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

by | Mar 22, 2023 | Analysis, Blockchain, Blockchain101, DeFi, DeFi101, Market Analysis, Market News | 0 comments

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.

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