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Several major cryptocurrencies, including Fantom (FTM), Worldcoin (WLD), dYdX (DYDX), Sei (SEI), and JasmyCoin (JASMY), have seen significant drops in value in the recent intraday session. Despite rising trading volumes, these digital assets are still under downward pressure, indicating wider instability in the market.
Amid this market downturn, other cryptocurrencies are witnessing a market rally. For instance, Injective and Conflux have entered the list of top crypto gainers today. Nonetheless, searching for the best altcoins to invest in today is tasking. InsideBitcoins offers a select list of tokens worthy of consideration.
5 Best Altcoins To Invest In Today
Injective recently introduced a new tokenized index that tracks BlackRock’s BUIDL Fund, reflecting the fund’s supply. Meanwhile, Conflux Network partnered with Alibaba Cloud to drive Web3 innovations in retail, arts, tourism, entertainment, and education. Crypto All Stars (STARS) is drawing attention as its presale nears the $1 million mark. Over the past 24 hours, Internet Computer (ICP) has seen its price rise by 3.54%, reaching $7.50. Cantor Fitzgerald’s CEO also stated that traditional finance companies are interested in conducting Bitcoin transactions.
1. Injective (INJ)
Injective has recently launched a new tokenized index for BlackRock’s BUIDL Fund, which tracks the fund’s supply. The network revealed that this index is the first perpetual market. The new feature will provide unique access to the BUIDL Fund. The BUIDL Fund, or BlackRock USD Institutional Digital Liquidity Fund, marks BlackRock’s first tokenized product on a public blockchain. Importantly, it will expose institutional investors to U.S. treasuries and other assets.
August was a significant month for the Injective (INJ) community, highlighted by a major chain upgrade and the successful Injective Builder House event in Brussels. The chain upgrade was completed smoothly. It is expected to improve the protocol’s performance and security, benefiting all users. Moreover, the community anticipates further developments, building on the progress made in August. These updates have laid a strong foundation for future growth.
1/10 Injective is introducing the first ever tokenized index for @BlackRock’s BUIDL Fund, a perpetual index product that tracks the supply of the $BUIDL fund itself.
Now users can access the fund with the lowest fees and fastest speeds in crypto.https://t.co/jAupnilJ3b
— Injective 🥷 (@injective) September 4, 2024
In terms of market performance, Injective has gained attention, with its price rising to $17.09, an 8.56% increase in the last 24 hours. Despite a bearish sentiment and a Fear & Greed Index score of 29 (Fear), Injective has performed well over the past year. Year-to-date, it has shown a 151% price increase. Hence, it has outperformed 81% of the top 100 crypto assets. Furthermore, INJ is trading 54.97% above its 200-day simple moving average of $11.02. This suggests a positive trend compared to its token sale price.
2. Conflux (CFX)
Conflux Network and Alibaba Cloud have partnered to advance Web3 solutions across the retail, arts, tourism, entertainment, and education sectors. Through this partnership, both firms aim to drive innovation in Hong Kong and create business opportunities using advanced technologies.
Conflux Network is a blockchain network focusing on fast, secure, scalable decentralized applications (DApps) solutions. The network’s Tree-Graph consensus mechanism enhances transaction speed and reduces latency while ensuring security. These features make Conflux a suitable partner for developing Web3 solutions that can meet industry demands.
Meanwhile, CFX’s market trend is riding a positive wave despite the market lull. Conflux trades at $0.133875 during press time, showing a 7.47% intraday rally. YTD, the price has risen by 5%.
Exciting news from Hong Kong! 🇭🇰
Thrilled to announce our partnership with @alibaba_cloud and @Cyberport_HK to fuel #Web3 innovation in Hong Kong. #Confluxhttps://t.co/FtsHOqNC2w
Together, we're set to transform retail, tourism, entertainment, arts, education, and more in the…
— Conflux Network Official (@Conflux_Network) September 4, 2024
Moreover, CFX had 16/30 days in which its closing price exceeded its opening value, indicating moderate positive momentum. Based on its market capitalization, the token also displays high liquidity. Analysts expect Conflux to trade between $0.131878 and $0.15973 this week. This prediction suggests potential short-term gains, though market volatility remains a consideration.
