall, the unique features of Ravencoin, such as its built-in asset support and X16R algorithm, its partnerships with key players in the industry, its adaptability to the ever-changing market trends, as well as its robust community engagement, contribute to its position as a scalable, secure, and user-friendly platform for the creation and transfer of assets.
3. Golem (GLM)
Golem is a blockchain platform that decentralizes the buying and selling of computational power by supporting tasks such as AI, mining, and CGI rendering. It allows users to manage resources independently of central authorities and earn GLM tokens by selling excess power.
The protocol enhances efficiency and lowers costs compared to traditional services by establishing a peer-to-peer market and breaking tasks into smaller segments.
Furthermore, Golem connects buyers, known as Requestors, with sellers, known as Providers, by processing computational requests and breaking down tasks for greater efficiency. Buyers submit task templates, allowing for fast and cost-effective completion. This decentralized approach greatly improves cloud computing efficiency. Security is maintained through a reputation system that rates users to identify and avoid malicious nodes. Also, Golem leverages Ethereum’s consensus mechanism to ensure secure and reliable operations.
With a 14-day RSI of 50.10, GLM is positioned in a neutral zone, indicating the potential for continued sideways trading. Golem has experienced 15 green days in the past 30, reflecting a 50% rate of positive trading days. Its 30-day volatility remains low at 6%, suggesting stable price movement. Over the past year, Golem’s price has risen by 60%, aligning with the performance of many top crypto assets.
🚀The Golem ecosystem keeps growing and we are happy to announce that @GamerHashCom is starting preliminary closed beta tests of the Golem AI Provider module in their App!
This integration marks another milestone in the growth of the Golem ecosystem. While Modelserve addresses… pic.twitter.com/NwNtBpuzxy
— Golem Network (@golemproject) August 5, 2024
Notably, GLM is one of the top-performing altcoins, with an 8.71% increase in the last 24 hours, bringing its price to $0.3232. The token shows robust liquidity, reflected by a volume-to-market cap ratio of 0.8444, indicating healthy trading activity. Meanwhile, GLM trades 72.58% above its 200-day SMA, highlighting strong upward momentum.
4. PlayDoge (PLAY)
PlayDoge is gaining traction in the mobile gaming industry with its innovative play-to-earn (P2E) model. The project has strategically allocated a significant portion of its 9.4 billion $PLAY tokens across key areas, presenting a compelling opportunity for investors.
Notably, 50% of the total supply, or 4.7 billion tokens, is reserved for the presale. This phase is particularly important, with over $6 million already raised out of a $6,528,944 target. The presale price is an attractive $0.00528 per token, giving early investors a favourable opportunity to secure their stake.
Beyond the presale, PlayDoge allocated 6.5% of its total tokens, or 611 million, for community rewards designed to encourage engagement and foster a loyal user base. Additionally, 11.5% of the tokens, equivalent to 1.081 billion, are earmarked for liquidity, ensuring the platform’s stability and smooth operation. Both marketing and project funds are allocated 10% of the total supply, which translates to 940 million tokens each, to support promotional activities and project development.
The PlayDoge ecosystem strongly emphasizes staking, dedicating 12% of the total supply, or 1.128 billion tokens, to this initiative. This allocation rewards loyal participants while enhancing the network’s security and functionality. With less than 24 hours remaining until the price increases, potential investors are encouraged to act quickly to take advantage of this opportunity.
5. Aelf (ELF)
Aelf is a versatile operating system that is custom-built for blockchains. It strives to be the “Linux” of the blockchain world by overcoming existing technology constraints. The project features two major innovations: side chains and a distinctive governance system. It operates with a main chain that supports various side chains, improving scalability and performance. Each side chain handles particular smart contracts and interacts with the main chain.
Aelf also uses a Delegated Proof-of-Stake (DPoS) consensus protocol. Token holders vote for mining nodes that handle mining rewards and network operations. Recently, Aelf teamed up with Chain GPT to launch an exclusive campaign on Zealy. Running from July 31 to August 14, the campaign offers participants the chance to win $ELF and $CGPT by completing various tasks.
Recently, ELF has outperformed with a notable 5.41% increase in the past 24 hours. Currently priced at $0.4156, Aelf shows robust liquidity, with a volume-to-market cap ratio of 0.418, reflecting active trading. Despite this significant gain, ELF is trading 10.61% below its 200-day simple moving average (SMA), indicating potential for further recovery.
Welcoming @elephant_ins_, the pioneering insciption project on @aelfblockchain, to Tomorrow DAO!🚀
🌐With the launch of ELEPHANT DAO, you can now easily manage the $ELEPHANT tokens that are being deposited into the #DAO treasury.
💡Find out more here: https://t.co/Vazxp6ohJb pic.twitter.com/fK06a25zRv
— tmrwdao (@tmrwdao) August 10, 2024
The 14-day RSI stands at 61.40, indicating that the cryptocurrency has left the neutral zone and may experience positive movement. With 17 green days in the past month, ELF’s price volatility is relatively low at 6%, suggesting stable price behaviour. Over the last year, the token has increased by 50%, outperforming nearly half of the top 100 crypto assets by market cap.
6. Shiba Shootout (SHOOTOUT)
Shiba Shootout is progressing well with a clear roadmap. The project has smashed several important milestones, such as the community launch, audit, token production, and presale. These achievements have paved the way for the next growth phase, including interactive Campfire Sessions and a mini-game beta to boost community engagement.
As the presale advances, it has raised $918,000 of the $1,631,230 target, with the price set to increase once this milestone is reached. Shiba Shootout’s tokenomics are designed to foster growth and community engagement. Of the total 2.2 billion $SHIBASHOOT tokens, 35% are allocated for the presale, promoting early support and participation.
Meanwhile, 20% of the supply is dedicated to marketing to enhance visibility, and another 20% is allocated for staking to encourage long-term investment. The Rootin’ Tootin’ Shooter fund receives 5%, with the remaining tokens split between project funds and liquidity. Currently, the token is priced at $0.0198, presenting a strong entry point for investors.
Incredible! 🎉
We're beyond words to express this milestone! 🚀
$SHIBASHOOT has hit $900,000 in funds raised! 💰
A huge thank you to the #Crypto community! 🙌#ShibaShootout wishes you an amazing weekend! 🌟🐶 pic.twitter.com/EWhJNoPqcn
— shibashootout (@shibashootout) August 10, 2024
Shiba Shootout provides a variety of engaging features for its community. You can join the Posse Rewards program to earn bonuses through referrals and connect with others in Campfire Stories. Also, participate in Token Governance Roundups to help shape key project decisions. Try your luck in the Lucky Lasso Lottery and benefit from Savings Saddlebags and Cactus Staking.
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