While the whole world is actively watching Bitcoin’s falling, altcoins show huge activity despite market volatility. Some crypto traders believe that altcoins will lead the charge.
In this article, we will talk about the most exciting news about altcoins and their recent activity.
Ethereum’s Dominant Position in the World of Development
Ethereum is a blockchain that provides developers with powerful tools for creating and deploying their own interoperable, decentralized assets and services. There’s no secret that most developers use Ethereum for building their applications.
Electric Capital’s 2023 Crypto Developer Report revealed that 71% of contracts are initially deployed on Ethereum, which makes it the dominant blockchain choice for developers.
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Though Ethereum remains the most popular blockchain for developers, there is also a steady increase in the number of developers working with multiple blockchains.
Source: Electric Capital
According to the report, the most cross-pollination is between Ethereum, Polygon, and BNB. All of them share at least 30% of their multi-chain deployers.
The largest number of multi-chain devs is shared by BNB with Ethereum at 39%, followed by Polygon at 36%, Arbitrum at 24%, and Avalanche with the lowest at 18%.
However, the previous year was extensive in launching new blockchains. It brought a lot of magnificent blockchains, such as SEI Network, WB Network, and Celestia.
Their high transaction speed and low transaction cost are attractive to developers looking to easily create customized blockchains. In addition, WB Network received excellent ratings from leading cybersecurity companies, including Hacken and LeastAuthority, which is a big advantage.
Dogecoin Reacts on X Payments
Elon Musk has long been vocal about X (Twitter) as an “everything app.”, similar to “WeChat,” a Chinese platform that offers messaging, social media, payment services, and more.
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Musk has also been open about his vision for X as a transformative opportunity in payment. He explained that X wants to pay users for their work in creating content for the platform.
The platform has taken a step forward and paved the way for the future payment feature by creating a special account on the platform.
X payments have a gold verification badge and the distinctive X logo, which shows a connection with the platform.
Not that far, Elon Musk said payments could be added to X by mid-2024. X payment account has already garnered over 100,000 followers since Friday.
The announcement of the X payment feature has had a significant impact on Dogecoin.
TradingView Source: WhiteBIT DOGE Chart
Crypto enthusiasts speculate on the potential use of DOGE as a payment method. And Musk’s love for Dogecoin fuels the speculation.
Still, neither X nor Elon Musk has specified whether their peer-to-peer system will support traditional fiat currency or cryptocurrency payments. However, the sentiment in favor of the latter prevails, given Musk’s commitment to cryptocurrencies.
Cardano Developmental Activity
Cardano has long been in the spotlight, thanks to developments around the blockchain. A recent AMBCrypto report revealed that Cardano outperformed the rest in terms of development activity.
The data showed that “Cardano achieved the highest number of code commits in the last 365 days, surpassing Ethereum, Polkadot, and the BNB network.”. Moreover, the number of users who have contributed to the development has increased sharply over the past week.
This may be because the development team improved work processes and paid attention to the consistency of the protocol.
However, the development work around the blockchain was at the same level, the price of its native token has experienced a market-wide dip.
TradingView Source: WhiteBIT ADA Chart
According to GN Crypto analysis, a further decline in the price of ADA appears likely. They believe that if Bitcoin price stabilizes above the $42,000 resistance level, it could have a positive impact on altcoins, including Cardano.
I also asked for additional analysis and price forecasts from James Wesley – a crypto trader and investor, who provided analysis of altcoins such as TIA, XRP, ACE, and more, and whose prediction of AAVE breaking $115 came true.
Conclusion
Dogecoin has recently attracted the attention of the crypto community by integrating the popular DOOM game into the Dogecoin Network.
According to James’s analysis, Dogecoin (DOGE), which is currently being traded at $0.079, may fluctuate in price in the range of $0.067-0.07 in the short term.
Ethereum (ETH), as a cryptocurrency launched in a spot Bitcoin ETFs, its price may start to fall sharply. The trader says to buy at $1,900. The upcoming Ethereum Dencun update and ETF narrative may increase investor interest in the cryptocurrency.
Cardano (ADA), whose price has recently dropped, maybe around $0.4 in the short term. Investors’ attention may be drawn to the news that the Cardano network has experienced a surge in the deployment of smart contracts, the number of which has reached 24,050, which is 67% more than at the beginning of the year.
Today’s prices and forecasts for cryptocurrencies show a rather positive shift. However, it is difficult to rely solely on technical indicators. Do not forget that volatility can bring both risks and opportunities.
Disclaimer* Always remember to do your research and trust verified information.
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Vladislav Hryniv
I'm an aspiring digital journalist. I have worked with web3 companies for 3 years as a copywriter. Prefer to write articles on AI, Web3, blockchain technology and cryptocurrency on Medium and Substack.