3. Akash Network (AKT)
Nvidia, a leading AI chip manufacturer, was hit by a market downturn on September 4, dropping its stock by 9.53%. The company’s price fell from $116.02 to $108 in the early hours of Thursday. As a result, its market cap decreased by $270 billion, from $2.92 trillion to $2.65 trillion. This marked the largest single-day loss in market value for any U.S. company.
Nvidia’s stock dip followed a reported antitrust subpoena from the U.S. Department of Justice. The impact of this downturn extended beyond Nvidia, affecting AI-focused cryptocurrencies like Akash Network (AKT), Fetch.AI (FET), and Render (RNDR). Akash Network, in particular, dropped 11%, falling from an intraday high of $2.40 to $2.15.
However, the coin has shown signs of recovery, with its price rising to $2.33, marking a 4.96% increase in the past 24 hours. The token remains significantly above its 200-day simple moving average of $1.01.
The Akash Supercloud is rapidly gaining momentum, from network growth to key integrations with @brevdev, @PrimeIntellect, and more.
Deep dive into the current state of Akash with this in-depth thread from Tobias Reisner. https://t.co/NIZVQUBQHw
— Akash Network (@akashnet_) August 30, 2024
According to projections, Akash Network’s price is expected to rise further, potentially reaching $7.54 by October 2024, representing a 226.84% increase. Nvidia’s recent market struggles have ripple effects on AI-related cryptocurrencies, although some, like Akash Network, are showing signs of a potential rebound.
4. Crypto All Stars (STARS)
Crypto All Stars (STARS) is gaining attention in cryptocurrency as it approaches $1 million raised in its presale. This new project combines decentralized finance (DeFi) features with the memecoin sector, appealing to enthusiasts through a unique staking protocol called “MemeVault.” This system allows users to stake popular meme coins and earn STARS tokens, providing additional utility and potential rewards.
The platform seeks to attract meme coin investors by enabling them to explore profit opportunities through various projects. Crypto All Stars has undergone audits by SolidProof and Coinsult, two well-known independent firms, to enhance trust. These audits aim to improve credibility and reassure potential investors about the platform’s security.
Another aspect boosting Crypto All Stars’ visibility is its endorsements from influencers like YouTuber Jacob Bury. Such backing suggests the project may have room for growth beyond typical memecoins. Additionally, crypto analyst ClayBro has encouraged SHIB Army members to explore the platform, potentially increasing interest in the STARS token.
Currently, the presale offers early investors a chance to buy STARS at $0.0014191, with prices expected to rise as demand increases. While the MemeVault feature has yet to launch, investors can already start staking STARS, with high annual percentage yields (APY) of over 1465%. However, it is important to note that this APY is expected to decrease as more users participate in staking.
Visit Crypto All Stars Presale
5. Internet Computer (ICP)
In the past 24 hours, Internet Computer (ICP) has shown a price increase of 3.54%, reaching $7.50. This contrasts with its performance over the last week, where it experienced a 6% decline from $7.81 to its current price. At its peak, ICP’s all-time high stood at $700.65.
Volatility analysis using Bollinger Bands reveals notable fluctuations in both daily and weekly movements. The wider the bands, the greater the volatility. Over the last seven days, ICP’s trading volume decreased by 27%, while the circulating supply grew by 0.3%, now totaling over 469.38 million coins. ICP currently holds a market cap ranking of #29, with a total valuation of $3.53 billion.
Who’s ready to make the world computer vision a reality?
Builders, developers, and investors filled the room at ICP Chain Fusion Day during @kbwofficial to do just that.
Innovators showcased the incredible potential of Chain Fusion and AI on #ICP. pic.twitter.com/zUZc91kpAx
— DFINITY (@dfinity) September 4, 2024
On a yearly scale, ICP’s price has increased by 126%, outperforming 74% of the top 100 cryptocurrencies. It has also delivered stronger results than Bitcoin and Ethereum. The coin has had a relatively positive performance compared to its token sale price, with 53% of the last 30 days closing higher than the opening price (16 green days). ICP continues to be actively traded on platforms like Binance.
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