Bitcoin could be overtaken by altcoins – 08/17/21

The bullish sentiment has increased further with Bitcoin. However, its performance could be significantly exceeded by selected altcoins in the further course of the year. From Gerd Weger

A month ago the headline here was “Bitcoin Before the Jump”. Because many indicators spoke despite the long hanging game that Bitcoin could now start the march up again. Since then, the price has risen 50 percent from $ 31,000. After jumping over the 200-day line, the chart now looks very positive again. In times of zero and negative interest rates, more and more investors are considering at least a small addition of Bitcoin to their overall portfolio. Because the special position of Bitcoin as a non-inflationable currency appears to be more and more attractive given the largest price increase in Germany since 1993. This argument will continue to gain weight as the year progresses.

Promising altcoins

In the last issue we mentioned a number of promising Altcoins. One criterion was the distance between the coins and their all-time highs. With Bitcoin, the gap is currently almost 30 percent. If you look at the top 100, then 16 coins are quoted over 80 or even 90 percent below their highs. A week ago, Ontology, Icon, Qtum, Internet Computer, IOTA and OMG Network were named as particularly promising.

When making the selection, the strength of the respective project was of course also taken into account. Last week, all six coins were able to outperform Bitcoin, which rose five percent, with price increases of between ten (Internet computers) and 34 percent (Qtum).

Qtum, founded in Singapore, has developed a blockchain that combines the versatility of Ethereum with the security of Bitcoin. The ultimate goal of Qtum is to become the leading value transfer protocol as an interface between the two most important cryptocurrencies Bitcoin and Ethereum. Qtum builds on the transaction model of Bitcoin and connects this on its own blockchain with the smart contract functionalities of Ethereum. In the past super cycle, Qtum hit highs of over $ 80 in early 2018. In the current cycle, the coin rose above $ 30 in mid-May. These rates could be attainable again in the course of the year.

In a weekly comparison, IOTA, like Qtum, achieved an increase of over 30 percent. The German project aims at a secure communication and payment protocol for the Internet of Things. This means communication and transactions between machines, vehicles and devices.

The consensus algorithm called Tangle is considerably faster and also more scalable than blockchain solutions. Theoretically, the system becomes even faster with an increasing number of users. IOTA wants to be the oil of the machine and data economy in target markets such as supply chain management, smart cities, smart homes or Industry 4.0.

Top-class names such as VW, Bosch or Fujitsu are cooperation partners in the development of corresponding solutions. In terms of charts, the coin also has short-term potential after jumping above the round mark of one dollar.

CARDANO smart contracts

The Cardano developers at IOHK have kept their word and announced the definitive date for the Alonzo upgrade on September 12th. The long-awaited smart contracts are then possible on the Cardano blockchain. In the current bullish market, this news fell on fertile ground. With a weekly plus of over 50 percent, Cardano moved up to fourth place among cryptocurrencies. Cardano is considered a potential Ethereum killer alongside other blockchains such as Solana. Cardano could currently have an advantage over Ethereum because it already uses the more efficient proof-of-stake mechanism.

DOGECOIN Premier League

The football club Watford FC had the Bitcoin logo on its sleeves in the 2019/20 season. Although the team managed a sensational victory against the previously undefeated Liverpool FC, they were relegated at the end of the season. Now Watford has returned to the Premier League and this time around, it will sport the Dogecoin logo on its sleeves. This was made possible through a sponsorship deal with the gaming company Dogecoin is already established in the sports world through the Dallas Mavericks. The owner of the professional basketball team, Marc Cuban, is a fan of the coin and accepts it as a means of payment with the Mavericks.

GERMANY Supply is growing

The Swiss financial institution Leonteq and ICF Bank have partnered to offer digital assets to German investors. The base prospectus approved by Bafin will now offer certificates for 18 different crypto values. This is the largest offer of certificates on cryptos that has ever existed. Aave, Algorand, Bitcoin, Bitcoin Cash, Cardano, Chainlink, Cosmos, EOS, Ethereum, Ethereum Classic, Filecoin, Litecoin, Maker, Polkadot, Ripple, Stellar, Tezos and Uniswap are tradable.

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