Major Altcoins Near Yearly Highs; But These 3 Still Have Room to Pump
The cryptocurrency market surge on Monday pushed many major altcoins closer to yearly highs. Coins like TRON (TRX), EOS (EOS) and Litecoin (LTC) almost recovered to valuations recorded in the summer of 2018, as prices reverted to July-August levels.
Placing a speculative bet on these coins now would no doubt pay dividends – assuming the broader market continues to climb. But with the altcoin pump already under way, there are other major coins out there with more profit potential.
Bitcoin Cash (BCH) – Leg Room Remains Despite Recent Gains
This one may come as a surprise given the BCH’s miraculous growth of late – 500% since December. But bear in mind that BCH lost a huge chunk of its value during the Bitcoin Cash hash war.
Now, six months on from the coin split which produced Bitcoin SV (BSV), the scales of value are tipping back in BCH’s favour. Judging by the extensive chatter surrounding BCH/BCV on community forums and social media channels, most holders of BSV sold it for BCH at the earliest opportunity.
That no doubt contributed to BCH’s recent rise – despite which, Bitcoin Cash is still more than 10x away from its all-time high. Compare that to the 3x growth between EOS’ current price and its ATH, and you see the disparity.
Current Price: $432
All-Time High: $4,355
Ontology (ONT) – Deal Maker, Price Shaker
Ontology (ONT) launched via the NEO (NEO) platform in early 2018, and was initially camouflaged among the hundreds of other altcoins which conducted ICO’s at this time.
As the months went on, and Ontology quickly left NEO and launched its own mainnet, the native ONT token started to gain a foothold. A string of seemingly fruitful partnerships followed, from movie distribution deals, to numerous DApps deciding to build on Ontology.
While former parent chain, NEO, aims to ‘power the digital economy’, Ontology focuses on providing the infrastructure to on-board businesses into that economy.
Recently a Chinese translation firm opted to host its business data on Ontology’s blockchain. If technology was the prime mover of crypto prices, then Ontology might have pumped to a similar extent as the recently launched Cosmos (ATOM). In mid-May Ontology released their own multi-chain blockchain design (the source of ATOM’s hype?)- one capable of connecting with both ONT-based, and ‘foreign’ sidechains.
Regardless of recent events, this top-20 altcoin still has lots of room between current price and all-time high.
Current Price: $1.45
All-Time High: $11.18
NEO (NEO) – Still Room for 1,400% Returns
NEO has been around since 2016, when it initially launched under the name Antshares. Like many China-based altcoins, NEO has been viewed cautiously by Western investors. In February 2019 the firm opened up a U.S office in Seattle, Washington; and was soon contributing to national politics by helping write a blockchain bill proposed by the Cascadia Blockchain Council.
From the December low in the $5 range, NEO recovered to around $12 by late May. Between the current price and its ATH, NEO still has some serious distance to make up. If the value of NEO reaches $196 again, it will mark 1,473% growth from the current coin price.
The next phase of NEO’s development – NEO 3.0 – is currently underway. NEO 3.0 is expected to launch in Q2 of 2020, and will introduce a number of new features, while streamlining others. NEO co-founder Erik Zhang released an updated roadmap for NEO 3.0, which can be read here.
Current Price: $12.10
All-Time High: $196
Word of Warning
Depending on which expert you ask, the current surge is either the beginning of the next major pump; or is merely a dead cat bounce. Day-traders can benefit either way, but short-mid term investors should exercise some level of caution.
All of these coins can be found on major exchanges, have adequate liquidity, and can be traded against multiple stablecoin pairs. Some exchanges even grant users the ~5% staking rewards that come with NEO and Ontology.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via CoinMarketCap.