As the value of Bitcoin fell, IOST, Horizon (ZEN), and Avalanche (AVAX) all went up. This is because they had strong fundamentals and different ideas to offer.
In a study by CoinShares, a crypto fund manager, they say that institutional investors may have been taking profits from Bitcoin (BTC). During the first week of the new year, there was a big drop in institutional money coming in. And there were weekly withdrawals from some crypto investment products.
For Bitcoin HODLers, the current 28 percent decrease may not be alarming because they’ve seen six bigger adjustments during the enormous bull run in 2017. So, calling a 20% drop in the value of cryptocurrencies a bear market might not be the best way to describe it.
Even though Bitcoin tries to get back on its feet, let’s focus on three altcoins that might do better in the temporary.
IOST/USD
As the price of Ether neared its all-time high, traders looked at its competitors, one of which was IOST. In a bullish market, people usually buy the rumors that a company will make an announcement. This seems to have occurred with IOST.
Terrence Wang, the co-founder of IOST, has been hinting at a stablecoin based on IOST, DeFi integration, and big partnerships. There is a chance that each of these news releases helped traders become more interested.
Dream Monster, a 2D game by XPET, was recently released on the IOST blockchain. Players can store and trade the game’s most important things, like rare pets, equipment, genetic characteristics, traits, and more, in the manner of NFTs on the IOST chain.
With its focus on decentralized finance and NFTs, IOST could help keep traders connected. China’s blockchain media company Jinse recently named the project one of China’s Top 100 Blockchain Companies and the Most Influential Public Chain in 2020. IOST’s technicals will tell us if the rally can go on or if it needs to be stopped, but these are good for the mood.
ZEN/USD
Confidentiality is one of the most important things people and businesses are looking for in the digital age. Then Horizen (ZEN) announced it would construct an LTO sidechain on its Zendo platform, adding another layer of security while still complying with GDPR. Horizen also partnered with Dragonchain to protect users’ privacy and only provide relevant information.
It looks like Horizen’s first halving happened on Dec. 1, and it looks like its price is going up as a result. This could not have come at a better time. Additionally, the ZEN token has been introduced to Binance’s US market, Binance futures exchange, and Binance loans exchange.
The project’s acceptance of the Messari Registry may increase community and shareholder trust in the project and its workers.
AVAX/USD
There has been a lot of activity since Avalanche (AVAX) went live in September. Securitize, the first digital security issuance platform might allow crypto users to benefit from private markets. Securitize is a primary issuance and compliance platform for digital securities.
Avalanche, Roche Cyrulnik Freedman LLP, and Republic Advisory Services have partnered up to provide litigation funding to investors. This opens up a new asset class for crypto users.
Avalanche works with DEX’s, Synthetics, and Prediction Markets.
An Apricot mainnet upgrade may be of special interest to market participants. These events have already happened. Avalanche and Ethereum are also building a bridge for ERC-20 and ERC-721 assets.
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