by Analytics Insight
April 2, 2022
The growth of many altcoins is beating Bitcoin as we enter April 2022. Here are the top 5 to watch
President Biden signed an Executive Order on Crypto Innovation on March 9 that was good and bad for Bitcoin. On the positive side, the EO wanted to encourage innovation in crypto. On the negative side, the US government wants to reduce the “negative climate impacts” of crypto.
This could be bad news for Bitcoin. According to Digiconomist, Bitcoin has a CO2 footprint equal to the Czech Republic, energy consumption equal to Thailand, and e-waste generation equivalent to the Netherlands.
Bitcoin remains the largest crypto token in the world by market capitalization – dominating 42% of the industry, according to CoinMarketCap. But the growth of many altcoins is beating Bitcoin as we enter April 2022.
Here are five altcoin tokens that are growing faster than Bitcoin, including Solana, Ethereum, Waves, EverGrow Coin, and STEPN.
GROUND has a price tag of $125. Solana’s market capitalization swelled to $41 billion in the last days of March as it rose from 8th to 6th place in the CoinMarketCap crypto rankings. SOL was up 20% last week, compared to Bitcoin’s 1.5% growth.
The Solana blockchain features an innovative Proof of History (PoH) consensus mechanism. It allows Solana to offer ultra-fast processing speeds, with low costs and much reduced power consumption compared to Bitcoin or Ethereum.
The world’s leading NFT marketplace by trading volume, OpenSea, has announced the integration of Solana-based NFTs by April 2022. Along with other good news for investors, Solana’s price increase has succeeded in beating Bitcoin.
Ethereum token price fell along with Bitcoin. Both cryptocurrencies have lost 4% in price over the past 24 hours, but Ethereum’s strong growth over the past week has seen an overall 4% increase in price, regardless of recent losses.
Ethereum is the second largest cryptocurrency by market capitalization (currently $395 billion) but unlike Bitcoin, it offers its blockchain network to developers. The sheer size of the Ethereum network has resulted in processing bottlenecks, with skyrocketing gas fees and slow speeds. Ethereum plans in the coming months to move to a Proof-of-Stake consensus mechanism and resolve its issues.
EverGrow Coin (EGC)
EverGrow Coin saw growth of up to 12% from local lows in March, before a slight drop in price following today’s market downturn. But EverGrow Coin is designed with tokenomics that take advantage even during price declines to reward coin holders with stable highlights.
EverGrow Coin has paid over $35.5 million in BUSD reflections since its launch in September last year, funded by a 14% transaction tax. Its investor base has soared to 137,000 in recent days as EverGrow Coin launches a new NFT marketplace that allows lending against NFTs as collateral. The mechanism opens up a new stream of passive income from NFTs that has not yet been a possibility.
Before the end of 2022, EverGrow Part also announced that it would build its apps in The Abstract metaverse. The project, led by US-based Objective Reality Studios, offers the world’s first cloud-based streaming service for virtual reality games. Using a VR headset, desktop or mobile, users can enjoy crypto games and exchanges, NFT market and subscription platform. content, all hosted on The Abstract.
EverGrow Coin has a current price of $0.0000004338 and a market capitalization of $230 million.
Waves has seen an impressive 76% price growth over the past week. Further growth of 6% in the past 24 hours has pushed the price of WAVES to $55.11.
According to CoinMarketCap, waves have risen rapidly this year outside the crypto top 50 to reach the current 30th position. It is a versatile blockchain platform that fully integrates with Ethereum, but supports the creation of DApps and smart contracts with faster speeds and lower costs.
Behind Waves’ Recent growth is the announcement of the new Waves Labs, which aims to set up a $150 million accelerator fund to attract new developers. Waves Labs will be headquartered in Miami and will focus on projects in the US market.
The waves came under intense scrutiny after the Russian invasion of Ukraine on February 24. The platform is often dubbed “the Russian Ethereum” thanks to close ties to state-owned manufacturing giant Rostec and private bank Alfa-Bank. Analysts like Peter Guo of Hong Kong-based crypto firm Babel have suggested Bloomberg Waves’ price hike could be a “response” to economic sanctions on the Russian ruble.
However, founder Aexandr Ivanov told Bloomberg that he was actually Ukrainian and that his blockchain company had “cut ties” with Russia. “I don’t think there is a connection between the situation in Russia and the current market action around Waves,” Ivanov said.
STEPN is currently the most trending token on CoinMarketCap. Its symbolic price soared 290% in the past week and 15% in the past 24 hours to a price of $2.82 per GMT token. The project launched in early March and has already amassed a market capitalization of $1.7 billion.
STEPN is a web3 lifestyle app that rewards users for walking, jogging or running outdoors. It’s similar to a game like Axie Infinity where new users have to buy NFT sneakers from the in-app market, but the rewards are earned by exercising.
Although STEPN is still in beta, it has had over 100,000 downloads on the Google Play Store. It runs on the Solana blockchain and you will need SOL to buy or rent a pair of sneakers. To start, you can earn the GST token, but once you own a pair of sneakers, you can earn GMT governance tokens in limited quantities.
STEPN hinted at a partnership with a major sports brand, fueling its rapid growth in April 2022.
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