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Highlights
- Altcoins owe much of their popularity to tokens like Ether, Dogecoin, and Shiba Inu
- The three altcoins mentioned below – APE, TRX & ETC – have had surprising ups and downs
- These three are also among the top 100 cryptoassets by market cap
Bitcoin or altcoins – which is the better asset? A few analysts are debating the prospects of “flippening”, which refers to a potential moment in the future when altcoin Ether could topple Bitcoin in terms of market cap.
But toppling Bitcoin is no mean feat, especially when it has recently gained in terms of share in the total market cap of cryptocurrencies. On the other hand, there can be altcoins -- small caps included -- that might rise when Bitcoin is losing value. This shines light on the dominance of altcoins in the cryptoverse. Today, let’s take stock of three altcoins that make for a close watch in June.
1. Ethereum Classic (ETC)
The network is said to be a hard fork of the popular Ethereum blockchain. While Ethereum has ETH as its native token, Ethereum Classic uses ETC.
It is claimed that Ethereum Classic allows developers to deploy decentralised apps and smart contracts. While Ethereum is planning to shift to the proof-of-stake method for consensus, Ethereum Classic could stick to proof-of-work. Having been launched after ETH, ETC has made it to the top 30 cryptos.
ETC’s market cap stands at US$3.2 billion, as of writing. Why it makes for a close watch is because over the past one week, ETC’s price has risen almost 15%. It ranked second among top 100 cryptoassets with respect to 7-day returns. This is a way better performance compared to many other altcoins like DOGE and SHIB, which offered negative 7-day returns.
Also read: Will cryptocurrencies bounce back in June? Here are 3 cryptos to watch
2. ApeCoin (APE)
ApeCoin became very popular as soon as it was launched, with its price shooting up on the listing day.
However, the APE token has pared all these initial gains, and over the past one week alone, it has lost over 15%. It touched nearly US$16 in March 2022, but as of writing APE was trading at under US$7. The token is linked to the BAYC NFT project. If BAYC digital assets sell at a high price in auctions, APE might as well get some attention and recover.
Also read: What’s in store for Bitcoin in June 2022?
3. TRON (TRX)
TRON is also a blockchain service provider like Ethereum Classic. It also claims to provide DApps and smart contract services.
Why TRON deserves to be on your watchlist? It is because TRON is one of those few cryptos among the top 100, which have offered a positive year-to-date (YTD) return. Even though LEO crypto tops with respect to YTD returns, but it is TRON which has performed better over the past one week.
As of writing, TRON was trading at nearly US$0.08, with a market cap of over US$7.8 billion.
Data provided by CoinMarketCap.com
Viewpoint
Dogecoin, Ether and Shiba Inu are the altcoins that often hit headlines. TRON and ETC are those altcoins that have risen sharply over the past one week. ApeCoin has lost during the same period. This makes the three interesting to watch out for in June.
Also read: Decoding STEPN crypto and its two tokens – GST and GMT
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