Will RenQ Finance (RENQ) beat Cosmos (ATOM), and Polkadot (DOT) in terms of market cap in 2023

Will RenQ Finance (RENQ) beat Cosmos (ATOM), and Polkadot (DOT) in terms of market cap in 2023

by | Mar 22, 2023 | Blockchain

How can one crypto beat another?

Nowadays, there are tens of thousands of distinct cryptocurrencies, making it difficult to categorize them all under one criteria. But generally speaking, a cryptocurrencies is a decentralized, encrypted form of digital money. Blockchain technology is the foundation of Bitcoin, first one and by far most well-known cryptocurrency. It is a continuous, structured similarly system.

Although Bitcoin is the most widely used and valuable cryptocurrency, dozens of alternatives, or altcoins, have been developed in its wake. Alternative coins come in several varieties. While some bear names derived from legendary figures, others are close versions of Bitcoin.

The majority of people are solely interested in holding onto Bitcoin or Ethereum, another well-known money. Yet, some investors try to purchase bargains and then sell them on less well-known cryptocurrencies. By investing early in the following Bitcoin, it is hoped to become wealthy quickly.

Cosmos - Knowing the situation of beating each other

The Cosmos cryptographic ATOM token, one of the few biggest winners on Monday morning, increased by as much as 8% during the last 24 hours as speculators gambled on additional growth for the high-speed blockchain.

During early Asian trading, ATOM increased from its low point of $28 on Sunday to $35.22. At some of those levels, the pricing encountered resistance, falling to $32 at the moment of this writing. Last week, ATOM prices hit some all high of $45 but have subsequently dropped 25% along with a decline in the larger crypto market.

Also Read: Shiba Inu (SHIB) and Dogecoin whales start to accumulate RenQ Finance in the early stages of Presale

The planned airdrops to Cosmos stakeholders and the creation of a bridge connecting Cosmos and Polkadot are two important basic elements driving the price increase. Bridges are devices that link two blockchain applications and move data between them.

Even if the overall cryptocurrency market witnessed minimal losses on Monday morning, tokens of technologies constructed on Cosmos that had previously been successfully deployed to stakers were some of the greatest gainers. According to data from CoinGecko, the value of the DeFi-centric tokens built on Cosmos such as Juno Network (JUNO), Stargaze (STAR), and Comdex (CMDX) increased by as much as 6% in the previous day.

Decentralized finance, or DeFi, is the term for financial services including purchasing, borrowing, and financing that depend on payment systems rather than middlemen.

For Cosmos stakeholders, the airdrops are a structured activity. Being a proof-of-stake cryptocurrency, Cosmos depends on validators who, in exchange for token payouts, contribute computer resources by securing ATOM in nodes to sustain the system and execute transactions.

Users get more yields from projects developed on Cosmos. Native businesses periodically airdrop coins to Cosmos stakers according on their total invested amount, causing ATOM holders to gain additional value.

Analysts claim that capital investment in Cosmos has surged as a result of the impending introduction of EVMOS. "Cosmos has recently been a topic of discussion, and this month's upcoming launch of EVMOS has only served to increase interest. EVMOS (formerly Ethermint) will enable EVM-compatible programs to connect into in the Cosmos environment, according to a note published last week by experts at cryptocurrency market researcher Delphi Digital.

A cryptocurrency wallet is required to safely store the software that sets up your portfolio of cryptocurrencies as well as to keep your currency. A hardware wallet or a software wallet are also options. Software accounts are essential for active trading as they greatly simplify currency access.

Hardware wallets are more secured than computer ones since they are actual physiological devices that resemble USB drives. They can be used for money that you don't anticipate requiring frequently or with ease. Comparing a hardware wallet to your bank account, compare a software wallet to a bank account.

Latest News

Chilliz, Cosmos, and EOS Tokens Considered As Best Performers in August in Bear Crypto Market

Chilliz, Cosmos, and EOS Tokens Considered As Best Performers in August in Bear Crypto Market

by | Nov 4, 2022 | Market News, News

After a massive crypto crash, the global crypto market started its new upward journey. But, later, it again notably falls. The last high market cap was $3 trillion in November 2021.

The declines beginning about mid-month came after the reveal of minutes of the Federal Reserve's July meeting strictly suggested that the central bank will try to fight against inflation.

The top cryptocurrency Bitcoin has fallen 13% over the last month. On the other hand, the second top coin, Ether, fell about 20%. Though, the recent data shows that not all cryptocurrencies fell like BTC and ETH. Because there is so much positive news circulating over the internet. Also, several networks are focusing on their upcoming upgrade. That led the investors to participate in the networks.

The Best Performer Of August :

This is a token issued by Socios.com. It is a blockchain-enabled sports entertainment platform. Chili was the biggest winner of the month. As the platform received regulatory approval to operate in Italy, Its native token CHZ hit 75.8% in August.

Cosmos’ native token, ATOM, also performed well. It rose by 14.5%. The raise was noticed during the project announcement. The announcement stated its tokenomics redesign at its upcoming conference in Medellin, Colombia, in late September.

Antelope announced that it would act as the supporting protocol for EOSIO-based blockchains. That spurred the 3.6% surge in the EOS token last month. 

The head of research at Arca, Katie Talati, considered the news-related price spikes as “healthy to see in terms of asset dispersion” among investors. Arka is an asset-management firm.

Referring to the correlation between Cosmos’ tokenomics redesign and its raising token's rate, Talati stated that it's interesting as in a bear market, technically, a lot of the tokenomics tend to be what drives one's rate changes that they see a lot more of, versus in the bull market where it's like any old announcement and users get excited. 

Effects Of Negative News :

However, negative news was behind the price drop of other major altcoins. In early August, a $6 million exploit on the Solana platform following the theft of tokens from more than 9,000 hot wallets caused SOL’s 25.7% decline.

On the other hand, Ripple’s XRP dropped 14.1% and Avalanche’s AVAX declined 19.1%. It happened after a self-described whistleblower accused Ava Labs, which is the company behind the Avalanche blockchain.

Talati explained that she will be focusing on the Merge, which is a major software update for the Ethereum blockchain along with crypto conferences in September. It will be eyeing, Singapore Blockchain Week and the Ethereum Developer Conference, for news and events that might impact altcoins' prices.

Ongoing Situation :

Notably, the global crypto market has been facing a hard time since the last period of 2021. In November, it touched its last highest market cap. Later, it rapidly fell due to several reasons. Though, the market was still in the spotlight for several upgrades. While Ether starts to focus on its Ethereum Beacon merge. Also, Cardano goes ahead with Vasil Hard Fork.  Recently, both upgrade's launching dates have been announced, which is in September.

Additionally, several regulations are taking place in the market. Countries like Japan, the US, and Canada are taking that virtual world very seriously. It has the potential to grow in the future on different platforms. Now the platforms are shifting towards web3 from web2. Along with Metaverse projects, there are so many gaming platforms being introduced into that virtual space. It is anticipated that after a couple of years, crypto will be used as an exchangeable component in every country.