John Belford named three altcoins, the value of which may grow significantly this year
Cryptoanalyst John Belford named three altcoins, which, in his opinion, can rise in value tenfold this year. According to Belford, Ethereum, Tezos (XTZ) and Elrond (EGLD) could show significant growth.
Ethereum
Belford recalled that Ethereum 2.0’s blockchain smart contract exceeded $30 billion in early 2022. According to the analyst, the altcoin’s gradual upgrade and its transition to the 2.0 protocol is the main catalyst for growth.
In January, Ethereum co-founder Vitalik Buterin said that the full implementation of the altcoin roadmap will take about six years. According to Buterin, Ethereum is currently 50% complete. This year, this figure is planned to reach the 80% mark, the developer noted. According to him, in 2022 there will be major upgrades called merging (altcoin’s transition to the Proof-of-Stake (PoS) consensus algorithm) and sharding (increasing the scalability of the blockchain).
Ethereum traded at $3.2k on January 14. During the month, the altcoin fell 15% in price and its capitalization dropped to $391 billion. In early November 2021, the cryptocurrency renewed its historical high above $4.8k. Since then, its value has fallen 33%.
Tezos
This week, casual clothing brand Gap issued its own NFT tokens on the Tezos blockchain, Belford recalled. Other large corporations are also showing interest in the platform, he said, so it’s worth paying attention to this altcoin.
On Jan. 14, Tezos is trading at $4.2. During the month, the altcoin fell in price by 6% and its capitalization dropped to $3.7 billion. Last October, the cryptocurrency renewed its historical high above $9.1. Since then, the token’s price has fallen 54%.
Tezos is a decentralized blockchain platform with support for smart contracts and the ability to create tokens and decentralized applications (dApps).
Elrond
The developers of Elrond token this week acquired Portuguese cryptocurrency payment company Utrust, the analyst noted. Utrust integrated the EGLD token into its payment system immediately after the deal, he said. Elrond’s blockchain will continue to evolve, Belford predicted.
Elrond is trading at $198.5 on Jan. 14. The altcoin has fallen 22% in a month, and its capitalization has dropped to $4 billion. Last November, the cryptocurrency renewed its high above $545. Since then, the value of the token has fallen 64%.
Elrond is a blockchain platform for creating high-performance and secure applications (DApps) based on smart contracts. Elrond’s network is capable of processing up to 15,000 transactions per second, making it one of the highest-performing blockchains. Transactions on Elrond are confirmed almost instantly.
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