5 Cryptos to Watch in September 2022 and Beyond
After a streak of positive transactions, the value of virtual currencies declined, leaving some investors to worry about the future of some cryptocurrencies.
CNBC reported on Friday that the Price of the most valuable digital asset had fallen to its lowest level in over three weeks. A piece in a business news magazine attracted my interest by stating that it was unknown what caused the price decline.
I believe that “buy the rumor, sell the news” is responsible for the unfavorable effect on cryptocurrencies. So, what specific information do private investors need to promote now?
The key notion is that the value of prevalent blockchain networks would increase if they adopted a consensus mechanism that consumes fewer resources.
Even if modifying a consensus process is a major undertaking, the reality remains that it is difficult to benefit from news that everyone is reading.
Cryptos to Watch №1: XRP XRP
Position on CMC: #7
Current Price: $0.33
Without the market’s distraction and in the courtroom’s context, XRP XRP emerges as one of the most potent cryptocurrencies.
This is because the company behind the digital asset, Ripple Labs, is now fighting the United States Securities and Exchange Commission in court.
If you haven’t followed the news, the Securities and Exchange Commission (SEC) claims Ripple broke securities laws by launching XRP.
The SEC classifies XRP and other cryptocurrencies not as money but as securities.
While blockchain enthusiasts may be too enthused about Ripple, investors should have a level head.
For instance, in July of this year, the federal court overseeing the case blasted the SEC for being disingenuous, giving the idea that Ripple was making progress.
A court order required a regulatory organization to disclose data connected to William Hinman, a former Securities and Exchange Commission (SEC) director.
As a result of Hinman’s public comments, in which he argued that XRP was not a security, his input into the case is very important.
On the other hand, recent publications by Bloomberg Law seem to imply that the issue has been received with resistance.
Whether we’re talking about cryptocurrencies or stocks, it’s best to avoid betting on principles that may be contested in court.
The future is completely unpredictable.
Also, See: 3 Best Cryptocurrency to Buy Today and Hodl for the Long Run
Cryptos to Watch №1: EOS EOS
Position on CMC: #35
Current Price: $1.54
EOS is one of the few successful cryptocurrencies, having gained 30% over the last week.
According to Coinmarketcap.com, “EOS Network” is “an open-source blockchain platform that emphasizes high performance, flexibility, security, and developer experience.”
The EOS virtual machine powers EOS, a third-generation blockchain platform.
The WebAssembly engine in EOS may be customized, allowing for the deterministic execution of transactions with no overhead.
Trading EOS units for other cryptocurrencies have made them the “most scalable, divisible, and programmable digital money” in the system.
It’s worth noting that the network employs a delegated proof of stake technique, which gives stakeholders the freedom to choose node operators.
EOS stands out from the crowd of competing cryptocurrencies because of the generally upward bias of its price action.
A look at the order book for the currency on Coinpaprika.com shows that buy orders have regularly outnumbered sale ones this year.
Speculation about EOS’s possible future price movement is fascinating in light of the cryptocurrency’s promising near-term momentum.
However, if Bitcoin keeps doing poorly, widespread pessimism may lead to the demise of alternative currencies.
Also, See: 5 Tips on Investing for Beginners in 2022 by Warren Buffett
Cryptos to Watch №1: Ethereum ETH
Position on CMC: #2
Current Price: $1,474.42
Due to the Merge, there has been a significant surge in interest in digital currencies.
According to a Wall Street Journal, the Merge may be regarded as a software update for the Ethereum ETH network.
To make a long story short, changes will be made to the way through which miners are paid for solving difficult algorithms.
Owning a portion of the blockchain itself, rather than just the capacity to process transactions, will provide more profitable prospects.
When I think of the Merge, one of the many things that makes me uncomfortable is “buy the rumor, sell the news.”
Instead, I’m concerned that removing a crucial component of ETH’s value would devalue the currency as a whole.
Too broad adoption of ETH may result in a drop in value if the cryptocurrency is made accessible to too many individuals simultaneously.
At present, Ethereum investors should exercise extreme caution.
Also, See: 5 Investing Tips for Beginners
To Sum it Up
I think “buy the rumor, sell the news” is responsible for cryptocurrencies’ negative performance.
Consequently, what particular facts must private investors disseminate at this time?
The core idea is that the value of popular blockchain networks would grow if they used a less resource-intensive consensus process.
Even if altering a consensus process is a significant task, it is still tough to profit from the news everyone reads.
It is important to emphasize that absolutely nothing in this post should be interpreted in any way that it provides investing or financial advice. The views shared in this article are solely those of the author, and as such, they should not be used as recommendations for financial transactions or investments.
This information is supplied “as is” without accuracy, reliability, or comprehensiveness assurances.
The bitcoin price has recently been subject to erratic swings due to its very volatile character. Everyone who is thinking about investing in a cryptocurrency should do their research and get aware of the relevant regulations in their region before making any choice about whether or not to put their money into a cryptocurrency.