Altcoins: What You Need to Know

The world of cryptocurrency is full of jargon. And one of the most often-seen terms in this sphere is altcoins. If you’re wondering what exactly altcoins are, you’ve come to the right place. In this quick definition, we’ll explain what you need to know.

What Are Altcoins?

Believe it or not, the basic definition of altcoins is pretty simple.
In a nutshell, an altcoin is any cryptocurrency that is not Bitcoin. Yes, that includes Ether, the second most popular cryptocurrency.

See, back in the day, Bitcoin was the only cryptocurrency available. When other cryptos came onto the scene, they were viewed mostly (and some would say, dismissively) as alternatives to Bitcoin.

Hence, altcoins.

But now altcoins have started to come into their own. As of February 2022, there were more than 17,000 of them.
And while Bitcoin is still the largest cryptocurrency by market value, it’s possible — and even likely — that these altcoins will replace it in the top spot. But it won’t happen today.

As I write, one Bitcoin (BTC) is valued at just north of $44,000. Its market cap is more than $816 billion.
By comparison, Ether’s (ETH) price is currently just over $3,110, and its market cap is just over $373 billion.
Together, Bitcoin and Ether account for roughly 60% of the total crypto market.

Because most altcoins are derived from Bitcoin, their prices tend to move in tandem with Bitcoin’s. However, analysts expect that future developments in the crypto market as it matures will cause altcoin’s prices to break away from the fluctuations of the larger coin.

What Are the Most Popular Altcoins?

Here’s a rundown of five top altcoins:
1. Ether (ETH): Ether can be a little confusing, because the coin is sometimes referred to as Ethereum. However, Ethereum is the decentralized software platform the Ether exists on. Ether facilitates transactions on the Ethereum network. The Ethereum platform operates with a proof-of-stake (PoS) algorithm. This allows the network to run more efficiently and use far less energy than Bitcoin.

2. Litecoin (LTC): Litecoin was among the first altcoins. It was created by Charlie Lee, a former engineer at Google. Litecoin’s transaction confirmation system is faster than Bitcoin’s, making it a favorite among a growing number of online retailers.

3. Dogecoin (DOGE): Dogecoin was the first of what have come to be known as “memecoins.” It was created as a joke and was originally intended to tip Reddit users for amusing posts. Now the coin, which has a Shiba Inu dog as its mascot, has come to be accepted as a form of payment by a handful of major companies. Elon Musk, CEO of Tesla, is DOGE’s most vocal fan.

4. Cardano (ADA): Like Ether, Cardano operates with an efficient and more environmentally friendly PoS algorithm. It was designed by a team of academics and has the goal of becoming the globally accepted financial operating system (sort of like SWIFT).

5. Polkadot (DOT): DOT is a cryptocurrency that was developed to connect other blockains. It allows different crypto platforms to work together. Developers can use DOT to create their own blockchains while using Polkadot’s security protocols. This makes DOT especially safe from hacking.

Should You Invest in Altcoins?

Altcoins are like the penny stocks of the crypto world. With the exception of Ether, they haven’t established themselves quite as well as Bitcoin and are therefore a bit more volatile.

Still, a lot of investors are buying altcoins that they believe will be the next top cryptocurrency. And because some of them are quite cheap, they might be a fun speculation. However, never bet any money you can’t afford to lose into risky plays like altcoins (or crypto as a whole, for that matter).

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Crypto Price Predictions 2021: Cardano (ADA), Bitcoin (BTC), Ethereum (ETH)

What a week! The crypto market just saw a huge surge, driving the price of Bitcoin to $59,802, up over 9% for the week. This seems to be a reflection of the SEC’s decision to approve crypto ETFs on the NASDAQ, leaving many crypto traders wondering what’s next for the market. Will this growth continue, or will cryptocurrency fall back into bearish territory? Here are my personal price predictions of Bitcoin, Ethereum, and Cardano for the last quarter of 2021.

Bitcoin ($BTC) – $59,802

Bitcoin (BTC) chart with price predictionAs BTC begins to travel into the corner of this triangle (black lines are support/resistance), we are either going to see it get rejected/tested by the level of resistance (black horizontal line) or we will see it smash through.

If it does not break through I could see BTC fall a little bit and dip down to the lower rectangle before it attempts to break the resistance level again. BUT if it breaks through and holds, we could very well see some ATH tests and see a surge to the upper rectangle, screenshot of the simple technical analysis will be provided below.

We have had very bullish news lately

If this continues then we will most likely see higher highs and higher lows, but if the news relaxes a bit then we could see some profit taking and a little dip in price (swing trade opportunity?). That being said, if there are ETFs being created for BTC, we could see some institutional money flow into Bitcoin, and the crypto market as a whole. This is a lot to consider: BTC is up trending, nearing all-time highs, news is bullish, & potential institutional investors.

