Altcoins
Top 3 Fallen Angels Cryptocurrencies to Avoid at All Cost
A fallen angel in the financial market refers to an asset that was once hot but has lost favor among investors. There are fallen angels across all sectors, including bonds, stocks, and cryptocurrencies. Here are some of the top fallen angels in crypto to avoid.
Filecoin
Filecoin is a blockchain project in the file storage industry. Its goal is to simplify the architecture of cloud computing. Instead of using centralised servers, it makes it possible for anyone with a smartphone, data center, and computer to provide data storage.
At its peak, Filecoin’ FIL was one of the top 20 of the biggest cryptocurrency in the world. It had a market cap of overv $2 billion. Recently, however, the coin has plummeted. While this decline is in sync with other cryptocurrencies, investors were afraid of its network performance.
The main concern is that Filecoin will not be a mainstream product since other centralised platforms like Microsoft Azure and Amazon’s AWS work fine. One of Filecoin’s main use cases is in the storage of non-fungible tokens (NFT) through its partnership with OpenSea.
However, NFT prices have plunged in the past few months. Therefore, there is a likelihood that Filecoin price will continue falling in the long term.
EOS
EOS is one of the top crypto fallen angels. It is a blockchain project that came out of Block.one, the company that raised over $4.5 billion in its Initial Coin Offering (ICO). EOS operates EOS Operating System, which is a rival to Ethereum and Cardano.
However, in the past few years, EOS has struggled to gain traction among developers and crypto investors. According to DeFi Llama, it has a total value locked (TVL) of just $85 million. And most of this TVL is in EOS REX, which has a dominance of 66%.
IOTA
IOTA is another fallen angel in the crypto industry. It describes itself as a tangle, which the developers claim is better than other blockchains. IOTA was started in 2016. In 2022, the developers launched Shimmer, which they hope will become a good platform for developers to build applications. However, its adoption has been relatively weak.
The use-case for IOTA itself has been weak as well. Therefore, analysts believe that IOTA is a dead chain, which has no major use case today.
There are many other fallen angels in cryptocurrencies. Some of the notable mentions are Theta Network, Internet Computer, and Axie Infinity.
Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.
SOL Outlook
Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.
The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.
This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…
Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.
Catalysts Behind SOL’s Rally
Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.
The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.
Cited figures provided by DeFi aggregator DeFiLlama…
Solana price has jumped more than 8% over the past week, breaching the important level of $60. At the time of writing, Solana was trading 3% higher at $61.07. The asset’s total market cap has climbed to $25.9 billion over the past week, ranking it the 6th largest cryptocurrency after XRP. The total volume of SOL traded over the last day has declined by 8%.
SOL’s Bullish Cues
Solana’s price has been among the best-performing cryptocurrencies this year amid continuous growth. The “Ethereum killer” has consistently impressed investors throughout the year on the back of a resurgence in bullishness, which saw SOL’s price climb more than 513% in the year to date. Institutional investors have also shared the bullish sentiment, making Solana their most preferred altcoin.
In the week ending November 24, Solana recorded inflows worth nearly $3.5 million, significantly more than the other altcoins’ inflows combined. The asset’s monthly inflows were higher at $40.2 million, lower than Ethereum’s $99.6 million inflows in the same period. Other altcoins, including Litecoin and Ethereum, noted significant outflows, making Solana nearly half of the home for DeFi. This implies that when it comes to institutions, Solana is currently the best-performing altcoin with the potential of a long-term rally much higher than other digital assets.
Notably, the Solana DeFi ecosystem accomplished a significant milestone earlier this week. Its Total Value Locked (TVL) hit a new yearly peak of over $655 million,…
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