So what are my thoughts, you may be wondering? Well, I am bullish by nature, and barring anything drastic happening, I can see $75,000+ for an end-of-year prediction for Bitcoin. The short term is much more unclear for me, while I am bullish and my algorithm indicator is saying “buy,” I am also worried about people taking profits. I believe the short term will be fueled by the news but the second we see some major profit-taking take place then I believe we will see a larger than normal dip. The short term will consist of me hawking the charts and trading accordingly.

Ethereum ($ETH) – $3,778

Ethereum (ETH) graph and price predictionAs ETH continues to get wedged and the bullish sentiment of the market continues to surge, we can expect to see price somewhere in the upper rectangle, BUT if the top layer of resistance (top black horizontal line) rejects Ethereum then we could see some sideways trading (in between the top and middle horizontal lines) and maybe even a dip to the lower rectangle.

A lot of Ethereum’s near-term movement (a lot of the crypto market in general actually) will be characterized by the news surrounding Bitcoin, which is why I am bullish in the near-term (algorithm indicator is also giving me a “buy” alert”). For my end of year target, I think we will be trading around $4,800, although I do think this is a conservative bullish estimate. Now assuming nothing astronomically bad happens to the crypto market, I think these final few months will be kind to crypto and its investors.

Cardano ($ADA) – $2.14

Cardano (ADA) graph showing price predictionAs ADA is wedged down, I would not be surprised to see a sell off and see the price trading between $1.90 and $2.05. However, we could very well see a surge in price to about $2.30 if recent crypto trends continue. 

I am not a huge fan of Cardano, in fact I am bearish in the long-term for it, but that does not mean that we can’t make money off of it. My end of year ADA estimate is $2.65. For the near term, I am not SUPER bullish on ADA but I do think that the overall crypto market will be bullish and that could influence the price in a bullish way. That being said, my algorithm indicator has given me a “sell” signal. In short, the near term is choppy for me, in regards to Cardano.

Crypto Price Predictions: What To Take Away

I think that Bitcoin and Ethereum will move first in the market, then the altcoin market will follow, per usual. Always remember to do your own research and remember that this is only my opinion. If you have any questions, do not hesitate to contact me through the official Pennybois Discord Server.


Is Polygon (MATIC) A Good Investment For 2021?

What You Need To Know

The Polygon Network, previously referred to as MATIC, is a layer-2 sidechain built on the Ethereum Network. Polygon is a commonly used framework in the DeFi world and is frequently used by users of the Ethereum Network in order to avoid reduce gas fees (Gwei).

Now, in order to understand Polygon, we have to understand what layer-1 and layer-2 are. A common analogy to understand the differences is this; Bitcoin is a layer-1 and the Lightning Chain is layer-2. Layer-1 (L1) is essentially the blockchain technology and layer-2 (L2) is the technology operating on the blockchain to improve efficiency, speed, scalability, etc.

What Is Polygon?

Polygon is an L2 that is designed to provide much faster and efficient transactions on the Ethereum Network. This results in fees that are literal pennies, as opposed to the >$100 fees one would pay at the time of this writing. So now you see why Polygon rocketed from $.30 to well over $2.00 during the insane crypto bull-run earlier in the year, as Gwei was extremely high and a solution like Polygon was needed. But why is Polygon a long-term hold, especially since ETH 2.0 will supposedly fix these efficiency and Gwei issues (estimated to be completed in 2022)? Let’s dive into it.

Is Polygon Relevant?

We’ve established that Polygon is a coin with legitimate utilization on the Ethereum Network (and they do a fantastic job at it), however, we have also run into the question of, “What will happen when ETH 2.0 is fully released?’ Here is my answer: Polygon is worth ~$9 billion, they have funding from Coinbase Ventures, and some of the best in the business are on their advisory board.

If Coinbase Ventures had any reason to think that Polygon won’t be relevant in the coming years because of ETH 2.0 then they would remove their investment.

Advisory Board

Polygon’s advisory board consists of five people, two of which should catch your eye; Ryan Sean Adams and Pete Kim. Ryan Sean Adams, the creator of Mythos Capital and the founder of Bankless, is heavily invested in crypto. In fact, Mythos Capital is described as “Mythos Capital is an investment company that holds cryptoassets and services cryptonetworks.” and Bankless is “The Ultimate Program for Crypto Finance.” Pete Kim is the Head of Engineering and Head of the Coinbase Wallet at Coinbase, a massive position.

I strongly encourage you look into these two, as well as the rest of the team! Needless to say, these guys know crypto and they know it well. Polygon is a legitimate project with legitimate goals and plans to be relevant and viable in the crypto space well beyond the full release of ETH 2.0.

What Does This Mean For Investors?

Well, there are a few things- one could simply buy from an exchange, like Voyager, and hold long-term or one could buy Polygon on an exchange (or elsewhere) and then staking it, whether that be on a third-party platform or within the exchange you bought it from, and then holding.

Personally, I believe Polygon is going to adapt and become a competitor to the other top coins in the crypto space. Polygon has an incredible team behind them, tons of funding, and great backing from Coinbase Ventures. There is no reason, in my mind, why Polygon cant make massive waves in the future and this is why I believe that we will see Polygon evolve and expand its footing in the crypto space.